This is an excellent book.I have been an investor in the Muhlenkamp Fund for the past ten years. I have witnessed firsthand how Ron Muhlenkamp and his team of analysts avoid the fads promulgated by today's financial media and select stocks based on the principles outlined in this book.The book is essentially a compilation of the essays written by Ron Muhlenkamp over the last twenty-five years.Very few money managers have the guts to post their past predictions and the the advice they gave to clients in the historical context of what actually happened to the stock market during that period.In doing this, the author has a knack for explaining complex economic concepts and scenarios in a way that anyone can understand.
I especially liked the "Open Letter to My Congressman" which he wrote to Congressman Doug Walgren in 1990.This letter is "dead on" in terms of what the Federal Government needs to do to resolve the looming Social Security crisis.The advice is something that every one of our politicians should heed.
I highly recommend this book to anyone who wants to become a better investor and I expect to turn to it often when I need financial wisdom on how and when to invest. I would also recommend subscribing to the Muhlenkamp Memorandum which is published quarterly.
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