Memorandum #152

In their Quarterly Letter, Jeff and Ron Muhlenkamp discuss what changes in economic data prompted the Federal Reserve to adjust the federal funds target range and how various policy choices of the presidential candidates may affect the economy and our investors’ wealth.  In Tony Muhlenkamp’s, “Letter to My Daughters: On Politics and Markets,” he refers to the women in the movie “She Rises Up.” These women learned that their countries are NOT dysfunctional because they are poor; they are poor because they are dysfunctional. What does that have to do with politics? It turns out—everything.

Link to full PDF: Memorandum #152, October 2024