Ron’s reading list for life and investment fundamentals includes recommended books on the topics: the way things work; why you’ll... More >
Tony Muhlenkamp hosted a chat with our portfolio managers Ron and Jeff Muhlenkamp. During the conversation, Ron and Jeff shared their review of 2017, a year with unusually low market volatility, record-high market levels, and expensive equity valuations. They provided charts and checklists to better explain consumer and business spending and optimism, inflation, investors’ margin accounts, and many other items they monitor to determine where the economy is at year end and what concerns them going into 2018. They also explained how actions of the Japanese and European central banks may be influencing the U.S. stock market.
Is the economy back to pre-recessionary levels? Your answer may depend on what data you use and how you define your terms. Jeff and Ron walk through over 20 economic charts from foreign currencies vs. the dollar to their 10-point checklist they use as a guide. Here is an archive or our December 1, 2016 webcast.
The financial headlines tell us the stock market is hitting new highs, but they don’t tell us much about what is going on beneath the surface. Ron and Jeff Muhlenkamp talk about some of the cross currents in the global markets and economies because we think future returns will depend on what you own, when you bought it, and what you paid to get it—owning an index, industry or sector will be less useful. To us, that’s the very definition of A Stock Picker’s Market. More >
It’s surprising how many people try to predict the direction of where the economy and the markets without understanding where... More >
In December of 2002, the investing community was still trying to come to grips with the dramatic fluctuations in some... More >
What does “prosperity” mean to you? When I ask this question, people respond in terms of a better lifestyle, home, car,... More >
Themes include free will and the government, the effects of inflation and recession on spending patterns, the effects of investment... More >
“There is No Free Lunch.”—Milton Friedman…There’s no free income either….The essentials of life are cheap. Only the luxuries are expensive….A... More >