Muhlenkamp Memorandum Issue #126

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
The first quarter of 2018 was marked by a sharp market correction and the unraveling of some very popular investment themes. The correction kicked off in February when wage data triggered inflation fears which caused bond yields to jump up and equity prices to drop…

Volatility and the VIX Collapse
At a high level, interest in measures of the change in stock prices really began with the development of Modern Portfolio Theory (MPT) in 1952 by Harry Markowitz…

Register for our Upcoming Webcast
Join Tony Muhlenkamp as he hosts a chat with portfolio managers Ron and Jeff Muhlenkamp. They share their views of the recent market swings and their concern of investors’ margin debt. They will discuss their political and economic observations and what they feel is important to monitor.

Archive Available – February 22, 2018 Webcast
Ron and Jeff Muhlenkamp explained that recent tax cuts and deregulation should help keep the economy moving. Asset markets, on the other hand, could be affected by monetary tightening as the Federal Reserve and other central banks reduce or reverse their easy money policies. Tightening of the money supply could cause bond yields to increase and some market disruptions.