Muhlenkamp Memorandum Issue #124

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
From a market perspective, this has been a quiet summer. As of 9/30/2017, the S&P 500 was up 6.63% over the last six months with hardly a dip. Low economic growth continues on a global basis, none of the major central banks have altered course in any fashion, inflation remains low, second quarter earnings came in nicely, etc. We won’t bore you (this time!) by enumerating the things we’re watching that haven’t changed since we wrote about them in June….

Reflecting over 40 Years—Lessons Learned and Changes Observed
To celebrate the anniversary of Muhlenkamp & Company, I was asked to put on paper what I have learned over the last 40+ years in the industry and comment on any changes I’ve seen over that period. This essay is my attempt at meeting this request…

Register for our Upcoming Webcast
On Thurstday, November 30, 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 to the portfolio managers.

Archive Available – August 22, 2017 Webcast
During the webcast on August 22, 2017, Jeff Muhlenkamp, Portfolio Manager, summarized the economy using his 10-point checklist. Also, to celebrate our 40th anniversary, we asked Ron Muhlenkamp, Portfolio Manager, to reflect on lessons he has learned and changes he has seen since he founded Muhlenkamp & Company in 1977. Ron’s insights and observations are included.

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