# RMH Investment Management


## Posts

- [Eyes on the Energy Sector](https://rmhinvestment.com/eyes-on-the-energy-sector/): We have been carefully monitoring the geopolitical events over the last week and reflecting on the implications for investor sentiment, portfolios, and the broader economy. Volatility can create short-term emotions and panic in both people and the markets. Rather than chasing headlines or attempting to time the market, the most successful investors stay focused on long-term fundamentals and opportunities. The energy sector is one of the most impacted sectors during geopolitical conflicts. Let’s take a look at potential impacts on energy supply, the economy, and energy stocks.  Energy SupplyOne of our Four Themes for 2026 was Energy Infrastructure and Supply. We forecasted that discussions […]
- [Four Themes for 2026](https://rmhinvestment.com/four-themes-for-2026/): As we look ahead to 2026, long-term investment success will be shaped less by short-term market noise and more by long-term, structural trends. Today we are highlighting four themes we believe will continue to influence opportunities and risks in 2026 and the years ahead. Demographics The United States, and many other countries around the world, are experiencing the social and economic impacts of an aging population. We have increasing life expectancy coupled with concerns around the safety and reserve amounts in Social Security and Medicare. We will likely see people work longer, retire later, and adopt different retirement saving and […]
- [End of Year Checklist](https://rmhinvestment.com/end-of-year-checklist/): The end of the year always sneaks up quickly. We like to encourage clients to complete their end-of year items before the holidays arrive so that they can protect that time to spend with family and friends instead of completing their to-do list. Here are a few of the general areas we check in on. Tax-Loss HarvestingEvery year around this time we analyze our clients realized gains for the year, identify the tax implications, and look for ways to offset those gains if they would like us to. If some taxable investments have declined in value this year, we may […]
- [Rate Cut, Now What?](https://rmhinvestment.com/rate-cut-now-what/): Last week the Federal Reserve cut interest rates by 0.25% and signaled openness to further reductions. What does this mean for your investments? For Your Savings: Bank accounts, Certificates of Deposit (CDs), money market funds For Bonds:  Bond prices and interest rates are inversely related. Meaning that rate cuts generally push bond prices up. For Stocks: When the Federal Reserve cuts interest rates, it lowers the cost of borrowing throughout the economy. This can influence stocks in several ways: It is not linear that rate cuts are supportive for stocks. Rate cuts usually happen because economic growth is slowing or risks […]
- [Beneficiary Designations](https://rmhinvestment.com/beneficiary-designations/): RMH Investment Management always recommends that clients work with an estate planning professional. The following is not intended to be estate planning advice. Did you know that beneficiary designations generally override wills and trusts? When you name a beneficiary directly on accounts like: …the assets in those accounts will pass outside of your will or trust and go directly to the named beneficiary—regardless of what your will or trust says. Beneficiary designations are legally binding contracts with the financial institution. Courts will typically honor those designations even if they conflict with your estate documents. That means if you’ve had a major […]
- [Time Horizon](https://rmhinvestment.com/time-horizon/): One of the most common questions in the investing world: What stock(s) should I buy? Our answer would vary from person to person. Why is that? It’s because everyone’s time horizon is different. Ask ten different people what long-term means and you’ll get ten different answers. To us, we view time horizon as the period you plan to hold an investment before needing the funds. For a 25-year-old looking to invest for retirement, long-term may mean 40 years. For a 63-year-old looking to retire, long-term may be less than five years. If you’re a trader, it may mean less than a […]
- [Why Our Brains Crave Drama—and How It Impacts Investment Decisions](https://rmhinvestment.com/why-our-brains-crave-drama-and-how-it-impacts-investment-decisions/): Human brains are hardwired to pay more attention to drama, conflict, and negative news. This isn’t just a modern flaw exacerbated by technology and the news cycle—it’s a survival mechanism. Our ancestors needed to be hyper-aware of threats in their environment. Ignoring a positive signal is much less of a threat than ignoring a negative signal. As a result, the brain evolved with a “negativity bias,” meaning we naturally prioritize bad news over good. Today, that same instinct leads us to click on headlines predicting market crashes, political instability, or economic doom. News outlets understand this and they use it to […]
