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Muhlenkamp Memorandums, 2021

The Muhlenkamp Memorandums are published quarterly. We provide you with financial and economic articles that we hope you find interesting and helpful.

MEMORANDUM 140 – October 2021

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.

MEMORANDUM 139 – July 2021

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’s also offers his views on cryptocurrencies, from a few different angles in his article, “Nobody Asked Me (About Cryptocurrencies) But…”

MEMORANDUM 138 – April 2021

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.”

MEMORANDUM 137 – January 2021

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.

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