Muhlenkamp Memorandum Issue #139

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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 our view, the main attribute of the second quarter was noise. The economic noise introduced by COVID-19 and the responses to it by individuals, businesses, and governments made it extremely difficult to determine what the underlying trends were. We expect this noisy environment to persist for at least another quarter or two assuming that COVID countermeasures diminish over time…

Nobody Asked Me (About Cryptocurrencies) But…
I thought I’d share my thoughts on them anyway. I have no doubt that blockchain technology will prove very useful in the long run and it is likely that some cryptocurrencies will as well. In the short term, however, the whole space looks increasingly hazardous to me…

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