Intelligent Investment Management

We started our firm in 1977, and are a family owned and operated business, completely independent and unaffiliated with any other company. Ron Muhlenkamp is our founder and portfolio manager, son Jeff is co-manager and investment analyst, and son Tony is president. With family members in place and 10 additional people in the firm, we combine a strong history with a vision for the future.  Read more about our Investment Team, Client Service Team, and the Administration Team to learn more about our people and our experience.

We are professional investment managers.  We are not accountants, auditors, brokers, custodians, financial planners, or tax experts.  We do not file tax returns, prepare legal documents, or churn out black box financial plans. We seek to maximize total returns, after taxes and inflation, to our clients by taking advantage of the opportunities provided when markets periodically misprice assets.

Our motto is “intelligent investment management” to emphasize that we remove the emotion from investing. We might also be described as “no BS” or “common sense” investment managers—you get the idea. Investing other peoples’ money is a rational profession and we apply ourselves to it on a continuous basis.

We invest money for people who want their money to work as hard for them as they’ve had to work for it—and who want their money to grow over periods of time best measured in years and generations. Our clients and shareholders hire us to help protect what they have, help make it grow, and help ease their minds.

Our discipline is to buy good companies on sale, using the fundamental security analysis pioneered by Ben Graham. Ron’s paper, “Why the Market Went Down,” builds on Ben Graham’s work and describes how we value companies and determine the price to pay for them.

Our work is important because money should be used for capital, and capital is used to create the tools and conditions necessary for increasing wealth and prosperity from one generation to the next. This progression applies to families, to nations, and to the world. Helping our clients and shareholders increase their wealth and prosperity enables them to feed their families, educate their children, and help others.

It is vital to communicate with the people who hire us, so we publish a free quarterly newsletter and periodic market commentaries. We also conduct investment seminars and conference calls to inform you of what we are seeing and what we think is important. In addition, we have a dedicated client service team to answer questions and assist you with investment planning needs. We believe an informed investor is a more successful investor, and we welcome the chance to talk with you and answer any questions you have.

What We’re Seeing

Muhlenkamp Memorandum Issue #119

Changing investor psychology and potential recession, along with the problems of passive investing and a changing “retirement contract” – all this, and...
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Quarterly Letter, July 2016

It seems like every quarter something big happens for us to talk about, this quarter was no exception. The UK voted...
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September 1, 2016 Conference Call

Join the conversation! Portfolio managers Ron and Jeff Muhlenkamp will discuss their economic and market outlook on Thursday, September 1, 2016...
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How Retirement Has Changed—Why Saving More and Working Longer will be Necessary

Ron addresses how the retirement plans of individuals and institutions have changed due to low GDP growth, productivity, and interest rates ...
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Muhlenkamp Marathon

There are many similarities between training for a marathon and creating a legacy of financial freedom—both take desire, time, effort...
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Announcements

Investment Seminar May 12, 2016

Visit our seminar page to view a video of the presentation, How Retirement Has Changed—Why Saving More and Working Longer...
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