Muhlenkamp Memorandum Issue #130

Ron and Jeff note in the Quarterly Letter that: for 2019, the Federal Reserve has adjusted the plan for their asset reduction program; there has been an inversion in the U.S. Treasury yield curve; and the U.S. economy appears to be slowing. Tony explains his "why" in "Letter to My Daughters: On Financial Health and Wellness." Do you have trouble doing something simple, but not easy? Find out what helps Tony reach his goals.
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Muhlenkamp Memorandum Issue #129

In their Quarterly Letter, Ron and Jeff give a summary of the markets and the economy at the end of 2018: Market volatility has returned; the Fed has continued to shrink its balance sheet and raise short-term interest rates; and in the U.S., there has been a slowdown in the housing market. Tony explains in "Letter to My Daughters: On Retirement" that planning and action are vital if you want to retire someday. Additionally, we provide steps that you can take to avoid escheatment (the turning over of property to the state).
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Quarterly Letter, April 2018

The first quarter of 2018 was marked by a sharp market correction and the unraveling of some very popular investment themes. The correction kicked off in February when wage data triggered inflation fears which caused bond yields to jump up (bond prices dropped) and equity prices to drop.
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Natural Gas: An Energy Game Changer

In this country, a quarter of our natural gas production is used by industry, a quarter is used to generate...
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Muhlenkamp Marathon Financial Training Workbook

There are many similarities between training for a marathon and creating a legacy of financial freedom—both take desire, time, effort, and discipline. Our workbook contains 26.2 “miles” of financial information to use as a reference guide to keep you on course, including best practices based on current tax rules and regulations, as well as words of wisdom based on experience, observation, and statistics.
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Cash Flow Statement

A personal cash flow statement is a spreadsheet you can use to see where you spend your income over a period of time. This cash flow statement is set up so you can use it to estimate your monthly inflows and outflows, document the actual amounts, and plan your spending for next month.
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SMART Financial Goals – Short Term

Short-term financial goals are those goals that you would like to achieve in five years or less. The reason for separating short- and long-term goals is because the number of years that you have until your target date will affect where you should save or invest the assets you are accumulating to reach these goals.
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Muhlenkamp Marathon

There are many similarities between training for a marathon and creating a legacy of financial freedom—both take desire, time, effort, and discipline. Our "Muhlenkamp Marathon Financial Training Workbook" contains 26.2 “miles” of financial information to use as a reference guide to keep you on course, including best practices based on current tax rules and regulations, as well as words of wisdom based on experience, observation, and statistics.
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Muhlenkamp Memorandum Issue #118

Portfolio managers Ron and Jeff discuss the implications of central bank policies across the globe, including negative interest rates, as well as the declining earnings and revenues of the top 3,000 U.S. companies. Tony addresses five fundamental principles for achieving financial freedom in a “Letter to My Daughters.”
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How Shale Gas Benefits the Consumer

This essay was originally published in 2012. Ron—investment manager, engineer, farmer, and landowner—examines how the consumer of natural gas is...
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