- [Eyes on the Debt](https://rmhinvestment.com/eyes-on-the-debt/): One of the areas we are watching closely is the national debt. This Market Watch gives a high level overview of the national debt situation. How does the U.S. government accumulate debt? The national debt increases when the government spends more than it collects in revenue (i.e., a government budget deficit). When was the last time the U.S. government had a budget surplus? 2001 was the last time the government had a budget surplus. The way to read the following chart is that when the blue line is below the black line, there is a deficit. And when it is above, […]
- [Unforced Errors](https://rmhinvestment.com/unforced-errors/): What do tennis and investing have in common? Success is achieved by making less unforced errors than others. And by doing so over long periods of time with discipline, consistency, and managing emotions. The top 0.01% of tennis players (or maybe even less) play the game by winning points. They serve aces, paint the lines, and target their opponent’s weaknesses. The rest of us 99.99% play by trying not to lose points. We double fault, hit the ball out of bounds, hit it into the net, or swing and miss entirely. Our best strategy to win is to focus less on […]
- [Time, Not Timing](https://rmhinvestment.com/time-not-timing/): 5 years ago this week… 5 years ago, the Covid-19 pandemic began to unravel the U.S. markets. On February 19th, 2020, the S&P 500 hit a record high of 3386.1 before losing 33.9% of its value over the next month. It hit its Covid trough of 2237.4 on March 23rd.   What would have happened if you invested in the S&P 500 index right before its high on February 19th? You would be up 81% today. Chart Source When you sell out of the stock market during a downturn and wait for things to “normalize”, you have now created two […]
- [2025 Thoughts](https://rmhinvestment.com/2025-thoughts/): There will be a lot of “ink” spilled in the next two months. We could also say a lot of electrons will be zapping around describing various firms/authors points of view with regard to what will happen in 2025. Quite simply, we believe corporate earnings will be the story for 2025. Chart Source In the simplest of terms, the US markets have outperformed the rest of the world’s markets due to strong earnings growth. RMH has always maintained that earnings growth is a major deterrence to any meaningful correction. In fact, a meaningful correction would be driven by an unforeseen geopolitical […]
- [Macroeconomic Reflections](https://rmhinvestment.com/macroeconomic-reflections/): This edition of Market Watch will focus on the macro economy and what we are currently keeping a close eye on. Our general sentiment is summed up well in this quote from Paul Hickey on a recent episode of Charles Schwab’s podcast, On Investing: “We’re bullish on America. It’s been the right bet for the last almost 250 years now. So, I think in that respect, you can’t go wrong betting on America and the US economy and how strong it has been and how strong it’s likely to continue being”. (Episode Link) Our only election commentary will be a reminder […]
- [Major Market Indices](https://rmhinvestment.com/major-market-indices/): Today’s Market Watch is more educational in nature than observational. We will be discussing the 3 most talked about market indexes. We discuss what the indexes are, why they are so widely used, and how we should view them as investors. First off, we will start with the definition of “Index”.  “An index measures the price performance of a basket of securities using a standardized metric and methodology. Indexes in financial markets are often used as benchmarks to evaluate an investment’s performance against.” (Investopedia). Index can be pluralized as either “indexes” or “indices”. DJIA – Dow Jones Industrial Average The DJIA […]
- [August – A Late Summer Slowdown](https://rmhinvestment.com/august-a-late-summer-slowdown/): Good morning. We wrote this article over the weekend to be sent out today and decided to amend the intro in response to today’s continued market selloffs. As you can tell by the title of this article, we expected a slowdown, but we take no satisfaction about being right. Remember, monetary policy has a lag and some of the actions the Federal Reserve took 1-2 years ago are coming through now. We remain confident in the strategies we have in place for the long-term. August is always an interesting month for the market. Why? While school has started for us in […]
