Muhlenkamp Memorandum Issue #112

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
My first draft of this letter, which I wrote three weeks ago began with:
Europe has not solved its problems; nor has Japan; nor has China; nor has the United States. The rest of that draft is now obsolete…

Game Changers in Biomedical Science
Advances in biomedical science continue to transform the way medicine is being practiced. Since the 1950s, we have experienced a steady stream of breakthrough innovations, ranging from vaccines for the masses to precision medicines based on one’s unique genetic makeup…

The Second Great Economic Experiment: An Update
In October 2009, I first voiced my opinions on current fiscal policies in my Quarterly Letter. I have continued to express my thoughts on this topic (some think it’s become a rant) in Quarterly Letters, conference calls, and investment seminars over the past five years. We are now seeing data that confirm my fear…


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