Quarterly Letter  

The economy continues to expand.

Inflation remains under control at about 2%.

The Fed continues to raise short-term interest rates toward the 3%+ range, which we consider fair. The long-term treasury rates (the 30-year) are just below the 5% range, which we consider fair.

We believe stocks are priced to return 8%-9%, which we consider fair.

Folks, fair is fair.

Our companies continue to do well.

Meanwhile, a whole lot of people, with a lot of money, are watching and speculating on the day-to-day news and rumors so the market will remain quite volatile.

Welcome to “normal.”

— Ron Muhlenkamp

The comments made by Ron Muhlenkamp in this article are his opinion and are not intended to be investment advice or a forecast of future events. Copies of past newsletters are available on our website at www.muhlenkamp.com.