- [Second Half of 2024 - What We Are Watching](https://rmhinvestment.com/second-half-of-2024-what-we-are-watching/): We hope everyone had a good 4th of July! Being a dual citizen (Richard), I had two celebrations this week. Canada Day on July 1st and the United States Independence Day on July 4th. We celebrated with good friends on Mt. Lemmon seeing the Independence Day parade. One of the joys of this parade at elevation of 8,000 feet is the cooler weather, the unpredictable nature of a thunderstorm, and the flyover from the U.S. Air Force to start the parade at noon. Everyone takes their own chair and puts it beside the road, and a front row seat is had! The true feeling […]
- [Earnings and a Data Center](https://rmhinvestment.com/earnings-and-a-data-center/): This past week we received several calls from clients and friends asking about the “movements” in the stock market. Our usual first response comes from an icon of our business, Benjamin Graham who said, “in the short run the markets are voting machines and in the long run they are weighing machines.” We look for the short run to be dominated by traders, and the long run to be dominated by earnings and fundamentals. Our second response is to ask where they found this information out, i.e.TV. If so, we need to point out the advertisers cause editorial coverage to […]
- [A Productivity Renaissance](https://rmhinvestment.com/a-productivity-renaissance/): Total factor productivity (TFP) is an economic measurement that reflects the residual growth of productivity that cannot be directly attributed to increases in labor or capital. Instead, it helps indicate the growth in productivity driven by technology or economic structural changes. As you can see in the chart below, the TFP moving average trendline has been very low and flat since declining post 2005. However, in Q4 of 2023, the San Francisco Federal Reserve measured the utilization adjusted TFP to be 4.99% (rounded to 5% in blue on the far right of the graph). In Q3 it was 0.76% and […]
- [A December to Remember - RMH Market Watch](https://rmhinvestment.com/a-december-to-remember-rmh-market-watch/): Wow, what a December to Remember, and you thought one only heard this on Toyota Christmas commercials. The most crowded trade of December 2023 was trading in anticipation of the FED’s forecasted rate cuts in 2024. We would like to point out to be careful about what one wishes for. In RMH’s opinion, if we receive all the FED rate cuts that people are forecasting, the U.S. economy will be in trouble. We believe there will be fewer rate cuts than expected. And a “little thing” called a presidential election will likely take rate cuts off the table from June […]

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- [Terms and Conditions](https://rmhinvestment.com/terms-and-conditions/): Terms and Conditions Effective Date: 5/29/2025 Welcome to RMH Investment Management, LLC (“Company”, “we”, “our”, or “us”). Please read these Terms and Conditions (“Terms”, “Terms and Conditions”) carefully before using our website, rmhinvestment.com (the “Site”). By accessing or using this Site, you agree to be bound by these Terms. If you do not agree with any part of the Terms, please do not use the Site. 1. Use of Our Website The content on this Site is for general informational purposes only and does not constitute financial, investment, legal, or other professional advice. You must be at least 18 years […]
- [Contact](https://rmhinvestment.com/contact/)
- [About](https://rmhinvestment.com/about/): The Firm What is a Registered Investment Adviser (RIA)? RMH Investment Management, LLC is an RIA. An RIA is a financial firm that provides investment advice for a fee and has a fiduciary duty to act in their clients’ best interests. RIAs are registered with the SEC or their state securities regulators, depending on their size of assets of management. The People Richard Mundinger, CFA – Richard brings four decades of investment management experience to serving clients for their planning and investing needs. Mr. Mundinger has earned the right to use the Chartered Financial Analyst® (CFA®) designation and has written a […]
- [Privacy Policy](https://rmhinvestment.com/privacy-policy/): Privacy Policy Effective Date: 6/16/2025 At RMH Investment Management, LLC (“we,” “our,” or “us”), your privacy is important to us. This Privacy Policy explains what personal information we collect, how we use it, and your rights under applicable U.S. data protection laws. RMH Investment Management provides portfolio management and financial advice services. We adhere to professional codes of conduct and the legal standards governing Registered Investment Advisors. The contents of this website are not to be considered investment recommendations. The contents of this website are for educational and outreach purposes only. Past performance is not a guarantee of future results. […]


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