Archive of August 27, 2015 Conference Call

Tony Muhlenkamp, President, hosted this conference call with Jeff Muhlenkamp, Investment Analyst and Co-Manager, where they discussed what's been going on this past quarter in the U.S. and abroad. Jeff talked about Japan's quantitative easing, Greece's debt problem, China's growth challenges, and changes in oil prices and other commodities. He also shared his thoughts on ETF's, earnings of U.S. companies, and the value of the dollar.
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Archive of February 19, 2015 Conference Call

An archive of the conference call with our portfolio managers, Ron and Jeff Muhlenkamp is available. They discuss the economy, the markets, their investment outlook, and a few companies in our Top Ten Holdings, as well as respond to questions from participants.
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Market Commentary, December 2014

Anytime we talk about currencies being devalued, or getting stronger, we have to include the question, "relative to what?" (as in, the U.S. dollar is stronger relative to the Japanese yen, or the Chinese renminbi is stronger relative to the euro, etc.). We also have to remember that a strong dollar is good for some, bad for others.
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Market Commentary, July 2014

In Europe, Banco Espirito Santo, the largest bank in Portugal, has defaulted on interest payments on its bonds. Europe has not solved its problems. In the U.S., for at least the fourth consecutive year, estimates of real GDP (Gross Domestic Product) growth, which exceeded 3% prior to the beginning of the year, have been reduced to 2% or less by midyear (now).
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Market Commentary, April 2014

Russia’s action in the Ukraine / Crimea may have long-term implications, particularly for Europe, but the near-term economic implications are modest. It remains to be seen whether this gets added to our long-term worry list or not. Japan’s version of “Quantitative Easing,” after helping its market last year, is now running out of gas. A few days ago, Japan raised its consumption tax; the last time they did that, it triggered a recession.
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Market Commentary, January 2014

Some of the things we’ve been talking/warning you about in recent years came to fruition in 2013. Specifically, medium- and long-term interest rates rose and commodity prices declined. While the U.S. Federal Reserve (Fed) continues to hold short-term interest rates near zero, rates in the intermediate to longer term, (5-30 year) increased substantially during the year, driving bond prices down.
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Market Commentary, November 2013

“The Big Squeeze,” by Jeff Muhlenkamp, Co-Manager  
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Market Commentary, October 2013

Since 2008, the Federal Reserve (Fed) has been a huge manipulator of the money supply and of interest rates. Beginning with TARP (Troubled Asset Relief Program) in 2008—and continuing through Quantitative Easing II (QE2), Operation Twist, and QE3, the Fed has added over $2 trillion to our money supply (nearly $20,000 per household) and purposely bought U.S. Treasuries and mortgaged-backed securities to keep prices of these securities up and keep interest rates artificially low.
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Market Commentary, April 2013

As usual, there are conflicting pressures on both the marketplace and the economy. Over time, economic growth is good for both, but growth in the marketplace often leads growth in the economy. The trouble is that growth in the marketplace is also subject to false starts. And, of course, both the stock market and the economy are measured in dollars—which is itself an elastic yardstick; (in 1968 dollars, I’m 46 feet tall).
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Market Commentary, March 2013

One of our favorite maxims is, “When we change the rules a little, we change the game a lot.” We find this maxim applies in many areas of life, from games—different versions of pinochle—to sports—no helmet contact—to economics.
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Muhlenkamp & Company’s 40th Anniversary

2017 marks the 40th anniversary of the founding of Muhlenkamp and Company, Inc. We are pleased, proud, and grateful that...
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