Muhlenkamp Memorandum Issue #111

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
Sometimes, I’m tempted to write “same as last time.” This is one of those times…

Be Careful Dealing with Creative Sources of Yield: A Redux
As the Fed prolongs its policy of keeping interest rates at very low levels, investors continue their quest for finding more ways to generate income. And Wall Street, being a great marketing machine, is happy to oblige…

Ask Muhlenkamp
The following correspondence took place between a shareholder and Ron during the second quarter. A meaningful exchange, we found it useful—and hope that you do, too…