What’s New
Muhlenkamp Memorandum Issue #142
In their Quarterly Letter, Jeff and Ron Muhlenkamp point out several seismic shifts in today's investing environment, one being that bonds are no longer "safe." Ron updates an essay that he originally wrote in 1987 that discusses the fact that workers are significant owners of industry through their retirement plans. See "U.S. Workers Are Owners: They Just Don't Realize It" for the latest data.MORE ›
Quarterly Letter, April 2022
Inflation appears to be here to stay. The US inflation rate in February (latest data available) as measured by year-over-year change in the Consumer Price Index (CPI) was 7.9% (up from 7% the end of December). Inflation measured this way has been above the Federal Reserve’s 2% target since March 2021. Responding to higher inflation the Federal Reserve flipped from encouraging inflation to discouraging inflation...MORE ›
Muhlenkamp Memorandum Issue #141
Inside this issue of the Memorandum, Ron and Jeff discuss inflation, interest rates, COVID, and the stock market in their Quarterly Letter. We outline the benefits of teens finding their first job during this time when there is a shortage of workers in the job market. Read "Kids - Get to Work!" and pass the message along to any teen willing to listen.MORE ›
Quarterly Letter, January 2022
During 2021 the global economy continued to be buffeted by waves of COVID-19—first the Delta variant, then late in the year the Omicron strain. The reactions by government bodies continue to be quite varied: Sweden at one extreme imposed minimal restrictions as case counts rose, China on the other extreme completely locked down entire cities when cases were discovered...MORE ›
Muhlenkamp Memorandum Issue #140
In their Quarterly Letter, Ron and Jeff Muhlenkamp state that the economic "noise" of COVID continues. They discuss current inflation, interest rates, and changes to the portfolio holdings. In "Wake Up, America - An Update," Ron explains how you might benefit from a situation that was similar to the period from 1968-1980, where after-tax mortgage rates are below the current inflation rate.MORE ›
Quarterly Letter, October 2021
In July we described at length the uncertainty that COVID-19 had introduced into the global economy. We called it “noise.” A summer wave of COVID hit a number of countries across the globe from Israel to Vietnam, including the United States, with the peak case count generally appearing in early September. The resurgent COVID slowed economic recovery and exacerbated the problems in global supply chains which had not fully recovered from the winter round of the illness and associated containment measures...MORE ›
Muhlenkamp Memorandum Issue #139
In their Quarterly Letter, Jeff and Ron Muhlenkamp explain that the economic noise introduced by COVID-19 creates uncertainty for businesses to determine the underlying trends and how to proceed in the near future. The noise in the economy is reflected in the stock and bond markets. Jeff also offers his views on cryptocurrencies, from a few different angles in his article, “Nobody Asked Me (About Cryptocurrencies) But…"MORE ›
Quarterly Letter, July 2021
In our view, the main attribute of the second quarter was noise. The economic noise introduced by COVID-19 and the responses to it by individuals, businesses, and governments made it extremely difficult to determine what the underlying trends were. We expect this noisy environment to persist for at least another quarter or two assuming that COVID countermeasures diminish over time.MORE ›
Muhlenkamp Memorandum Issue #138
Ron and Jeff Muhlenkamp discuss the strong housing market, increasing interest rates, and the staggering debt burden of the recent government COVID relief measures. See what ideas Tony is sharing as a local mentor in his article, "View from the Front Office: Following My Own Advice."MORE ›
Quarterly Letter, April 2021
The first quarter of 2021 has been pretty good to us. Our homebuilder holdings have benefitted from a very strong housing market that began in May of 2020 and has not seen a letup since. Buyers are occupants not speculators and are putting money down, so the excesses we saw in the housing market early this century are not currently present...MORE ›
Muhlenkamp Memorandum Issue #137
