Essays & Videos
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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 [...]
Letter to My Daughters: On Investment Risk
Most conversations about investing start with the question, “How much risk can you handle?” which I think is a very good question. But few people take the time to define [...]
Memorandum #153
Jeff and Ron Muhlenkamp discuss ongoing inflation and modest but steady GDP growth. In 2024 stock markets mirrored 2023, with AI-related tech companies driving growth, while long-term bonds yielded little. [...]
Five Tax-Smart Investing Strategies for 2025
Tax-smart investing is a dynamic and ongoing process. You can keep more of your hard-earned money by leveraging tax-advantaged accounts, prioritizing tax-efficient investments, and staying proactive about ever-changing tax laws. [...]
Thoughts On: The 6 Ps of Financial Happiness
We all know that the job of a money manager is to make people money. As difficult as that can be, the job of the client service manager is even [...]
Looking Toward 2025
Here’s a quick update on what we’re paying attention to as we come to the end of 2024: Markets Stocks: The market overall is expensive on almost all common metrics: [...]