Muhlenkamp Memorandum Issue #119

Click here for a printer-friendly PDF of the Memorandum.

Refer to the SMA All-Cap Value Fact Sheet for the Top 20 Holdings and performance data as of the most recent quarter-end.

In this Muhlenkamp Memorandum:

Quarterly Letter
…Every quarter something big happens for us to talk about, this quarter was no exception. The UK voted itself out of the European Union on 23 June. The markets (currency markets, equity markets, commodity markets) reacted violently to the development on 24 June—a bunch of market participants must have been caught by surprise. We believe that this is a great big sign that the previously unthinkable can no longer be dismissed and must now be considered possible…

Letter to My Daughters: On Passive Investing
Passive investing is a way of investing that doesn’t entail any forecasting, minimizes investing fees, and tries to avoid the adverse consequences of failing to correctly anticipate the future…

How Retirement Has Changed—Why Saving More and Working Longer will be Necessary
Following is a brief overview of retirement’s “three-legged stool,” a metaphor conceived by an actuary for Met Life back in the 1940s…

Archive Available – Investment Seminar, Thursday, May 12, 2016
How Retirement Has Changed—why saving more and working longer will be necessary
At our May 12 investment seminar, Ron Muhlenkamp addressed the changing landscape of retirement. You may view a video archive of the presentation on our website; if you prefer, call us, and we’ll send you a DVD.

Muhlenkamp Conference Call – September 1, 2016
Join us for conversation with portfolio managers Ron and Jeff Muhlenkamp. REGISTER to participate in our Conference Call on Thursday, September 1, 2016 from 4:15 p.m. – 5:00 p.m. ET. call (877) 935-5520 extension 4 for assistance.

Muhlenkamp Marathon – Are you up for the challenge?
How do you run a financial marathon to become financially fit and eventually financially independent? …One mile at a time! Our Muhlenkamp Marathon Financial Training Workbook contains 26.2 miles of financial guidance. If you or someone you know needs help getting on the right course financially, request our workbook HERE or call (877)935-5520 extension 4.

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