Muhlenkamp Memorandum Issue #134

The COVID-19 pandemic brought a deep plunge to economies across the globe. In their Quarterly Letter, Jeff and Ron present their thoughts on this extraordinary period. This is not the first crisis and unfortunately it won’t be the last. In his “Letter to My Daughters: On Crisis and Disasters,” Tony suggests preparing yourself and working together. He gives advice on how to use your powers for good to become the person upon which others rely.
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Muhlenkamp Memorandum Issue #133

In their Quarterly Letter, Ron and Jeff state that the markets seem to be pretty price insensitive for popular companies. The economy continued to grow at a modest pace, but if you look at the overall metrics, it’s a “mixed bag.” In Jeff’s article, “Prolific Natural Gas in the United States: Looking Back Over the Last Decade,” he explains how the consumer has benefited from the availability of low-cost natural gas and how it has affected the sources of U.S. electricity generation as well as U.S. natural gas exports.
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Muhlenkamp Memorandum Issue #132

Ron and Jeff share what they see going on economically, financially, and politically in their Quarterly Letter. Their topics include: U.S. trade negotiations with China, Brexit and the markets, a German recession, an inverted yield curve, low inflation, and slowing industrial growth. Tony shares his ideas about money in terms of good and evil in his article, "Letter to My Daughters: On Money." Read our Memo to see if he thinks money is the root of all evil, or good for the soul?
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Muhlenkamp Memorandum Issue #131

In their Quarterly Letter, Ron and Jeff discuss the Fed’s actions on interest rates, trade negotiations with China, the United Kingdom’s progress with Brexit, and the indications of a slowdown in the United States. In his article, “Lions and Tigers and Bears, Oh My!” Tony reminds investors to remember their financial goals and the fundamental investment principles when threats arise.
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Muhlenkamp Memorandum Issue #130

Ron and Jeff note in the Quarterly Letter that: for 2019, the Federal Reserve has adjusted the plan for their asset reduction program; there has been an inversion in the U.S. Treasury yield curve; and the U.S. economy appears to be slowing. Tony explains his "why" in "Letter to My Daughters: On Financial Health and Wellness." Do you have trouble doing something simple, but not easy? Find out what helps Tony reach his goals.
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Muhlenkamp Memorandum Issue #129

In their Quarterly Letter, Ron and Jeff give a summary of the markets and the economy at the end of 2018: Market volatility has returned; the Fed has continued to shrink its balance sheet and raise short-term interest rates; and in the U.S., there has been a slowdown in the housing market. Tony explains in "Letter to My Daughters: On Retirement" that planning and action are vital if you want to retire someday. Additionally, we provide steps that you can take to avoid escheatment (the turning over of property to the state).
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Muhlenkamp Memorandum Issue #128

The Fed kept short-term interest rates near zero from 2009 until 2015. Now, it continues its process of slowly raising short-term interest rates hoping not to disrupt economic growth. Jeff and Ron discuss the effects of a tightening money supply on individuals, companies, stocks, and currencies in their Quarterly Letter. Also included in this Memorandum is "Don't Let Financial Fraud Happen to You" to make you aware of some of the latest financial scams.
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Muhlenkamp Memorandum Issue #127

Ron and Jeff state in their quarterly letter that the U.S. economy is doing well, but there are a number of things that could start to cause problems. In his article, "Relevant Elements for Investment Strategy," Tony looks into a few factors of investing such as time horizon, risk management, and price. Details on our upcoming webcast are included.
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Muhlenkamp Memorandum Issue #126

In the first quarter of 2018, a number of very popular investments have all found their own reason to unwind nearly simultaneously. Ron and Jeff discuss these corrections in their Quarterly Letter. In his article, “Volatility and the VIX Collapse,” Jeff provides more detail on volatility while looking at the VIX and the demise of a couple of inverse-VIX exchange traded notes.
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Muhlenkamp Memorandum Issue #125

In their quarterly letter, Ron and Jeff discuss two "big things" happening now: the rollback of anti-growth regulation and the tightening of monetary policies by major central banks. In "Don’t Let the IRS Define Your Investing," Tony explains why your spending money doesn't always need to come from income, it can come from capital gains as well. You can only spend what you get to keep after paying taxes; so pay attention to taxes, but don’t let IRS tax definitions drive your investment considerations and decisions.
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Business Continuity

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COVID-19 Update

We don’t know any more about the health risks posed by the Coronavirus (COVID-19) than you do. Nor do we,...
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