Muhlenkamp Memorandum Issue #105

Click here for a printer-friendly PDF of the Memorandum.

Refer to the SMA All-Cap Value Fact Sheet for the Top 20 Holdings and performance data as of the most recent quarter-end.

In this Muhlenkamp Memorandum:

Quarterly Letter
2012 was a year of mixed results on the economic front, but generally good investment returns as measured by the S&P 500 Index. Some progress was made in Europe and China, and some clarification in direction was made in the United States…

Required Minimum Distributions
This is the time of year that we get many questions from IRA shareholders regarding required minimum distributions (RMDs)…

Financial Fitness: What Are Your Goals?
As we begin another New Year, having financial goals in place may make you more disciplined in your spending. So if you haven’t yet identified your financial goals or written them down, let’s get started…

The “FRIDAY FOCUS” on Retirement—History of Pensions
Ahh…retirement. On a personal level, we save for it, plan for it, and dream about it. But did you ever wonder how the whole notion of retirement and funding it came about? How it has changed over time?