Muhlenkamp Memorandum Issue #116

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 domestic quiet we wrote about in June did not last very long. Between August 17 and August 25 the S&P 500 Index dropped 11%. The S&P 500 Index bounced back about 4% and, as of September 30, it is down 6.4% for the quarter…

Monitoring Economies around the Globe
Oil and the decline in energy prices have continued to be a significant event on a global basis. Part of the reason is because that is one of the ways that the United States gets dollars overseas to be used for international trade…it’s the international currency…

Semi-Annual Conference Call Archive Available
An archive of our August 27, 2015 conference call includes Jeff’s views on Japan’s quantitative easing, Greece’s debt problem, China’s growth challenges, and price changes in crude oil and other commodities. He also shares his thoughts on ETF’s, earnings of U.S. companies, and the value of the U.S. dollar. Both a transcription and an audio file are available.

Separately Managed Accounts: Tax Planning
If you have a SMA with us and reported a tax loss carry forward on your 2014 income tax return, please let us know the amount so that we can incorporate this fact into our tax planning for your account during 2015.

Tune In! Ron on CNBC’s Closing Bell
Ron Muhlenkamp has had several recent appearances on CNBC’s Closing Bell. To give you a chance to see your portfolio manager live, we send email notices in advance, so that you can “tune in” and learn what he has to say. This is another reason to be added to our email list, as we regularly publish information that gets distributed by email only. Connect with us to sign up for email. Check out In the News for media citings.