Memorandum #152
In their Quarterly Letter, Jeff and Ron Muhlenkamp discuss what changes in economic data prompted the Federal Reserve to adjust the federal funds target range and how various policy choices of the presidential candidates may affect the economy and our investors’ wealth. In Tony Muhlenkamp's, “Letter to My Daughters: On Politics and Markets,” he refers to the women in the movie “She Rises Up.” These women learned that their countries are NOT dysfunctional because they are poor; they are poor because they are dysfunctional. What does that have to do with politics? It turns out—everything. Link to full PDF: Memorandum [...]
Memorandum #151
Jeff and Ron discuss the state of the economy, inflation, the bond and stock markets, and they outline, in broad terms, their current investments. Read their insights and outlook in their Quarterly Letter. Tony Muhlenkamp writes “Letter to My Daughters: On Financial Freedom” where he offers his fundamental principles that point you in the direction towards financial independence. Link to full PDF: Memorandum #151, April 2024
Memorandum #150
In their Quarterly Letter, Jeff and Ron Muhlenkamp explain why they are still watching for signs of a recession due to the inverted yield curve but also think that there is a possibility of an inflationary boom. Tony Muhlenkamp shares two articles with us this quarter: “View from the Front Office: Maxims” and “Letter to My Daughters: What Grandpa Taught Me.” Link to full PDF: Memorandum #150, April 2024
Memorandum #149
In their January 2024 Quarterly Letter, Jeff and Ron Muhlenkamp recap 2023 and look at the state of the economy at the start of 2024. They also explain their reason behind why they have significant portfolio holdings in certain industries. Tony Muhlenkamp provides advice regarding careers and investing in his article, “Letter to My Daughters: On How to Get Started.” Link to full PDF: Memorandum #149, January 2024