Ron Muhlenkamp 
Ron’s Road to Wealth 
Insights for the Curious Investor

Praise for Ron’s Road to Wealth

‘Long-term investors will learn much from Ron Muhlenkamp’s
thoughtful reflections on what he has learned about investing over
a thirty-year period of successful practice.’

–Milton Friedman

‘Ron Muhlenkamp has thought long and hard and successfully about
investments for many years. He has learned not to be misled by the
distortions that inflation brings to normal returns. He has also
learned the important understanding that volatility is not the risk
that should concern long-term investors. His book will help readers
to do better.’

–Allan H. Meltzer, Professor of Political Economy and Public
Policy, Carnegie Mellon University

‘Ron Muhlenkamp has one of the most original, insightful minds in
the financial world today. His record is superb. You will find his
book a richly rewarding read.’

–Steve Forbes, President and Chief Executive Officer of Forbes and
Editor in Chief of Forbes magazine

‘Conventional wisdom says that mutual fund managers can’t beat the
market; Ron Muhlenkamp’s record proves that he can. Ron’s Road to
Wealth offers a bounty of snapshots of the insightful thinking that
has allowed Muhlenkamp to better his peers with remarkable
consistency. While many on Wall Street make their living adding to
the confusion of the investment process, Muhlenkamp cuts through
the clutter to reveal the commonsense logic underneath the surface.
If you’re tired of conventional investment results, you’ll relish
this book’s unconventional wisdom.’

–Don Phillips, Managing Director of Morningstar, Inc.

‘Ron Muhlenkamp is virtually the only commentator in today’s
investment world who makes a compelling and commonsense case for
active investment management. His principles have exactly what you
look for in the investment world: they modestly underpromise and
have an interesting history of overdelivering.’

–Bob Veres, Publisher and Editor of Inside Information

Table of Content

Foreword.

Introduction. Why I Want to Publish This Book and for Whom.

Part 1. The Basics Of Investing.

Chapter 1. Understanding Money.

Chapter 2. The Investing Choices.

Part 2. The Essays.

Chapter 3. 1965-78: The Economy Experiences Accelerating
Inflation.

Chapter 4. 1979-81: Transition from Inflation to
Disinflation.

Chapter 5. 1982-92: Bonds Do Well; Stocks Do Well.

Chapter 6. 1993-98: Bonds Are Flat; Stocks Do Well.

Chapter 7. 1999-2001: The Fad Years (Some Call Them the
‘Bubble’ Years).

Chapter 8. 2002-6: Back to Normal; A ‘Normal’ We Haven’t
Seen since 1965.

Chapter 9. 2007: Where to from Here?

Appendix A. A Topical Guide to Ron’s Road to Wealth.

Appendix B. Reading List for Life and Investment Fundamentals
101.

Notes.

Glossary.

Index.

About the author

Ron Muhlenkamp, CFA, is the founder of Muhlenkamp &
Company, Inc., established in 1977. He is a nationally recognized,
award-winning investment manager, frequent guest on CNBC and CNN,
and author of a quarterly newsletter, Muhlenkamp Memorandum. He has
developed a proprietary method of evaluating both equities and
fixed-income securities that continues to be employed by Muhlenkamp
& Company. Mr. Muhlenkamp earned a BS in mechanical engineering
from MIT and an MBA from the Harvard Business School. He and his
wife Connie make their home on a farm near Pittsburgh but travel
extensively to meet and talk with companies and clients around the
country.

Wendy Muhlenkamp Miller, as the youngest of Ron’s four
children, has had the advantage of being exposed to Ron’s unique
perspective on the economy and the markets from a very early age.
She uses this background to frame Ron’s ideas in a way that is both
direct and insightful. Wendy holds a BS in mechanical engineering
from MIT, worked several years in the aerospace industry, and is
now a full-time mother of four.