Muhlenkamp Memorandum Issue #114

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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
In general, we find the market is fully priced. Some sectors appear quite expensive (utilities come to mind), while others are less so (energy). If the market were a new car, you’d be paying the sticker price to buy it today…

Portfolio Managers: Investment Outlook for 2015
Since mid-2010, we had been impressed with the price spread between crude oil and natural gas. We thought the price of crude oil would come down over a period of a few years, primarily through the substitution of natural gas…

Investment Seminar May 5, 2015
A Stock Picker’s Market live sessions and webcasts at 2:00 p.m. and 7:00 p.m. ET …

Attend this seminar to:

  • Learn what we mean by “Stock Picker’s Market” and how you may benefit from it.
  • Learn what drives markets and how to recognize when those drivers are changing.
  • Learn why both active and passive investors are needed for markets to function and how switching between the disciplines can be very expensive.