Memorandum #153

Jeff and Ron Muhlenkamp discuss ongoing inflation and modest but steady GDP growth. In 2024 stock markets mirrored 2023, with AI-related tech companies driving growth, while long-term bonds yielded little. Read more of their insights and look ahead to 2025 in their Quarterly Letter.

In the article “The 6 Ps of Financial Happiness,” Tony Muhlenkamp explores the relationship between financial success and client happiness in investment management. Making clients happy is crucial for retaining them long enough to generate financial returns. The key lesson is that financial happiness, like life happiness, is the investor’s own responsibility—it requires discipline, planning, and patience.

Link to the full PDF: Memorandum #153, January 2025