Muhlenkamp Memorandum Issue #138

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 first quarter of 2021 has been pretty good to us. Our homebuilder holdings have benefitted from a very strong housing market that began in May of 2020 and has not seen a letup since…

View from the Front Office: Following My Own Advice
I have spent time with young people this past year sharing things I’ve learned and know. They range in age from 16-30 and I tell you what; they are good kids. Unfortunately, they are every bit as uncertain, confused, and mistrustful as their elders…

Avoiding Escheatment
Escheatment is when forgotten, abandoned, or unclaimed property (including physical and financial assets) is turned over to the state of the owner’s last known residence if the company holding the property is unable to contact its rightful owner…

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