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.
