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Performance data quoted, before and after taxes, represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Current performance as of the most recent quarter- and month-end can be obtained by Clicking Here.

2010

Third Quarter 2010, Newsletter #95

The trends that we discussed in our April Quarterly Letter (Memorandum #94) and …

Second Quarter 2010, Newsletter #94

The economy is gradually expanding out of the depths of recession, albeit at a slow pace. More about this in a moment..

First Quarter 2010, Newsletter #93

In 2009, we had a good year. We identified the end of the …

2009

Fourth Quarter 2009, Newsletter #92

Over the past two years in our newsletters and seminars, we’ve discussed three major topics: the recession, bailouts and the credit markets, and changes in the regulations and structure of the financial markets.

Third Quarter 2009, Newsletter #91

In our Quarterly Letter of three months ago (#90), we addressed the topics …

Second Quarter 2009, Newsletter #90

We believe that, long term, stock and bond prices reflect economic values. But …

First Quarter 2009, Newsletter #89

In 2008, we had a lousy year. It’s not much comfort to know …

2008

Fourth Quarter 2008, Newsletter #88

I’m writing this letter just after the U.S. Senate and House passed the …

Third Quarter 2008, Newsletter #87

The pain continues. The focus has shifted somewhat from financial concerns to the …

Second Quarter 2008, Newsletter #86

We may have passed the point of maximum pain in the debt and …

First Quarter 2008, Newsletter #85

In 2007, we had a lousy year. The transition period we’ve been discussing for two years is lasting longer than we expected, and having greater negative effect on some of our companies than we expected.

2007

Fourth Quarter 2007, Newsletter #84

The U.S. economy and the capital markets continue to work their way through …

Third Quarter 2007, Newsletter #83

The economy continues to grow, along the track of a soft landing. We …

Second Quarter 2007, Newsletter #82

A shareholder recently asked, “In light of last year’s performance, do you intend …

First Quarter 2007, Newsletter #81

2006 was a difficult year for us. Although our expectations on the economy …

2006

Fourth Quarter 2006, Newsletter #80

For the past year we’ve been saying that the economy was in “transition” …

Third Quarter 2006, Newsletter #79

Economic trends of the past year continue. The economy is growing nicely in …

Second Quarter 2006, Newsletter #78

Economic trends of the past year continue. The economy is growing nicely and …

First Quarter 2006, Newsletter #77

Three months ago, we warned that “if the refineries which were shut down …

2005

Fourth Quarter 2005, Newsletter #76

We’re at an interesting point in the economic/investing landscape. The economy, as measured …

Third Quarter 2005, Newsletter #75

The economy continues to expand at a rate of 3 1/2% or better. …

Second Quarter 2005, Newsletter #74

The economy continues to expand.

First Quarter 2005, Newsletter #73

In preparing to write this letter to you each quarter, I review my …

2004

Fourth Quarter 2004, Newsletter #72

The economy continues to expand. Consumer spending, business investment and employment are growing …

Third Quarter 2004, Newsletter #71

The U.S. economy continues to expand. Consumer spending, business investment and employment are all growing ...

Second Quarter 2004, Newsletter #70

Same as last time. The important items which we’re seeing in the economy …

First Quarter 2004, Newsletter #69

The economy continues to expand. In the past 12 months GDP (Gross Domestic …

2003

Fourth Quarter 2003, Newsletter #68

The economy continues to expand. A few months ago, some commentators complained that …

Third Quarter 2003, Newsletter #67

Folks, our patience (yours and mine) is paying off. Since it became clear …

Second Quarter 2003, Newsletter #66

As I write this on March 31, 2003, the daily headlines, every day, …

First Quarter 2003, Newsletter #65

The economy continues to expand. Growth in Gross Domestic Product (GDP) for the …

2002

Fourth Quarter 2002, Newsletter #64

The economy continues to expand and the markets remain volatile.

Third Quarter 2002, Newsletter #63

The economy continues to expand.

Second Quarter 2002, Newsletter #62

The economy has turned and is beginning to expand rather than contract.

First Quarter 2002, Newsletter #61

In our quarterly letters to you over the past three years (available on our website at www.muhlenkamp.com), we have spelled out our thoughts ...

2001

Fourth Quarter 2001, Newsletter #60

Our thoughts and prayers are with the victims and families affected by …

Third Quarter 2001, Newsletter #59

The U.S. has reached that stage common to all slowdowns/recessions when the negative …

Second Quarter 2001, Newsletter #58

The split in the stock market continues. One part, which we call the …

First Quarter 2001, Newsletter #57

Be careful what you ask for!

