Muhlenkamp Memorandum Issue #141

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
During 2021 the global economy continued to be buffeted by waves of COVID-19—first the Delta variant, then late in the year the Omicron strain. The reactions by government bodies continue to be quite varied: Sweden at one extreme imposed minimal restrictions as case counts rose, China on the other extreme completely locked down entire cities when cases were discovered…

Kids – Get to Work!
Hey kids. Do you know how many hours you spend scrolling on social media or exploring the Minecraft world? The American Academy of Child and Adolescent Psychiatry (AACAP) states that, on average, teens in the United States spend up to nine hours per day watching or using screens (including smartphones, tablets, gaming consoles, TVs, and computers)…