Muhlenkamp Library

Muhlenkamp Memorandum Issue #129

In their Quarterly Letter, Ron and Jeff give a summary of the markets and the economy at the end of 2018: Market volatility has returned; the Fed has continued to shrink its balance sheet and raise short-term interest rates; and in the U.S., there has been a slowdown in the housing market. Tony explains in "Letter to My Daughters: On Retirement" that planning and action are vital if you want to retire someday. Additionally, we provide steps that you can take to avoid escheatment (the turning over of property to the state).
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Quarterly Letter, January 2019

When we began 2018 we thought the markets would be dominated by two important changes: the passage of the new tax law in the final days of 2017 and a decline in dollar liquidity as the Federal Reserve both raised short-term rates and reduced the size of its balance sheet. We thought the first change would be good for the economy in both the short and long-term and the second change would be negative for most asset markets. We didn’t hazard a guess regarding when the negative influence would start to appear.
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February 28, 2019 Webcast

Join Tony Muhlenkamp as he hosts a chat with portfolio managers Ron and Jeff Muhlenkamp. They will discuss their political and economic observations and what they feel is important to monitor. In addition to listening to the discussion, you will have the opportunity to ask questions.
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Archive of November 15, 2018 Webcast

Ron and Jeff Muhlenkamp examined the ripple effect and the unintended consequences of changes to interest rates, regulations, tariffs, and the money supply. An example being: In an effort to unwind its Quantitative Easing measures, the Federal Reserve is continuing to raise short-term interest rates and reduce its balance sheet. These higher interest rates have contributed to a slowdown in the housing market which could lead to a decline in home prices.
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Quarterly Letter, October 2018

At the end of the third quarter the U.S. economy is by most indicators in good shape. Real (inflation adjusted) GDP growth the first two quarters averaged 3% and forecasts are for the full year to come in at about 3%. Small business and consumer sentiment indicators are at high levels. Unemployment is quite low and most credit metrics are looking fine.
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Muhlenkamp Memorandum Issue #128

The Fed kept short-term interest rates near zero from 2009 until 2015. Now, it continues its process of slowly raising short-term interest rates hoping not to disrupt economic growth. Jeff and Ron discuss the effects of a tightening money supply on individuals, companies, stocks, and currencies in their Quarterly Letter. Also included in this Memorandum is "Don't Let Financial Fraud Happen to You" to make you aware of some of the latest financial scams.
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Muhlenkamp Marathon

There are many similarities between training for a marathon and creating a legacy of financial freedom—both take desire, time, effort, and discipline. Our "Muhlenkamp Marathon Financial Training Workbook" contains 26.2 “miles” of financial information to use as a reference guide to keep you on course, including best practices based on current tax rules and regulations, as well as words of wisdom based on experience, observation, and statistics.
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Working, Saving, and Investing

When Jeff's (co-manager's) teens started asking questions about Ron’s investing process, he found it difficult to answer them well because every question they asked required explaining at least three additional concepts. These concepts are both fundamental and critical to the exercise, so he organized his thoughts and tried to keep it very simple and clear.
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