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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Yield = Income = Caution!

This essay gives examples of why you should completely understand what you are buying before you buy it. Be sure...
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How Retirement Has Changed—Why Saving More and Working Longer will be Necessary

Ron addresses how the retirement plans of individuals and institutions have changed due to low GDP growth, productivity, and interest rates—what was thought to be temporary has lasted longer than expected, with no end in sight. The assumptions made while making retirement plans and decisions ten years ago are now obsolete. Jeff summarizes the implications for investors of every age and disposition.
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Muhlenkamp Memorandum Issue #106

Included in this issue are "Conversations with Clients", "When We Change the Rules A Little…, Creative Sources of Yield", and "The 'FRIDAY FOCUS' on Retirement—Pension Plans—Types and Characteristics."
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Problems With Investing for Income

In “Estate Planning for Generations,” we began a discussion on the effective integration of good investing and good estate planning....
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Mom: The Squeeze On Your Income Will Continue

Mom: since November 1990, you’ve seen the interest rate paid on one-year bank CDs fall. Many of your friends are...
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