Memorandum

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

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

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