Muhlenkamp Memorandum Issue #140

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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 July we described at length the uncertainty that COVID-19 had introduced into the global economy. We called it “noise.” A summer wave of COVID hit a number of countries across the globe from Israel to Vietnam, including the United States, with the peak case count generally appearing in early September. The resurgent COVID slowed economic recovery and exacerbated the problems in global supply chains which had not fully recovered from the winter round of the illness and associated containment measures…

Wake Up, America – An Update
In 1987, I wrote an essay titled “Wake Up America, Houses Don’t Make You Money.” Based upon questions we are getting from clients and friends, it’s time to revisit that topic…

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