Muhlenkamp Memorandums
2024 Issues
| Muhlenkamp Memorandum Issue #152 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 my article, “Letter to My Daughters: On Politics and Markets,” I refer 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. |
| Muhlenkamp Memorandum Issue #151 Jeff and Ron discuss the state of the economy, inflation, the bond and stock markets, and they outline, in broad terms, their current investments. Read their insights and outlook in their Quarterly Letter. Tony Muhlenkamp writes “Letter to My Daughters: On Financial Freedom” where he offers his fundamental principles that point you in the direction towards financial independence. |
| Muhlenkamp Memorandum Issue #150 In their Quarterly Letter, Jeff and Ron Muhlenkamp explain why they are still watching for signs of a recession due to the inverted yield curve but also think that there is a possibility of an inflationary boom. Tony Muhlenkamp shares two articles with us this quarter: “View from the Front Office: Maxims” and “Letter to My Daughters: What Grandpa Taught Me.” |
| Muhlenkamp Memorandum Issue #149 In their January 2024 Quarterly Letter, Jeff and Ron Muhlenkamp recap 2023 and look at the state of the economy at the start of 2024. They also explain their reason behind why they have significant portfolio holdings in certain industries. Tony Muhlenkamp provides advice regarding careers and investing in his article, “Letter to My Daughters: On How to Get Started.” |
2023 Issues
| Muhlenkamp Memorandum Issue #148 In their October 2023 Quarterly Letter, Jeff and Ron Muhlenkamp give an update on the relevant economic indicators impacting investments. They also provide their thoughts on inflation, the possibility of a recession, and a list of things “broken” by the Fed due to it raising interest rates. Tony Muhlenkamp shares some notes in his article, “View From the Front Office: Charitable Giving.” |
| Muhlenkamp Memorandum Issue #147 In their July 2023 Quarterly Letter, Jeff and Ron Muhlenkamp provide an update on the possibility of a U.S. recession, analysis of the Fed’s fight against inflation, and a report on the stock market. Tony’s article, “Letter to My Daughters: On How to Get Rich,” is a very simplified guide to saving. |
| Muhlenkamp Memorandum Issue #146 In their April 2023 Quarterly Letter, Jeff and Ron Muhlenkamp discuss inflation and the Feds efforts to fight it, the recent bank failures, and the odds of a U.S. recession. Memo 146 also includes excerpts from Jeff’s interview with Kate Welling titled “Hard-Won Market Insights – Muhlenkamp & Co’s Leader on Turning Market Scares into Profits.” |
| Muhlenkamp Memorandum Issue #145 In their Quarterly Letter, Jeff and Ron Muhlenkamp review what happened in 2022. Entering 2023, there are three questions on which they will focus. Tony Muhlenkamp provides examples which support one of Ron’s maxims in “View From the Front Office: Everybody Knows.” |
2022 Issues
| Muhlenkamp Memorandum Issue #144 In their Quarterly Letter, Jeff and Ron Muhlenkamp explain how the Fed’s inflation-fighting efforts have resulted in a stronger dollar relative to most other major currencies and this has already had impacts domestically and internationally. Tony Muhlenkamp visits the different ways of measuring inflation in his “View from the Front Office: Inflation” article. |
| Muhlenkamp Memorandum Issue #143 Jeff and Ron Muhlenkamp focus on U.S. inflation and interest rates in this Quarterly Letter. Tony Muhlenkamp reminds us that as the economic climate changes, we have a process that we follow to evaluate investments. His article “Our Investment Process is Our Guide” gives us the details. |
| Muhlenkamp Memorandum Issue #142 In their Quarterly Letter, Jeff and Ron Muhlenkamp point out several seismic shifts in today’s investing environment, one being that bonds are no longer “safe.” Ron updates an essay that he originally wrote in 1987 that discusses the fact that workers are significant owners of industry through their retirement plans. See “U.S. Workers Are Owners: They Just Don’t Realize It” for the latest data. |
| Muhlenkamp Memorandum Issue #141 Inside this issue of the Memorandum, Ron and Jeff discuss inflation, interest rates, COVID, and the stock market in their Quarterly Letter. We outline the benefits of teens finding their first job during this time when there is a shortage of workers in the job market. Read “Kids – Get to Work!” and pass the message along to any teen willing to listen. |
2021 Issues
| Muhlenkamp Memorandum Issue #140 In their Quarterly Letter, Ron and Jeff Muhlenkamp state that the economic “noise” of COVID continues. They discuss current inflation, interest rates, and changes to the portfolio holdings. In “Wake Up, America – An Update,” Ron explains how you might benefit from a situation that was similar to the period from 1968-1980, where after-tax mortgage rates are below the current inflation rate. |
| Muhlenkamp Memorandum Issue #139 In their Quarterly Letter, Jeff and Ron Muhlenkamp explain that the economic noise introduced by COVID-19 creates uncertainty for businesses to determine the underlying trends and how to proceed in the near future. The noise in the economy is reflected in the stock and bond markets. Jeff also offers his views on cryptocurrencies, from a few different angles in his article, “Nobody Asked Me (About Cryptocurrencies) But…” |