In 2020, COVID-19 not only led to deaths but also to restrictions, relief spending, economic damage, and changes to retail and commercial real estate. Ron and Jeff Muhlenkamp reflect on the effects on the economy and financial markets in their Quarterly Letter. Tony Muhlenkamp shares what he has seen in his article, "View from the Front Office: Observations," and what steps he is taking during this transition period.MORE ›
Quarterly Letter, January 2021
In September 2020 we wrote that we thought COVID-19 was in the process of burning itself out in Europe and the United States. We couldn’t have been more wrong...MORE ›
Muhlenkamp Memorandum Issue #136
In their Quarterly Letter, Jeff and Ron Muhlenkamp discuss the effects of another quarter of economic activity driven by the COVID-19 pandemic. In his article, "View from the Front Office: the Election," Tony Muhlenkamp suggests not to panic. No matter which candidate wins this November, nothing will change overnight. Take a look at your financial plan and adjust it to adapt to changing conditions.MORE ›
Quarterly Letter, October 2020
Economic activity in the U.S. and around the world continues to be driven by the spread of the COVID-19 virus and reactions to it. We said that in July and it remains true, if perhaps a little too obvious to be worth stating...MORE ›
Muhlenkamp Memorandum Issue #135
In this issue of the Muhlenkamp Memorandum, Jeff and Ron Muhlenkamp discuss the effects of COVID-19 on the economy in their Quarterly Letter. Tony explains the use of the Client Relationship Summary and our responses to the suggested questions to ask advisers. Archives of our May webcast, "MAPPING YOUR FINANCIAL FUTURE: It’s Never Too Late to Save for College," and our June webcast, "WORKING THE PROBLEM: The Impact of COVID-19 & Some Advice to Answer Our Clients’ Top Concerns," are available on our website.MORE ›
Quarterly Letter, July 2020
Since early March the economy has been driven by public reaction to the unfolding COVID-19 pandemic. It remains our observation that public perception and actions are in the lead, not government actions, though there is significant feedback between the two.MORE ›
WORKING THE PROBLEM: The Impact of COVID-19 & Some Advice to Answer Our Clients’ Top Concerns
An archive of our webcast is available. Jeff and Tony Muhlenkamp discuss the economic disruptions caused by the COVID-19 pandemic.MORE ›
MAPPING YOUR FINANCIAL FUTURE: It’s Never Too Late to Save for College
Our webcast, led by Tony Muhlenkamp, takes a fresh look at an old topic: how do we save for college? Given the past few months, should we change the way we plan and save for our children’s education? Watch the webcast to hear our ideas on planning for your financial future.MORE ›
Quarterly Letter, April 2020
Before Ron and I start with our normal topics, please allow us to extend our heartfelt wishes for good health and good luck during this exceptional period. Also, our deepest thanks to all of you that are reaching out to help others. We are continually amazed at the many, many ways we see people helping each other and are inspired and heartened by such actions. Thank you.MORE ›
Muhlenkamp Memorandum Issue #134
The COVID-19 pandemic brought a deep plunge to economies across the globe. In their Quarterly Letter, Jeff and Ron present their thoughts on this extraordinary period. This is not the first crisis and unfortunately it won’t be the last. In his “Letter to My Daughters: On Crisis and Disasters,” Tony suggests preparing yourself and working together. He gives advice on how to use your powers for good to become the person upon which others rely.MORE ›
Archive of February 27, 2020 Webcast
During our webcast Jeff Muhlenkamp discussed the state of the economy and the threats he perceived to it and the markets. Since then the rapid spread of the Coronavirus (COVID-19) and unprecedented measures by governments at all levels have rendered much of what he discussed irrelevant. We don’t know any more about the health risks posed by the COVID-19 than you do. Nor do we, or anyone else, know the secondary and tertiary political and economic consequences of the virus spreading.MORE ›
Muhlenkamp Marathon
There are many similarities between training for a marathon and creating a legacy of financial freedom—both take desire, time, effort, and discipline. Our "Muhlenkamp Marathon Financial Training Workbook" contains 26.2 “miles” of financial information to use as a reference guide to keep you on course, including best practices based on current tax rules and regulations, as well as words of wisdom based on experience, observation, and statistics.MORE ›