Muhlenkamp Memorandum Issue #132

Ron and Jeff share what they see going on economically, financially, and politically in their Quarterly Letter. Their topics include: U.S. trade negotiations with China, Brexit and the markets, a German recession, an inverted yield curve, low inflation, and slowing industrial growth. Tony shares his ideas about money in terms of good and evil in his article, "Letter to My Daughters: On Money." Read our Memo to see if he thinks money is the root of all evil, or good for the soul?
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Archive of May 30, 2019 Webcast

During our webcast, Ron and Jeff Muhlenkamp use several economic charts to discuss the trends they see, data that concerns them, and indicators that keep them optimistic. For example: Delinquencies in auto loans continue to tick up. Credit card debt is now a concern and negative nominal yields on bonds continue in some countries (a historical aberration). Small business optimism and consumer confidence remain high. Watch our webcast to see what else they have to say.
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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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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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Let’s Get Real: Understanding Your Purchasing Power

You must understand the difference between a nominal interest rate and a real interest rate to determine your purchasing power....
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Why Did the Fed Raise Short-Term Rates?

In April 1997, the Federal Reserve had just raised short-term rates in response to fears of inflation. Some people expected...
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Beware of Good Yields

This essay, written in April 1993, was published as investors had just come through a period when many of the...
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Why Interest Rates Wont Go Back Up Any Time Soon

In 1991, whether or not interest rates would “go back up” was a hot topic in economic and investing circles....
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Why I Like Long Term Treasury Rates

As we noted in an earlier essay entitled “Defusing the Inflation Time Bomb,” it is unlikely in the future that...
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