| Muhlenkamp Memorandum Issue #138 Ron and Jeff Muhlenkamp discuss the strong housing market, increasing interest rates, and the staggering debt burden of the recent government COVID relief measures. See what ideas Tony is sharing as a local mentor in his article, “View from the Front Office: Following My Own Advice.” |
| Muhlenkamp Memorandum Issue #137 In 2020, COVID-19 not only led to deaths but also to restrictions, relief spending, economic damage, and changes to retail and commercial real estate. Ron and Jeff Muhlenkamp reflect on the effects on the economy and financial markets in their Quarterly Letter. Tony Muhlenkamp shares what he has seen in his article, “View from the Front Office: Observations,” and what steps he is taking during this transition period. |
2020 Issues
| Muhlenkamp Memorandum Issue #136 In their Quarterly Letter, Jeff and Ron Muhlenkamp discuss the effects of another quarter of economic activity driven by the COVID-19 pandemic. In his article, “View from the Front Office: the Election,” Tony Muhlenkamp suggests not to panic. No matter which candidate wins this November, nothing will change overnight. Take a look at your financial plan and adjust it to adapt to changing conditions. |
| Muhlenkamp Memorandum Issue #135 In this issue of the Muhlenkamp Memorandum, Jeff and Ron Muhlenkamp discuss the effects of COVID-19 on the economy in their Quarterly Letter. Tony explains the use of the Client Relationship Summary and our responses to the suggested questions to ask advisers. Archives of our May webcast, “MAPPING YOUR FINANCIAL FUTURE: It’s Never Too Late to Save for College,” and our June webcast, “WORKING THE PROBLEM: The Impact of COVID-19 & Some Advice to Answer Our Clients’ Top Concerns,” are available on our website. |
| Muhlenkamp Memorandum Issue #134 The COVID-19 pandemic brought a deep plunge to economies across the globe. In their Quarterly Letter, Jeff and Ron present their thoughts on this extraordinary period. This is not the first crisis and unfortunately it won’t be the last. In his “Letter to My Daughters: On Crisis and Disasters,” Tony suggests preparing yourself and working together. He gives advice on how to use your powers for good to become the person upon which others rely. |
| Muhlenkamp Memorandum Issue #133 In their Quarterly Letter, Ron and Jeff state that the markets seem to be pretty price insensitive for popular companies. The economy continued to grow at a modest pace, but if you look at the overall metrics, it’s a “mixed bag.” In Jeff’s article, “Prolific Natural Gas in the United States: Looking Back Over the Last Decade,” he explains how the consumer has benefited from the availability of low-cost natural gas and how it has affected the sources of U.S. electricity generation as well as U.S. natural gas exports. |
2019 Issues
| 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? |
| Muhlenkamp Memorandum Issue #131 In their Quarterly Letter, Ron and Jeff discuss the Fed’s actions on interest rates, trade negotiations with China, the United Kingdom’s progress with Brexit, and the indications of a slowdown in the United States. In his article, “Lions and Tigers and Bears, Oh My!” Tony reminds investors to remember their financial goals and the fundamental investment principles when threats arise. |
| Muhlenkamp Memorandum Issue #130 Ron and Jeff note in the Quarterly Letter that: for 2019, the Federal Reserve has adjusted the plan for their asset reduction program; there has been an inversion in the U.S. Treasury yield curve; and the U.S. economy appears to be slowing. Tony explains his “why” in “Letter to My Daughters: On Financial Health and Wellness.” Do you have trouble doing something simple, but not easy? Find out what helps Tony reach his goals. |
| Muhlenkamp Memorandum Issue #129 In their Quarterly Letter, Ron and Jeff give a summary of the markets and the economy at the end of 2018: Market volatility has returned; the Fed has continued to shrink its balance sheet and raise short-term interest rates; and in the U.S., there has been a slowdown in the housing market. Tony explains in “Letter to My Daughters: On Retirement” that planning and action are vital if you want to retire someday. Additionally, we provide steps that you can take to avoid escheatment (the turning over of property to the state). |
2017 Issues
| Muhlenkamp Memorandum Issue #124 This edition of the Muhlenkamp Memorandum includes the Quarterly Letter from our portfolio managers. In addition, Ron Muhlenkamp reflects over 40 years of lessons learned and changes observed. He shares his insights on human behavior, instant communications, and the free market. How does it all tie together? Read the Memorandum to find out. |
| Muhlenkamp Memorandum Issue #123 In this issue, Ron & Jeff Muhlenkamp discuss what they are seeing, thinking and doing in the current investment climate. Plus, Muhlenkamp & Company, Inc. turns 40! In the Quarterly Letter, Ron and Jeff discuss international trade, economic growth, small business optimism, and disruption in the retail sector. Also included are some basics on creating a personal budget. |
