We don’t know any more about the health risks posed by the Coronavirus (COVID-19) than you do. Nor do we, or anyone else, know the secondary and tertiary political and economic consequences of the virus spreading.
We do know financial markets and we know our portfolio. We know the financial markets have been fully to overpriced and were past due for prices to drop. We know the companies we own for you have solid business and financial foundations and that while theof our companies are falling with the rest of the market the companies themselves are likely to survive and thrive.
Nobody likes falling markets, including us. But low prices are the only way to get good companies cheap. We continue to implement our process of bottom-up, fundamental, value-seeking stock picking.
In other words, we continue to buy low in expectation of being able to sell high. The current markets are giving us that opportunity.
Please call me at 877-935-5520 or 724-934-5139 if you would like to discuss this further.
Muhlenkamp & Company, Inc.