Muhlenkamp Library

What’s New

Muhlenkamp Memorandum Issue #121

Why the underperformance relative to your benchmark? Ron and Jeff share their answer and the reason they will continue their approach to investing—investing in companies that are selling for less than they think they are worth, and selling those companies when they think the market price fully reflects their value. Tony expands on why he doesn't think this is the time to change our investment philosophy.
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Quarterly Letter, January 2017

2016 was a disappointing year for us as our accounts, on average, lost about 3.56% of their value over the course of the year (individual performance varies by account), while the S&P 500 gained 11.96%—both figures include reinvestment of income. The obvious question is “Why the underperformance relative to your benchmark?” The short answer is that we didn’t own enough of the best performing sectors in the market: energy, financials, and industrials and we owned too much of the worst performing sector in the market: health care...
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Archive of February 16, 2017 Webcast

Archive coming soon! Tony Muhlenkamp hosted a chat with portfolio managers Ron and Jeff Muhlenkamp on February 16, 2017. The topic was based on Ron's maxim “When you change the rules a little, you change the game a lot.” They spoke specifically about the effects of a new U.S. president and administration and the impact of changing policies and regulations on the economy.
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Archive of December 1, 2016 Webcast

Is the economy back to pre-recessionary levels? Your answer may depend on what data you use and how you define your terms. Jeff and Ron walk through over 20 economic charts from foreign currencies vs. the dollar to their 10-point checklist they use as a guide. Here is an archive or our December 1, 2016 webinar.
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The Election: Some General Observations

Once again, the American public found a way to make their frustrations felt. As in most things in life, the answer to "what will happen next" is "it depends" and "wait and see." But we do have some general observations...
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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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Announcements

Ron appeared on CNBC February 2, 2017

Ron Muhlenkamp made a guest appearance on CNBC’s ‘Closing Bell’ on February 2, 2017. He appears in the segment titled...
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Ron appeared on CNBC January 12, 2017

Ron Muhlenkamp made a guest appearance on CNBC’s ‘Closing Bell’ on January 12, 2017. He appears in the segment titled...
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