Commentary

Quarterly Letter – July 2022

Jeff and Ron focus on the response by the Federal Reserve to rising inflation. They also discuss some of the consequences of increasing interest rates.

Commentary

Nobody Asked Me (About Cryptocurrencies) But…

Jeff provides his views on cryptocurrencies, from a few different angles.

Commentary

Muhlenkamp Market Commentary 1st Quarter 2018

Ron and Jeff Muhlenkamp explain that recent tax cuts and deregulation should help keep the economy moving. Asset markets, on the other hand, could be affected by monetary tightening as the Federal Reserve and other central banks reduce or reverse their easy money policies.

Commentary

Quarterly Letter

In this edition of the Muhlenkamp Memorandum, Ron and Jeff discuss the Small Business Optimism Index chart which is produced by the National Federation of Independent Business (NFIB). It is based on monthly surveys of its members in order to better understand the environment in which small businesses are operating.

Commentary

Quarterly Letter

In the fourth quarter, the S&P 500 Index was up a bit over 7% and up 1.38% for the year. Our accounts, on average, were up 3.52% in the quarter and down 5.03% for the year. (Individual performance varies by account.) The gains for the broader Index in the quarter were mostly made by a small number of large capitalization tech stocks, Facebook, Amazon, Netfl ix, Google, and Microsoft among them.
Commentary

Quarterly Letter – July 2015

Ron and Jeff Muhlenkamp discuss their observations of domestic and global economic activity and the impact it has on the markets.
Commentary

Quarterly Letter – April 2015

Ron and Jeff Muhlenkamp discuss their views on the U.S. stock market, then briefly touch on some broader U.S. and global issues, then close with a summary of how it all ties together.
Commentary

Quarterly Letter

My first draft of this letter, which I wrote three weeks ago began with: Europe has not solved its problems; Nor has Japan; Nor has China; Nor has the U.S. The rest of that draft is now obsolete. Since mid-September, several items have changed-some economic, some market-related, some psychological.
Commentary

Quarterly Letter

Since mid-September, several items have changedsome economic, some market-related, some psychological.
Commentary

Quarterly Letter

Sometimes, Im tempted to write same as last time. This is one of those times.
Commentary

Quarterly Letter

Most of the economic and market trends we've been discussing for the past few years remain in place. Russia's action in the Ukraine/Crimea may have long-term implications, particularly for Europe, but the near-term economic implications are modest. It remains to be seen whether this gets added to our long-term worry list or not.
Commentary

Quarterly Letter

Most of the economic and market trends we?ve been discussing for the past few years remain in place. Russia?s action in the Ukraine / Crimea may have long-term implications, particularly for Europe, but the near-term economic implications are modest. It remains to be seen whether this gets added to our long-term worry list or not.
Commentary

Quarterly Letter

Some of the things weve been talking/warning you about in recent years came to fruition in 2013. Specifically, medium- and long-term interest rates rose and commodity prices declined.
Commentary

The Fed and Its Big Thumb

Weve seen what happens when prices get ahead of the economy reality. The bubbles in the dot-coms in 2000 and the housing market in 2007 were such effects. We fear that the apparent Fed desire to continue to manipulate interest rates may engender more bubbles.
Commentary

Quarterly Letter

While the economic trends of the past couple of years continue, weve just seen an important change in interest rates and the bond markets.