Archive of May 24, 2018 Webcast

During our webcast, Ron and Jeff walk through a number of economic and financial indicators to better understand the U.S. economy and asset markets. They conclude that the economy will likely continue to grow at 2% or a little better, but that rising interest rates and other actions of the Federal Reserve increase the likelihood of problems with businesses or countries that need low interest rates to survive. They believe the markets will remain volatile as investors grapple with these two diametrically opposed pressures.
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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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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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Muhlenkamp Memorandum Issue #125

In their quarterly letter, Ron and Jeff discuss two "big things" happening now: the rollback of anti-growth regulation and the tightening of monetary policies by major central banks. In "Don’t Let the IRS Define Your Investing," Tony explains why your spending money doesn't always need to come from income, it can come from capital gains as well. You can only spend what you get to keep after paying taxes; so pay attention to taxes, but don’t let IRS tax definitions drive your investment considerations and decisions.
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Archive of September 1, 2016 Conference Call

During our semi-annual conference call, portfolio managers Ron and Jeff Muhlenkamp shared their thoughts and observations about current market conditions and economies across the globe.
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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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The Game of the Stock Market vs. The Business of Investing

I entered this business in 1968. At that time, I had never owned a stock or bond, and I had...
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Investing and Farming: Know the Climate

The longer I manage money, the more it looks like farming. In mid-February 1992, we had 70º weather in Pittsburgh....
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The Inflation Time Bomb

The very rules that we were taught to conserve principal have become a trap. People are desperately trying to maintain...
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One Family’s Perspective On the US Federal Budget

This essay looks at the federal budget and entitlement programs on a per-person basis, which allows people to review them...
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