Muhlenkamp Memorandums

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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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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Muhlenkamp Memorandum Issue #110

Tony revisits lessons he learned as a child in "Teaching Kids about Investing" which he shares in this edition. Jeff examines 'why' in his essay "Working, Saving, and Investing."
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Muhlenkamp Memorandum Issue #109

How will you know when you are ready to retire? "The 'FRIDAY FOCUS' on Retirement" discusses some ideas for how to plan for a successful retirement. If you are seventy and one half years of age or older you may want to read the essay "Required Minimum Distributions", included in this edition of the Memorandum.
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Muhlenkamp Memorandum Issue #108

Read about interest rates and the Federal Reserve. Learn the difference between a nominal interest rate and a real interest rate and how it changes the return on your investments in the essay "Let’s Get Real." Maxims are intended to be timeless and to apply over a variety of circumstances. We share some of Ron's maxims with you in "Basic Financial Maxims I Want My Kids to Know." Tony looks at one more closely in "IRA Maxims."
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Muhlenkamp Memorandum Issue #107

Essays include "Ask Muhlenkamp", "Learning the Difference between Price and Value: Take Your Child to an Auction", and "The 'FRIDAY FOCUS' on Retirement—A Primer on IRAs."
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Muhlenkamp Memorandum Issue #106

Included in this issue are "Conversations with Clients", "When We Change the Rules A Little…, Creative Sources of Yield", and "The 'FRIDAY FOCUS' on Retirement—Pension Plans—Types and Characteristics."
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Muhlenkamp Memorandum Issue #105

Included in this issue are "Required Minimum Distributions", "Financial Fitness: What Are Your Goals?", and "The “FRIDAY FOCUS” on Retirement—History of Pensions."
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Library Navigation

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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