Muhlenkamp Memorandum Issue #129

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
When we began 2018, we thought the markets would be dominated by two important changes: the passage of the new tax law in the final days of 2017 and a decline in dollar liquidity as the Federal Reserve both raised short-term rates and reduced the size of its balance sheet…

Letter to My Daughters: On Retirement
Girls, I hate to tell you this, but you should plan on saving more and working longer than your parents and grandparents…

Avoiding Escheatment
Escheatment is when forgotten, abandoned, or unclaimed property (including physical and financial assets) is turned over to the state of the owner’s last known residence if the company holding the property is unable to contact its rightful owner. Take steps to prevent escheatment of your accounts…

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 – November 15, 2018 Webcast
At our November webcast, Ron and Jeff Muhlenkamp examined the ripple effect and the unintended consequences of changes to interest rates, regulations, tariffs, and the money supply. An example being: In an effort to unwind its Quantitative Easing measures, the Federal Reserve is continuing to raise short-term interest rates and reduce its balance sheet. These higher interest rates have contributed to a slowdown in the housing market which could lead to a decline in home prices.