Muhlenkamp Memorandum Issue #113

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
The headlines make no secret that “the market” is setting new highs. However, the market they are referring to is the S&P 500, which is dominated by the 20 largest market capitalized companies in the United States…

Effects of Currency Manipulation
At our November 12, 2014 investment seminar, I stated that the devaluation of the Japanese yen may prompt other export-reliant countries to devalue their currencies in turn as they try to keep their exports competitive. A listener asked me later what the impact of such competitive devaluation would be…

The Healthcare Industry and the Consumer
Today, on a per-person basis, $.22 of every dollar spent in this country goes to healthcare. This average includes the money that you pay out-of-pocket, along with benefits paid on your behalf by your healthcare insurer…


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