Letter to My Daughters: On Politics and Markets
Your mother asked me to write about "The Impact of Political Uncertainty on the Markets,” which is pretty simple. The markets hate uncertainty; they hate not knowing what the rules of the game are or are going to be; and the more uncertain things are the worse the markets behave (meaning they go down and you lose money). However, there are more nuanced, subtle, and complicated impacts that politics have on markets, economies, and prosperity for individuals and nations. Over the last several months (or has it been years?), I’ve been writing to you about the importance of work, the [...]
Letter to My Daughters: On Financial Freedom
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 [...]
Letter to My Daughters: On What Grandpa Taught me
Girls, you know how I can get sentimental about family sometimes. This is one of those times. As you continue to make your way in the world, I think about how much Grandpa has tried to teach me over the years, and how important it is to me to pass those ideas along to you. Here are my “Top 10”: 90% of life is mental. This includes work, school, sports, happiness, everything. Your body, heart and soul will follow your mind. Decide you are a hard worker, decide you are happy, and you will find that you are IN FACT those [...]
Letter to My Daughters: On How to Get Started
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.