Muhlenkamp Memorandum Issue #131

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 Federal Reserve last raised short-term interest rates in December 2018 and is now actively talking about cutting them. The futures market, in fact, is pricing in two to three cuts this year. The Fed has also stated they will end the shrinking of their balance sheet in October. They’ve undergone quite a shift in thinking over the last six months…

Lions and Tigers and Bears, Oh My!
Lately I am reminded of the scene from the Wizard of Oz which introduces the Cowardly Lion. Just before he leaps out at them, Dorothy and friends are worried about “Lions and Tigers. And Bears. Oh My!” Today we are hearing “Inflation and Deficits and Trade Wars, Oh My! Recessions and Debt and Negative Rates, Oh My!

Register for our Upcoming Webcast
Join Tony Muhlenkamp as he hosts a chat with Ron and Jeff Muhlenkamp. They will share their observations on the markets and the economy and what they feel is important to monitor. In addition to listening to the discussion, you will have the opportunity to ask questions.

Archive Available – May 30, 2019 Webcast
Ron and Jeff Muhlenkamp used several economic charts to discuss the trends they see, data that concerns them, and indicators that keep them optimistic. Listen to the archive to hear the discussion.