Muhlenkamp Memorandum Issue #137

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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
In September 2020, we wrote that we thought COVID-19 was in the process of burning itself out in Europe and the United States. We couldn’t have been more wrong. As you already know the virus came roaring back on both continents prompting renewed restrictions by governments…

View from the Front Office: Observations
Ron and Jeff write about the economy and the financial markets in their accompanying letter and share their thoughts and observations. I have some observations that I have formed from conversations, articles, books, and reflection…

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