Muhlenkamp Memorandum Issue #123

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
As June comes to a close, we find that most of the things we talked about in March haven’t changed much. Starting at the international level, both the European and Japanese Central banks continue to buy bonds (Japan also buys equities) in order to manage interest rates and support their economies. The European Central Bank hinted during a speech in late June that it may be appropriate to think about ending their program, but the Bank of Japan isn’t even discussing ending theirs. We’ll have to see how things develop…

Muhlenkamp & Company’s 40th Anniversary
This year marks the 40th anniversary of the founding of Muhlenkamp and Company, Inc. We are pleased, proud, and grateful that we have been able to serve our clients and the community for the last forty years…

Creating a Budget
A budget is a written plan of how you will spend your money for a specified time period (usually monthly). Typically in the form of a spreadsheet, this tool can help you manage your future spending in an attempt to keep your expenses aligned with your income and your financial goals. Budgeting is planning and looking forward, not backward…

Register for our Upcoming Webcast
On Tuesday, August 22, 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 – May 11, 2017 Webcast
When it comes to building our portfolios, we say we build them from the bottom up and then we edit them from the top down. During our webcast Portfolio Manager Jeff Muhlenkamp along with President Tony Muhlenkamp shared our process. Jeff also talked about some of the key indicators that we are following to give investors an insight into what we are doing and why.

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