Free Economies and Free Trade
Tariffs have become a popular subject of discussion since President Trump was elected in November 2024, and some of that discussion is somewhat absurd. We think it is helpful to look past the headlines to some concepts we first introduced in 1992 with an article titled “How We Benefit from Free Trade.”[1] People benefit from a free economy with a large free-trade zone. A free economy is a volunteer economy in which the consumer is king, and no person (or company) can make you buy his or her product. The consumer drives free economies to benefit the consumer, and the [...]
The Language of Investing
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 [...]
Jeff Muhlenkamp on the Claman Countdown 8/15/2023
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 [...]
A Walk Down Memory Lane
Read Ron’s essay about his experiences since 1965. Ron has lived and invested through the ups and downs in the market and the economy. Click here to view A Walk Down Memory Lane