Essays & Videos
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Memorandum #154
Jeff and Ron Muhlenkamp discuss the first quarter of 2025, which saw stable economic indicators like CPI. But significant government policy shifts, particularly in tariffs and regulatory restructuring, have created [...]
Letter to My Daughters: On Inflation as a Benchmark
In my last letter,[1] I talked about the various risks you have to contend with as an investor, and that different risks become more or less critical depending on what [...]
So Far the 2020’s Don’t Look Like the 2010’s
Portfolio Manager Jeff Muhlenkamp reviews the impact of national and international policies, the state of the US economy, the global economy, and changes in the political environment on investment opportunities. [...]
Is It Time To Play It Safe?
In a recent Bloomberg article, our portfolio manager, Jeff Muhlenkamp, summed up the current state of financial markets saying, “You’re going from an environment where everybody was certain to an [...]
Thoughts On: Managing your Portfolio in Uncertain Times
I’ve been paying attention to the stock market for over 30 years, and I can’t remember any times that weren’t uncertain. I checked with Ron, who has been paying attention [...]
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 [...]