Muhlenkamp Memorandum #160
In his fourth-quarter letter to clients, Jeff Muhlenkamp reviews an economy with decent growth, low unemployment, and inflation that remains above the Federal Reserve's target. He also updates his standing questions on the AI boom, gold, tariffs, inflation, and the Iran war, where oil prices have become a larger concern. Click here to read the Quarterly Letter. Click here to download the full PDF of the Memorandum.