Muhlenkamp Memorandum #158
Geopolitical conflict involving Iran disrupted energy markets, driving oil and the dollar higher while stocks, bonds, and gold fell. Despite volatility, economic signals are mixed but stabilizing, especially in manufacturing. Muhlenkamp saw profits on successful investments in the Quarter, increased cash and international exposure, while remaining cautious amid inflation, policy uncertainty, and ongoing war risks. Read the full Quarterly Letter. Click here to download the full PDF of the Memorandum.