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 12 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 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

Investment Seminar, December 3, 2015

You are cordially invited to our yearend investment seminar via live video webcast or in person at 2:00 p.m...

Quarterly Letter, October 2015

The domestic quiet we wrote about in June did not last very long. Between August 17 and August 25 the S...

Muhlenkamp Memorandum Issue # 116

Ron and Jeff Muhlenkamp look at recent market volatility in their "Quarterly Letter." Included in "Monitoring Economies around the Globe" are ...

Archive of August 27, 2015 Conference Call

Tony Muhlenkamp, President, hosted this conference call with Jeff Muhlenkamp, Investment Analyst and Co-Manager, where they discussed what's been ...

Natural Gas: An Energy Game Changer

In this country, a quarter of our natural gas production is used by industry, a quarter is used to generate electricity...

A Stock Picker’s Market, May 2015

The financial headlines tell us the stock market is hitting new highs, but they don’t tell us much about what...

Game Changers in Biomedical Science, November 2014

Advances in biomedical science continue to transform the way medicine is being practiced. Since the 1950s, we have experienced a steady...


Conference Call on August 27, 2015

If you weren’t able to listen to the live call, here is your chance. Both a transcription and an audio...
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