Muhlenkamp Memorandum Issue #115

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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
Economic news and domestic equity markets have been pretty quiet since we last wrote to you in April. On the domestic economic front the revised numbers for 1st Quarter Gross Domestic Product (GDP) came in at -0.7%, significantly worse than most expected…

Seminar Study
After the Great Recession of 2008-09, Ron Muhlenkamp was asked what he would do differently—what he learned from the downturn. A primary observation was that “forced selling” drove the market more than expected. These thoughts now influence Ron’s considerations as an investment manager…

Letter from the President
Passive investing is a way of investing that “doesn’t entail any forecasting”…

A Stock Picker’s Market
Video archive of our May 5, 2015 investment seminar, A Stock Picker’s Market, is now available!