Muhlenkamp Memorandum Issue #126

In the first quarter of 2018, a number of very popular investments have all found their own reason to unwind nearly simultaneously. Ron and Jeff discuss these corrections in their Quarterly Letter. In his article, “Volatility and the VIX Collapse,” Jeff provides more detail on volatility while looking at the VIX and the demise of a couple of inverse-VIX exchange traded notes.
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How Much Money Are You Willing to Lose for a Theory?

There are a lot of theories that people use when choosing investments for their portfolio. Unfortunately, they are only theories,...
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Review of “What Works on Wall Street”

A friend asked me to review the book What Works on Wall Street, by James P. O’Shaughnessy. The book was...
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