Muhlenkamp Memorandum #157
The economy showed modest growth in Q4, with a split between expanding services and contracting manufacturing. The Fed cut rates three times and quietly resumed asset purchases, raising questions about their inflation strategy. While AI excitement showed signs of cooling, gold delivered exceptional returns—up 70% for the year. We also invested in cyclical companies positioned for recovery. Read our full Quarterly Letter for a complete year-end review. Click to print a PDF copy of the full Memorandum.