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.
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. More >
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… More >
Portfolio managers Ron and Jeff discuss the implications of central bank policies across the globe, including negative interest rates, as well as the declining earnings and revenues of the top 3,000 U.S. companies. Tony addresses five fundamental principles for achieving financial freedom in a “Letter to My Daughters.” More >
Ron and Jeff discuss equity performance, company revenues, and the Fed Funds Rate in their "Quarterly Letter." Consumer spending, business investing, taxes, and regulation are a few of the items on the checklist they use to monitor the investment climate and are highlighted in "Investment Seminar: Recap." More >
Ron and Jeff Muhlenkamp look at recent market volatility in their "Quarterly Letter." Included in "Monitoring Economies around the Globe" are two excepts taken from our recent conference call: "Implications of Crude Oil Pricing"; and "China’s Growth Challenges."
In this edition, Ron and Jeff Muhlenkamp discuss domestic and global economic activities and the impact on the markets. Key lessons from our May 5 investment seminar, along with Tony Muhlenkamp's thoughts about passive investing, are included. More >
Read the "Quarterly Letter" by Ron and Jeff Muhlenkamp followed by the article, "Portfolio Managers: Investment Outlook for 2015." More >
Tony Muhlenkamp relays ideas and observations in the "Quarterly Letter", and offers what he learned at our November 12 investment seminar in "The Healthcare Industry and the Consumer." Additionally, Jeff Muhlenkamp addresses "Effects of Currency Manipulation" in this edition of our quarterly newsletter. More >
"Game Changers in Biomedical Science" and "The Second Great Economic Experiment: An Update" are two essays featured in this Memorandum. More >