Muhlenkamp Library
Muhlenkamp Library

(724) 935-5520
Muhlenkamp & Company
5000 Stonewood Drive
Suite 300
Wexford, PA 15090

Letters to My Daughters on Financial Freedom

July 11th, 2024|Categories: Letters to My Daughters, Saving|

Your Grandpa and your Uncle Jeff have written a LOT about how to work, save, and invest.  So you should read Grandpa’s book[1] and Uncle Jeff’s article because I’m not going to repeat what they have already written.  Instead, I want to talk about some fundamental principles that I think are the core for being free financially.  If you really own these ideas everything else will fall into place. 1.        Be a profit center.  Before you can save a nickel (or a dime, or better yet a quarter) you have to make a dollar.  And at your age, that’s probably [...]

The Language of Investing

June 3rd, 2024|Categories: News, Risk|

So much of our conversation assumes that each word has only one meaning, no matter who uses it.  But my experience is that different people have different definitions for the same words–which is one reason I think there is so much confusion surrounding investing today, and why I think it is useful to look at the multiple definitions that exist for some common investment terms. I want to start with what most people might think are statements of investment fact, but that I think are statements of investment opinion: Statement 1:  Stocks are riskier than bonds. Statement 2:  You [...]

Memorandum #150

April 2nd, 2024|Categories: Memorandum|

In their Quarterly Letter, Jeff and Ron Muhlenkamp explain why they are still watching for signs of a recession due to the inverted yield curve but also think that there is a possibility of an inflationary boom.  Tony Muhlenkamp shares two articles with us this quarter: “View from the Front Office: Maxims” and “Letter to My Daughters:  What Grandpa Taught Me.” Link to full PDF: Memorandum #150, April 2024

Our Investment Process

March 8th, 2024|Categories: Investing|

Owning Good Companies We are only interested in owning good companies, but we can turn a good company into a bad investment if we pay too much for it. We use a business-like evaluation of each company designed to identify what a company is worth as a business. Return on Equity and Price per Earnings Since World War II the average return on corporate shareholder equity has been about 14%. We like better than average companies, so we look for companies with ROE over 14%. In a climate of 2 1/2% inflation and 4-5% interest rates we need to see [...]

Thoughts on How to Structure a Trust

February 2nd, 2024|Categories: Essays|

I have conversations with clients about estate planning, and the topic of Trusts invariably comes up. Trusts can be good solutions to specific problems, but they can be expensive and complicated solutions to problems that have easy, inexpensive solutions. Trusts are used to leave money to people you do not trust—right now—to take care of your hard-earned assets. To know whether a Trust is the solution to your problem, we start by defining the problem (or problems) the Trust is intended to solve through a series of questions. Are you worried about what the heirs will do with an inheritance? [...]

Letter to My Daughters on How to Get Started

January 4th, 2024|Categories: Letters to My Daughters|

Tony Muhlenkamp provides advice regarding careers and investing. He writes these letters to his three daughters to share wisdom he’s learned over his many years in the industry as well as knowledge acquired from authors mentioned in his letter. Link to the full PDF: Letter to My Daughters on How to Get Started The opinions expressed are those of Muhlenkamp and Company and are not intended to forecast future events, guarantee future results, or offer investment advice.

Memorandum #149

January 4th, 2024|Categories: Memorandum|

In their January 2024 Quarterly Letter, Jeff and Ron Muhlenkamp recap 2023 and look at the state of the economy at the start of 2024.  They also explain their reason behind why they have significant portfolio holdings in certain industries.  Tony Muhlenkamp provides advice regarding careers and investing in his article, “Letter to My Daughters: On How to Get Started.” Link to full PDF: Memorandum #149, January 2024

Jeff Muhlenkamp on the Claman Countdown 8/15/2023

August 15th, 2023|Categories: Interviews, Investing, News, Recession, video|

Jeff Muhlenkamp was part of the live interview, “Fed must keep rates ‘higher for longer’ if US economy is going to grow: Stephen Guilfoyle” aired on August 15, 2023. If you wish to view this video, visit Fox Business Network’s The Claman Countdown here: Watch a Recording of Jeff’s Interview . Please note that clicking here leaves the Muhlenkamp and Company website and enters a third-party website. Muhlenkamp is not responsible for, nor can guarantee the accuracy of, any information contained on a third-party website. In the interview, Jeff explains why he isn’t a momentum investor. He also discusses his [...]

Jeff Muhlenkamp Quoted in Wall Street Journal

July 30th, 2023|Categories: Interviews, Investing, WSJ|

Jeff Muhlenkamp was quoted in the Wall Street Journal article, "Dow Notches Longest Winning Streak Since 1987," published on 7/27/2023. If you have a WSJ subscription, you can click here to read the article   The opinions expressed in the article are those of Muhlenkamp and Company and are not intended to be a forecast of future events, a guarantee of future results, nor investment advice.

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