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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Muhlenkamp Memorandum Issue #118

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.”
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Muhlenkamp Memorandum Issue # 117

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."
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Muhlenkamp Memorandum Issue # 116

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."
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Muhlenkamp Memorandum Issue #115

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.
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Muhlenkamp Memorandum Issue #114

Read the "Quarterly Letter" by Ron and Jeff Muhlenkamp followed by the article, "Portfolio Managers: Investment Outlook for 2015."
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Muhlenkamp Memorandum Issue #113

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.
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Muhlenkamp Memorandum Issue #112

"Game Changers in Biomedical Science" and "The Second Great Economic Experiment: An Update" are two essays featured in this Memorandum.
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Muhlenkamp Memorandum Issue #111

"Be Careful Dealing with Creative Sources of Yield: A Redux" discusses how investors continue their quest for finding more ways to generate income. A meaningful exchange took place between a shareholder and Ron during the second quarter in the article "Ask Muhlenkamp."
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Announcements

Ronald H. Muhlenkamp Retires from Muhlenkamp & Company

At the age of 75, Ronald H. Muhlenkamp retired from the investment management firm Muhlenkamp & Company, Inc. on February...
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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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