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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Market Commentary, February 2013

A broker friend of mine told me recently that his clients are looking for “creative sources of yield.” The phrase set off alarm bells in my head! Let me tell you why.
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Market Commentary, January 2013

To welcome in the New Year, Congress and the Obama administration have addressed one side of the deficit problem: government revenues (taxes). For most Americans, they've gone halfway, keeping income tax rates at prior levels for those couples earning less than $450,000 per year; refer to 2013 tax table.
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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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