| Muhlenkamp Memorandum Issue #122 In their Quarterly Letter, Jeff and Ron interpret a small business optimism chart as well as give their updates to a few pertinent economic developments. The article, Facing the Facts about Your Financial Life reminds you to take some time to assess your current financial situation. Details for our next webcast are also included in this edition of our Memorandum. |
| Muhlenkamp Memorandum Issue #121 Why the underperformance relative to your benchmark? Ron and Jeff share their answer and the reason they will continue their approach to investing—investing in companies that are selling for less than they think they are worth, and selling those companies when they think the market price fully reflects their value. Tony expands on why he doesn’t think this is the time to change our investment… |
2016 Issues
| Muhlenkamp Memorandum Issue #120 In this edition, Ron & Jeff discuss the Fed’s attitude on low/negative interest rates and the consequential effect on savers, including pensions and insurance companies. We look at a few questions from participants in Conference Call Highlights. Jeff’s essay, The Farming Analogy, builds on a comparison that Ron has been using for years. |
| Muhlenkamp Memorandum Issue #119 Changing investor psychology and potential recession, along with the problems of passive investing and a changing “retirement contract” – all this, and more, in this edition… |
| Muhlenkamp Memorandum Issue #118 Portfolio managers Ron and Jeff discuss the implications of central bank policies across the globe, including negative interest rates, as well as the declining earnings and revenues of the top 3,000 U.S. companies. Tony addresses five fundamental principles for achieving financial freedom in a “Letter to My Daughters.” |
| Muhlenkamp Memorandum Issue #117 Ron and Jeff discuss equity performance, company revenues, and the Fed Funds Rate in their “Quarterly Letter.” Consumer spending, business investing, taxes, and regulation are a few of the items on the checklist they use to monitor the investment climate and are highlighted in “Investment Seminar: Recap.” |
2015 Issues
| Muhlenkamp Memorandum Issue #116 Ron and Jeff Muhlenkamp look at recent market volatility in their “Quarterly Letter.” Included in “Monitoring Economies around the Globe” are two excepts taken from our recent conference call: “Implications of Crude Oil Pricing”; and “China’s Growth Challenges.” |
| Muhlenkamp Memorandum Issue #115 In this edition, Ron and Jeff Muhlenkamp discuss domestic and global economic activities and the impact on the markets. Key lessons from our May 5 investment seminar, along with Tony Muhlenkamp’s thoughts about passive investing, are included. |
| Muhlenkamp Memorandum Issue #114 Read the “Quarterly Letter” by Ron and Jeff Muhlenkamp followed by the article, “Portfolio Managers: Investment Outlook for 2015.” |
| Muhlenkamp Memorandum Issue #113 Tony Muhlenkamp relays ideas and observations in the “Quarterly Letter”, and offers what he learned at our November 12 investment seminar in “The Healthcare Industry and the Consumer.” Additionally, Jeff Muhlenkamp addresses “Effects of Currency Manipulation” in this edition of our quarterly newsletter. |
2014 Issues
| Muhlenkamp Memorandum Issue #112 “Game Changers in Biomedical Science” and “The Second Great Economic Experiment: An Update” are two essays featured in this Memorandum. |
| Muhlenkamp Memorandum Issue #111 “Be Careful Dealing with Creative Sources of Yield: A Redux” discusses how investors continue their quest for finding more ways to generate income. A meaningful exchange took place between a shareholder and Ron during the second quarter in the article “Ask Muhlenkamp.” |
| Muhlenkamp Memorandum Issue #110 Tony revisits lessons he learned as a child in “Teaching Kids about Investing” which he shares in this edition. Jeff examines ‘why’ in his essay “Working, Saving, and Investing.” |
| Muhlenkamp Memorandum Issue #109 How will you know when you are ready to retire? “The ‘FRIDAY FOCUS’ on Retirement” discusses some ideas for how to plan for a successful retirement. If you are seventy and one half years of age or older you may want to read the essay “Required Minimum Distributions”, included in this edition of the Memorandum. |
2013 Issues
| Muhlenkamp Memorandum Issue #108 Read about interest rates and the Federal Reserve. Learn the difference between a nominal interest rate and a real interest rate and how it changes the return on your investments in the essay “Let’s Get Real.” Maxims are intended to be timeless and to apply over a variety of circumstances. We share some of Ron’s maxims with you in “Basic Financial Maxims I Want My Kids to Know.” Tony looks at one more closely in “IRA Maxims.” |
| Muhlenkamp Memorandum Issue #107 Essays include “Ask Muhlenkamp”, “Learning the Difference between Price and Value: Take Your Child to an Auction”, and “The ‘FRIDAY FOCUS’ on Retirement—A Primer on IRAs.” |
| 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.” |
| Muhlenkamp Memorandum Issue #105 Included in this issue are “Required Minimum Distributions”, “Financial Fitness: What Are Your Goals?”, and “The “FRIDAY FOCUS” on Retirement—History of Pensions.” |