Muhlenkamp Memorandum Issue #132

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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
It’s been a noisy summer. Lots of political news, lots of tariff and trade war news, lots of international headlines of various sorts. Funny thing though, as we write this note during the last week of September the S&P 500 Index is within three percent of the all-time high it set in July. By that measure, it’s been a quiet summer…

Letter to My Daughters: On Money
We talk about money a lot in our family, which is no surprise since the family business is helping people with their money so that they can enjoy financial independence and some freedom in how they live. And most of our conversations are practical and pragmatic in terms of how to earn money, how to invest it, how to support a philanthropy, how to fund an education, how to manage taxes, etc. When we talk about money, we rarely make any value judgements about it…

Register for our Upcoming Webcast
Join Tony Muhlenkamp as he hosts a chat with Ron and Jeff Muhlenkamp. They will discuss what they are seeing in the economy and the markets. In addition to listening to the conversation, you will have the opportunity to ask questions.

Archive Available – August 29, 2019 Webcast
During our webcast Ron and Jeff Muhlenkamp examined some financial indicators to determine the overall health of the economy. In summary, they share that economic indicators remain mixed, though a little worse off than last quarter. In some aspects of the economy, there has yet to be a full recovery from the previous recession. Are we headed for another downturn in the near future? See what your conclusion is after hearing their economic report.