Muhlenkamp Memorandum Issue #130

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
A couple of noteworthy changes have occurred in the first quarter of 2019: First, the Federal Reserve has reconsidered their program of interest rate increases and balance sheet reductions. They now intend to hold short-term rates steady in 2019 and end their balance sheet reduction program in October 2019…

Letter to My Daughters: On Financial Health and WellnessFinancial Health and Wellness has a LOT in common with Physical Health and Wellness, especially in the sense that everyone knows it’s important, and they even know how to do it (make more, spend less, and invest the difference), but very few people actually do what it takes to achieve it. So, I’m starting to think people haven’t determined WHY they should work to get and stay financially healthy. Just as I needed a sufficient WHY to eat better, manage stress, and exercise; people need a good WHY to earn, save, and invest…

Register for our Upcoming Webcast
Join Tony Muhlenkamp as he hosts a chat with Ron and Jeff Muhlenkamp. They will discuss the U.S. economy and some highlights globally. They will look at the markets and talk about what they find interesting there. In addition to listening to the conversation, you will have the opportunity to ask questions.

Archive Available – February 28, 2019 Webcast Ron and Jeff Muhlenkamp update their views on the economy and the global investing environment. Negative developments include: slowing global economic growth and diminishing positive impacts from the 2017 tax law changes. Positive developments include: a fairly stable domestic economy and a shift in Federal Reserve attitudes and possibly actions. Give it a listen for more details.