Muhlenkamp Memorandum Issue #122

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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
The plot of the National Federation of Independent Business (NFIB) Small Business Optimism Index since 2000 is one of the most interesting charts that we’ve seen in the last quarter. The NFIB conducts monthly surveys of its members in order to better understand the environment in which small businesses are operating. The way we interpret the chart is that small businesses are MUCH more optimistic about their future post-election than they were pre-election…

Facing the Facts about Your Financial Life
As an amended excerpt from the Muhlenkamp Marathon Financial Training Workbook, this article places you at the “starting line” of your financial marathon, asking you to periodically look at and assess your current financial situation…

Register for our May 11, 2017 Webcast
On Thursday, May 11, 2017 from 4:00 p.m. – 5:00 p.m. ET, join Tony Muhlenkamp as he hosts a chat with Portfolio Managers Ron and Jeff Muhlenkamp. You will have the opportunity to submit questions during the second half of our webcast.

Archive Available – February 16, 2017 Webcast
Visit the archive of our February 16, 2017 webcast. Ron’s maxim, “When you change the rules a little, you change the game a lot,” applies to many things in life. During our webcast, Jeff and Ron looked at the potential impact and the second- and third-order effects that changing policies and regulations by President Trump and his new administration could have on the economy.

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