Muhlenkamp Memorandum Issue #120

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
…Last quarter we said “It seems like every quarter something big happens for us to talk about… .” Well, not this quarter. The last three months have been very quiet – economic growth hasn’t changed much, central bank policies haven’t changed much, bond prices haven’t changed much, commodity prices haven’t changed much, etc….

September 1, 2016 Conference Call: Highlights
Starting with the “big picture” and working their way toward how economic policies ultimately impact the portfolios, the conversation that took place during the September 1 conference call is available for your review.

The Farming Analogy
Over the years, Ron has compared farming with investing. He has stated that investing is much like being a farmer—and that the calendar year with its spring, summer, fall, and winter is analogous to the business cycle…

Archive Available – September 1, 2016 Conference Call
Ron and Jeff shared their observations on issues facing the economy, the markets, and investors during our September 1, 2016 semiannual conference call. A transcript and audio archive of the call are available…

Announcement
Effective January 1, 2017, the Muhlenkamp Memorandum will no longer be mailed through the post office to subscribers who are not clients or shareholders…

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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Announcements

Muhlenkamp & Company’s 40th Anniversary

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