Muhlenkamp Memorandum Issue #127

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
Allow us to summarize what we’re seeing so far this year. The U.S. economy is doing well, with 1st quarter Gross Domestic Product (GDP) growth coming in at 2%, unemployment in May was a low 3.8%, and inflation was 2.8%…

Relevant Elements for Investment Strategy
I’ve had conversations with clients that have touched on themes and topics that I think are worth sharing. Some of the topics are long term and strategic, others are more tactical, and the challenge is to weave them into something that is useful and intelligible…

Register for our Upcoming Webcast
Join Tony Muhlenkamp as he hosts a chat with portfolio managers Ron and Jeff Muhlenkamp. Hear about current market activity and the state of the economy. In addition to listening to the discussion, you will have the opportunity to ask questions.

Archive Available – May 24, 2018 Webcast
During our webcast, Ron and Jeff walked us through a number of economic and financial indicators to better understand the U.S. economy and asset markets. They concluded that the economy will likely continue to grow at 2% or a little better, but that rising interest rates and other actions of the Federal Reserve increase the likelihood of problems with businesses or countries that need low interest rates to survive. They believe the markets will remain volatile as investors grapple with these two diametrically opposed pressures.