Muhlenkamp Memorandum Issue #108

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
Since 2008, the Federal Reserve (Fed) has been a huge manipulator of the money supply and of interest rates. Beginning with TARP (Troubled Asset Relief Program) in 2008—and continuing through Quantitative Easing II (QE2), Operation Twist, and QE3, the Fed has added over $2 trillion to our money supply…

Let’s Get Real
As summer comes to a close, I’ll miss lively conversations with family and friends about graduations, vacations, neighborhood houses for sale…and the Federal Reserve. Yes—“The Fed” and what’s happening with interest rates…

IRA Maxims
Fund your IRA every year—early if possible. Invest in an equity or total-return mutual fund. Equity returns compounded over long periods can be truly amazing…

Basic Financial Maxims I Want My Kids to Know
Ron’s “Maxims” were first published in Muhlenkamp Memorandum; Issue 19, July 1991. A sampling is provided here…