Muhlenkamp Memorandum Issue #125

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
If you had told us a year ago that the market would rise 20% in 2017, we would have been skeptical. Yet, here we are at the end of the year and the S&P 500 Total Return Index was up 21.83% for 2017. The S&P 500 Index was up 19.42%…

Don’t Let the IRS Define Your Investing
The idea of “spend the income, don’t touch the principal.” It’s an investing mantra that has been passed down and has become the guiding principle for how to invest in retirement; invest for the maximum income; spend that income, and don’t touch the principal. I think this ignores the effects of inflation and taxes on your assets and it’s a trap that hinges on allowing the IRS to define the terms of investing…

Register for our Upcoming Webcast
On Thursday, February 22, 2018 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. What do the recent tax cuts mean to you and to businesses? How may the actions of central banks be influencing the markets? Ron and Jeff will discuss their thoughts on these matters as well as others that they continue to monitor.

Archive Available – November 30, 2017 Webcast
During the conversation, Ron and Jeff shared their review of 2017, a year with unusually low market volatility, record-high market levels, and expensive equity valuations. They provided charts and checklists to better explain consumer and business spending and optimism, inflation, investors’ margin accounts, and many other items they monitor to determine where the economy is at year end and what concerns them going into 2018.

ONLINE EXTRA: Make a Financial New Year’s Resolution
The beginning of a new year is a great time to get on the right course. We’ve created our Muhlenkamp Marathon Financial Training Workbook (with some running tips, too) to provide 26.2 miles of financial guidance…