Muhlenkamp Memorandum Issue #118

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
In the spirit of our times, when trigger warnings abound, we should probably warn you now that what we’re about to discuss may make you uncomfortable. Continue reading at your own risk. And no, we won’t be discussing politics…

Letter to My Daughters On Financial Freedom
I want to talk about some fundamental principles that I think are the core for being free financially. If you really own these ideas everything else will fall into place…

February 25, 2016: Conference Call Highlight
During our conference call, portfolio managers Ron and Jeff Muhlenkamp discuss the feedback loop affecting broad segments of the global economy, originating from China’s economic slowdown…

Investment Seminar – Thursday, May 12, 2016
How Retirement Has Changed—why saving more and working longer will be necessary
RSVP by May 10, 2016 – Live sessions and webcasts at 2:00 p.m. and 7:00 p.m. ET

No matter your age or disposition, you’ll want to attend this seminar to learn more about the new and emerging landscape for anybody contemplating retirement, at any point in their life. Designed for all audiences (retirees, those getting ready for retirement…all the way to those who are just starting out), this seminar will tackle the tacit agreement that has been in place for generations and how it has changed, affecting all Americans.