Muhlenkamp Memorandum Issue #107

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
While the economic trends of the past couple of years continue, we’ve just seen an important change in interest rates and the bond markets…

Ask Muhlenkamp
At our investment seminar on May 21, 2013, Ron Muhlenkamp presented The Big Squeeze: How taxes are squeezing your income; how interest rates are squeezing your assets. Afterwards, Ron and his Investment Analysts entertained questions from the audience. Following are responses to these and other questions that have recently surfaced…

Learning the Difference between Price and Value: Take Your Child to an Auction
With the popularity of television entertainment such as Pawn Stars, Antiques Roadshow, and American Pickers, there is ample opportunity to observe the difference between establishing a value and the price someone is willing to pay for an item…

The “FRIDAY FOCUS” on Retirement—A Primer on IRAs
Individual Retirement Accounts (IRAs) were originally known as Individual Retirement Arrangements. The concept was launched in 1974 with the passage of the Employee Retirement Income Security Act (ERISA), the same legislation that created qualified plans…