Goals & Discipline

Muhlenkamp & Company’s goals are as follows:

  1. Preserve capital.
  2. Achieve a reasonable total return on invested capital without subjecting the portfolio to unacceptable business or market risks. We define “reasonable return” as 4-6% annually, over inflation. See Why the Market Went Down.

We utilize political, economic, fundamental, and technical input as we seek to accomplish our investment goals. To the extent available, we acquire data and its interpretation from outside sources including economists, banks, broker-dealers, research organizations, business publications, and government sources. We do not attempt to duplicate good research available from outside sources. We do monitor, however, the data we receive to ensure its accuracy, and insist on understanding the basis for conflicting opinions and their implications for investment decisions.

We concentrate our proprietary research efforts in those areas where good data or a diversity of knowledgeable opinions are not yet available.

With this input, we believe that we are in a position to make sound, informed judgments concerning business fundamentals, security valuations, and market timing.