Muhlenkamp Memorandum Issue #110

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
Most of the economic and market trends we’ve been discussing for the past few years remain in place…

Teaching Kids about Investing
In 1991, Ron published Basic Financial Maxims I Want My Kids to Know (Muhlenkamp Memorandum, Issue 19) to codify the lessons he had been teaching for as long as I can remember…

Working, Saving, and Investing
Why do we work? To start, we work to eat. In the final analysis, unless someone is working and sharing their food with you (taking care of you like when you were a baby), you have to work to eat…