Memorandum #154

Jeff and Ron Muhlenkamp discuss the first quarter of 2025, which saw stable economic indicators like CPI. But significant government policy shifts, particularly in tariffs and regulatory restructuring, have created uncertainty and market volatility. While we are monitoring potential risks like inflation and recession, we remain focused on identifying profitable investment opportunities amidst these changes. Read more of their insights in their current Quarterly Letter.

In “Managing Your Portfolio in Uncertain Times,” Tony Muhlenkamp discusses how uncertainty in the stock market is constant, making it essential to focus on what you can control rather than attempting to predict the unpredictable. We are here to help you develop a well-structured financial plan, including a clear “Statement of Investment Policy,” helping you define objectives and ensure long-term financial success. Understanding your required return, or “your number,” allows for strategic asset allocation, balancing growth with stability to weather market fluctuations.

Read and print the full PDF: Memorandum #154, April 2025