More Than a Will
Most people think of estate planning as a paperwork exercise. Meet with an attorney, sign a will, name a beneficiary or two, and the task is complete. That view is not wrong, but it is incomplete. A will, a trust, and a beneficiary designation are instructions. They tell the people who administer an estate what to do with property and assets after someone has passed. What they do not do, on their own, is tell a family what those decisions mean, why they were made, or what to expect when the time comes to act on them. That gap, between [...]
Letter to My Daughters: On Bedside Books
Lots of people publish reading lists for various topics and purposes. I recently found a reading list for the “Collapse of Civilizations.” Your Grandpa has a couple of reading lists: “Life and Investment Fundamentals 101,” originally published in 1998, and “Ron’s Summer Reading List for 2026,” which deals with political-economic ideologies AND climate change. Admiral James Stockdale credited Stoic philosophy for his survival in North Vietnamese prison camps and kept the “Enchiridion of Epictetus” and the “Meditations of Marcus Aurelius” on his nightstand. And of course, there is the “Holy Bible,” which can still be found in the nightstand drawer [...]
Muhlenkamp Memorandum #159
The Iran war dominated markets for much of the second quarter, with the closure of the Strait of Hormuz cutting global oil flows and pushing prices as high as $113 a barrel before a partial reopening in June brought them back down. With that crisis easing, attention turned to new Fed Chairman Kevin Warsh's early reforms and the massive SpaceX IPO. Read the full Quarterly Letter. Click here to download the full PDF of the Memorandum.
Three Questions Worth Asking Before You Buy
Whether you are thinking about buying a house, a used car, or stock in a company, the same principle applies: you can turn a good product into a bad investment if you pay too much for it. That discipline matters most when excitement is high and details are easy to overlook — which is what tends to happen with an Initial Public Offering (IPO) of a private company going public. If you have followed financial news recently, you have heard about the SpaceX IPO. The numbers are staggering: a target valuation of approximately $1.75 trillion,[1] a planned capital raise of [...]
Three Things Your 401(k) Needs From You
A 401(k) is one of the best tools available for building retirement wealth. Pre-tax contributions. Tax-deferred growth. An employer match in many cases. Those are advantages you simply cannot replicate anywhere else. But none of that matters if you are not enrolled. After years of talking with clients and prospects about their retirement accounts, I have concluded that making the most of your 401(k) comes down to the same three things. Not complicated things. Just three things, done consistently, over time. First: Enroll and Max Out Your Contributions This sounds obvious, but it’s not as common as it should be. [...]
Social Security Workshop Recap
When we ask clients what's on their minds as they approach retirement, Social Security is almost always near the top of the list. And that's exactly why we hosted this workshop. Most people aren't planning for a 20% cut in their Social Security benefits, but the Social Security Trust Funds are projected to be depleted by 2033-2035. When that happens, benefits don't disappear — but they drop to approximately 80% of scheduled amounts. If you're 62 today, you'll be 69 or 70 when those cuts take effect. That's potentially 15 or more years of reduced income in retirement. In the [...]
DIY or Hire a Financial Advisor?
I don't prepare my own taxes. I'm not incapable of learning. I've done the math on a 1040. I understand depreciation schedules and capital gains treatment. But I use an accountant because the cost of getting it wrong is high, and my time is worth more spent elsewhere. That trade-off makes sense to me, and I've never second-guessed it. I also don't represent myself when I need legal advice. I don't rewire my own house. I don't pull my own teeth. So I've always found it curious that people draw the line at investment management — that this one discipline, [...]
Investing Is Not What Most People Think It Is
Most of us know someone who tries to fix their own car, rewire a light fixture, or argue their own case in court. Sometimes it works out. Often it doesn't. The honest reason is that skilled trades and professions exist because they require knowledge, experience, and judgment that take years to develop. Investing is one of those fields. It looks approachable — you open an account, you buy something, you watch a number on a screen. But the judgment required to do it well is harder than it looks, and a few common misunderstandings can cost people significantly over time. [...]
Roth IRAs and Roth Conversions: It Depends
Every few years, something happens in Washington that sends financial commentators scrambling to tell you to convert your Traditional IRA to a Roth. The passage of the One Big Beautiful Act (OBBA) in July 2025 is the latest trigger. Before you act on that advice, it's worth understanding what a Roth IRA actually is and what assumptions you'd be making if you converted. What a Roth IRA Is A Roth IRA is funded with after-tax dollars — contributions are not tax-deductible. In exchange, investment gains and income grow tax-free, and qualified withdrawals after age 59½ (once a five-year holding [...]
Muhlenkamp Memorandum #158
Geopolitical conflict involving Iran disrupted energy markets, driving oil and the dollar higher while stocks, bonds, and gold fell. Despite volatility, economic signals are mixed but stabilizing, especially in manufacturing. Muhlenkamp saw profits on successful investments in the Quarter, increased cash and international exposure, while remaining cautious amid inflation, policy uncertainty, and ongoing war risks. Read the full Quarterly Letter. Click here to download the full PDF of the Memorandum.