Memorandum #155
In this issue of the Memorandum, Jeff and Ron Muhlenkamp recognize that even with dramatic policy headlines around DOGE, tariffs, and immigration through the first half of 2025, the primary investment impact has been a notable 25% year-to-date increase in gold prices, prompting the firm to maintain cash reserves for potential recession opportunities while continuing a disciplined approach of selling disappointing holdings and capitalizing on promising investments.. Read more of their insights in their current Quarterly Letter. In "What Makes Muhlenkamp Different," Tony Muhlenkamp highlights what really sets Muhlenkamp apart from other money managers is something that can’t be easily [...]
Your Picky Purchasing Agent in a World of Games
Every day, you're bombarded with investment advice. Financial news channels flash stock tickers and breaking market updates. Social media influencers tout the latest "can't miss" opportunities. Your inbox fills with newsletters promising to reveal the next big winner. Everyone seems to have an opinion about where you should put your money. Here's the problem: most of these people aren't paid to make you money. They're paid to sell newspapers, generate clicks, entertain audiences, or move financial products. The only group that publishes the actual results of their advice? Professional money managers who are paid to manage other people's money. We've [...]
What Makes Muhlenkamp Different
I periodically get this question from people interested in our firm. (I never get this question from existing clients—they already know.) And it's a hard question to answer because it begs a return question: "Different from whom?" We're not very different from the active value firms with good long-term track records and a consistent investment discipline. I can name half a dozen of them, and the only difference tends to be in how we determine "value." We're not very different from client-focused advisors. We are fiduciaries and have adopted "Know Your Client" policies to ensure a good client/manager fit. We [...]