Essays & Videos
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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 [...]
How to Choose a Money Manager
Warren Buffet has said people should be limited to 3 investment decisions in their lifetime. Well, hiring a money manager would certainly count as one of those three, and you [...]
Thoughts On: Active and Passive Investing
I had the opportunity to talk with students in the Finance Department at Duquesne University about Active and Passive Investing. We covered a LOT of ground in a short period [...]
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 [...]
Memorandum #150
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 [...]
Our Investment Process
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 [...]