Muhlenkamp Memorandum Issue #133

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
In round numbers, the S&P 500 Index had a total return of 31% in 2019, the Russell 3000 rose 30%, the Dow Jones Industrial Average rose 25%, and our accounts increased by about 14%…

Prolific Natural Gas in the United States: Looking Back Over the Last Decade
A bit more than a decade ago the combination of horizontal drilling and hydraulic fracturing began to transform the energy industry in the United States. These techniques unlocked oil and natural gas trapped in shale rock formations: energy resources our geologists were well aware of but which could not be recovered economically before then…

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 – December 11, 2019 Webcast
A record-long economic expansion and bull market in the U.S. are continuing. Are problems developing that could end them? During our webcast, Ron and Jeff Muhlenkamp reviewed the indicators they regularly look at to help them answer that question. They also briefly discussed areas where they are finding attractive investments and where they are not.