Quarterly Letter, April 2020

Before Ron and I start with our normal topics, please allow us to extend our heartfelt wishes for good health and good luck during this exceptional period. Also, our deepest thanks to all of you that are reaching out to help others. We are continually amazed at the many, many ways we see people helping each other and are inspired and heartened by such actions. Thank you.
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Quarterly Letter, October 2019

It’s been a noisy summer. Lots of political news, lots of tariff and trade war news, lots of international headlines of various sorts. Funny thing though, as we write this note during the last week of September the S&P 500 Index is within three percent of the all-time high it set in July. By that measure, it’s been a quiet summer.
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Quarterly Letter, July 2017

As June comes to a close, we find that most of the things we talked about in March haven’t changed much. Starting at the international level, both the European and Japanese Central banks continue to buy bonds (Japan also buys equities) in order to manage interest rates and support their economies...
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Where to from Here?

It’s surprising how many people try to predict the direction of where the economy and the markets without understanding where...
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Foreign Investing

Just as many investors fail to take changes in inflation into account when evaluating investment choices, many also fail to...
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Prosperity

What does “prosperity” mean to you? When I ask this question, people respond in terms of a better lifestyle, home, car,...
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Muhlenkamp Musings on Economics

Themes include free will and the government, the effects of inflation and recession on spending patterns, the effects of investment...
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How We Benefit From Free Trade

At the time of the writing of this essay, there was much debate whether or not the United States should...
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