Memorandum #155

In this issue of the Memorandum, Jeff and Ron Muhlenkamp recognize that even with dramatic policy headlines around DOGE, tariffs, and immigration through the first half of 2025, the primary investment impact has been a notable 25% year-to-date increase in gold prices, prompting the firm to maintain cash reserves for potential recession opportunities while continuing a disciplined approach of selling disappointing holdings and capitalizing on promising investments.. Read more of their insights in their current Quarterly Letter.

In  “What Makes Muhlenkamp Different,” Tony Muhlenkamp highlights what really sets Muhlenkamp apart from other money managers is something that can’t be easily replicated: time and trust built over generations. For almost five decades, we’ve been managing money for families—not just individual clients, but entire family trees. We’ve been through multiple market cycles, recessions, booms, and everything in between—always with the same fundamental approach. We don’t chase trends or reinvent ourselves every few years. We stick to what works: buying good companies at reasonable prices and holding them for the long term.

Read and print the full PDF: Memorandum #155, July 2025