Letter to My Daughters: On How to Get Started

I met with seniors from Duquesne University recently, all of them about your age. They are Finance Majors graduating in the spring and were looking for insights into investing, career advice and strategies for building successful careers. We talked for a couple of hours, and I tended to ramble a little bit; so I thought by writing you I could organize my thoughts and provide something useful.

I was impressed by them and continue to be impressed by you and your peers. You are smart, hardworking, curious, and disciplined. I keep hearing about how your generation is somehow lost, but I’ve yet to meet someone your age that isn’t willing to learn and to work. Sometimes they just need help knowing what to expect and how to get started. So, here it is, how to get started.

To get started as an investor, review the One and Only Official Muhlenkamp Investors Starter Kit which consists of:

1. “The Basics of Investing

2. “A Walk Down Memory Lane

3. “Basic Financial Maxims I Want My Kids to Know

4. “Ron’s Reading List.”

The kit also includes the disclosure documents for our mutual fund (but the same documents from any mutual fund will work):

1. Prospectus (Full and Summary)

2. Financial Report

3. Statement of Additional Information