Muhlenkamp Memorandum Issue #106

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
For two years or more, we’ve been discussing Europe, China, and U.S. politics as drivers for the financial markets. These drivers continue…

Conversations with Clients
Following are some recent questions our Client Service representatives have received from shareholders; responses are provided by Ron Muhlenkamp…

When We Change the Rules A Little…
One of our favorite maxims is, “When we change the rules a little, we change the game a lot.” We find this maxim applies in many areas of life, from games—different versions of pinochle—to sports—no helmet contact—to economics…

Creative Sources of Yield
A broker friend of mine told me recently that his clients are looking for “creative sources of yield.” The phrase set off alarm bells in my head! Let me tell you why…

The “FRIDAY FOCUS” on Retirement—Pension Plans—Types and Characteristics
If you are participating in any type of employer-sponsored retirement plan, congratulations! According to the Bureau of Labor Statistics in March 2012, 84% of state and local government workers participated in employer-sponsored retirement benefits, compared with 48% of private industry workers…


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