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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Archive of February 16, 2017 Webcast

Ron's maxim, “When you change the rules a little, you change the game a lot,” applies to many things in life. During our webcast, Jeff and Ron looked at the potential impact and the second and third effects that changing policies and regulations by President Trump and his new administration could have on the economy. Since the last recession, small businesses have been reluctant to expand because they were unsure of the rules: the possibility of increased taxes, expanding healthcare costs, and more regulations. After the 2016 election, small business confidence spiked. Jeff and Ron debated what may have boosted optimism. They also talked about current interest rates, bond rates, the dollar, and ongoing concerns in Europe.
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Taxes: Choose Your Poison

In 2000, Steve Forbes was campaigning to be the Republican candidate for president. One of his campaign promises was to...
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Thoughts On The Future

The future is good! The future is good because large parts of the world population are adopting freer markets. In...
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The Trouble With Government Spending

In 1996, as in any election year, there was much discussion of taxes and government spending. But the discussion often...
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Why I Like the Flat Tax

The first reason I favor a flat tax is because I just did my taxes. Despite my being fairly knowledgeable...
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Open Letter to My Congressman

I am disturbed by the current state of affairs in Washington, D.C. You and your colleagues in Congress are addressing...
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This is 20/20

Written in January 1990, this essay looks back at the international growth of free-market economies since the 1960s and their...
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