Muhlenkamp Memorandum #156
In this issue of the Memorandum, Jeff and Ron Muhlenkamp report a moderating economy with no expected recession, though they remain cautious about high market valuations and the AI investment boom. While the Federal Reserve has begun cutting rates in response to labor market weakness, the firm's primary concern remains the unsustainable federal deficit and its likely resolution through inflation and currency debasement—reflected in gold's remarkable 42% year-to-date surge. Read more of their insights in their current Quarterly Letter. Click to print a PDF copy of the full Memorandum.
Letter to My Daughters: On Stocks and Bonds
We’ve looked at planning and goal setting, identifying and defining risk, and what it takes to earn a living and generate sufficient income that you can start saving. But what can you do with your money once you’ve earned it and NOT spent it? You can lend the money to someone (who will use that loan to make money of their own), or you can own a piece of something (hopefully something productive). That’s it. Everything offered as an investment product or investment vehicle is derived from either lending or owning, or some combination of the two. Loans are things [...]