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 Memorandum Issue #127

Ron and Jeff state in their quarterly letter that the U.S. economy is doing well, but there are a number of things that could start to cause problems. In his article, "Relevant Elements for Investment Strategy," Tony looks into a few factors of investing such as time horizon, risk management, and price. Details on our upcoming webcast are included.
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Muhlenkamp Memorandum Issue #126

In the first quarter of 2018, a number of very popular investments have all found their own reason to unwind nearly simultaneously. Ron and Jeff discuss these corrections in their Quarterly Letter. In his article, “Volatility and the VIX Collapse,” Jeff provides more detail on volatility while looking at the VIX and the demise of a couple of inverse-VIX exchange traded notes.
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Muhlenkamp Memorandum Issue #125

In their quarterly letter, Ron and Jeff discuss two "big things" happening now: the rollback of anti-growth regulation and the tightening of monetary policies by major central banks. In "Don’t Let the IRS Define Your Investing," Tony explains why your spending money doesn't always need to come from income, it can come from capital gains as well. You can only spend what you get to keep after paying taxes; so pay attention to taxes, but don’t let IRS tax definitions drive your investment considerations and decisions.
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Muhlenkamp Memorandum Issue #124

This edition of the Muhlenkamp Memorandum includes the Quarterly Letter from our portfolio managers. In addition, Ron Muhlenkamp reflects over 40 years of lessons learned and changes observed. He shares his insights on human behavior, instant communications, and the free market. How does it all tie together? Read the Memorandum to find out.
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Muhlenkamp Memorandum Issue #123

In this issue, Ron & Jeff Muhlenkamp discuss what they are seeing, thinking and doing in the current investment climate. Plus, Muhlenkamp & Company, Inc. turns 40! In the Quarterly Letter, Ron and Jeff discuss international trade, economic growth, small business optimism, and disruption in the retail sector. Also included are some basics on creating a personal budget.
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Muhlenkamp Memorandum Issue #122

In their Quarterly Letter, Jeff and Ron interpret a small business optimism chart as well as give their updates to a few pertinent economic developments. The article, Facing the Facts about Your Financial Life reminds you to take some time to assess your current financial situation. Details for our next webcast are also included in this edition of our Memorandum.
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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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Muhlenkamp Memorandum Issue #120

In this edition, Ron & Jeff discuss the Fed’s attitude on low/negative interest rates and the consequential effect on savers, including pensions and insurance companies. We look at a few questions from participants in Conference Call Highlights. Jeff’s essay, The Farming Analogy, builds on a comparison that Ron has been using for years.
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Muhlenkamp Memorandum Issue #119

Changing investor psychology and potential recession, along with the problems of passive investing and a changing “retirement contract” – all this, and more, in this edition…
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Announcements

Muhlenkamp & Company’s 40th Anniversary

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