2000

Fourth Quarter 2000, Newsletter #56

The trends we wrote about three and six months ago continue.  Inflation remains …

Third Quarter 2000, Newsletter #55

The trends we wrote about three months ago continue. Inflation remains under control. …

Second Quarter 2000, Newsletter #54

The past three months have seen big changes in the securities markets, some …

First Quarter 2000, Newsletter #53

The Fourth Quarter of 1999 continued the patterns we have described to you …

1999

Fourth Quarter 1999, Newsletter #52

The Third Quarter of 1999 was brutal. The rationalization process, which we have …

Third Quarter 1999, Newsletter #51

It’s working, folks. The things we wrote about in April are happening. Inflation …

Second Quarter 1999, Newsletter #50

In the first quarter of 1999, the market continued to display a split personality.

First Quarter 1999, Newsletter #49

1998 was a challenging year in the investment markets. We got it partly …

1998

Fourth Quarter 1998, Newsletter #48

The Third Quarter of 1998 was brutal. So far this year, U.S. economic …

Third Quarter 1998, Newsletter #47

The Second Quarter of 1998 witnessed a continuing drama, but few real surprises. …

Second Quarter 1998, Newsletter #46

The First Quarter of 1998 witnessed another strong gain in stock prices.

First Quarter 1998, Newsletter #45

1997 has been a good year. Financially, its’ been a very good year. …

1997

Fourth Quarter 1997, Newsletter #44

The Third Quarter was marked by volatility in stock prices.

Third Quarter 1997, Newsletter #43

After providing the correction I asked for on March 25, 1997, the markets …

Second Quarter 1997, Newsletter #42

In an interview on CNNfn on March 25, I remarked that I was …

First Quarter 1997, Newsletter #41

A year ago we wrote, “The U.S. economy shows few excesses and is …

1996

Fourth Quarter 1996, Newsletter #40

The investment markets in 1996 continue to evolve in a beautiful fashion. Near …

Quarter 1996, Newsletter #39

At year-end, we wrote, “Stock and bond prices are fair, the long and …

Third Quarter 1996, Newsletter #38

Three months ago we reviewed our perspective on the current investment climate, seasons …

First Quarter 1996, Newsletter #37

1995 has been a good year. Financially, it has been a very good …

1995

Fourth Quarter 1995, Newsletter #36

Our comments of three months ago still apply. We suggest you review those …

Third Quarter 1995, Newsletter #35

Six months ago, in Muhlenkamp Memorandum #33, we wrote, “We are looking at …

Second Quarter 1995, Newsletter #34

We said in January (Newsletter #33) that declines in the Bond Market and …

First Quarter 1995, Newsletter #33

We are hearing from our clients some confusion about the Stock and Bond …

1994

Fourth Quarter 1994, Newsletter #32

The Third Quarter of 1994 witnessed a continuation of the choppy markets we …

Third Quarter 1994, Newsletter #31

The second quarter of 1994 witnessed sharp price moves in a number of …

Second Quarter 1994, Newsletter #30

The stock and bond markets have just suffered a free fall which has …

First Quarter 1994, Newsletter #29

Three months ago, we wrote, "The time to be heavily invested in long bonds has just come to an end"...

1993

Fourth Quarter 1993, Newsletter #28

The trends that we have been discussing over the past few years remain …

Third Quarter 1993, Newsletter #27

The trends that we have been observing and discussing over the past few …

Quarter 1993, Newsletter #26

The stock and bond market rallies of the Fourth Quarter extended into the First Quarter of 1993.

First Quarter 1993, Newsletter #25

The Fourth Quarter of 1992 witnessed a strong rally in the stock market …

1992

Fourth Quarter 1992, Newsletter #24

Before writing this newsletter, I usually read past issues as a review of …

Quarter 1992, Newsletter #23

The first quarter of 1992 witnessed an increasing confidence in a rebounding U.S. …

Second Quarter 1992, Newsletter #22

The First Quarter of 1992 witnessed alternating signs of winter and spring,both weatherwise …

First Quarter 1992, Newsletter #21

1991 has been a good year.  For our clientele, it has been a …

1991

Fourth Quarter 1991, Newsletter #20

In 1990 two giant shoes- war and recession - dropped, taking a heavy …

Third Quarter 1991, Newsletter #19

The second quarter of 1991 was one of bottoming in the economy and …

Second Quarter 1991, Newsletter #18

Fear taketh away... It is popular to accuse generals of always fighting …

First Quarter 1991, Newsletter #17

The year 1990 was a difficult year for investors. But a major part …

1990

Fourth Quarter 1990, Newsletter #16

A TOUGH, TOUGH QUARTER In July, we were congratulating the Fed on engineering …

Quarter 1990, Newsletter #15

SPECIAL INTERIM EDITION - We’ve received a number of questions on the effects …

Third Quarter 1990, Newsletter #14

After advising patience for more than a year, we were glad to see …

Second Quarter 1990, Newsletter #13

The story of the first quarter of 1990 was not in the net …

First Quarter 1990, Newsletter #12

The Fourth Quarter of 1989 was largely a wait-and-see period. The trends in …

1989

Fourth Quarter 1989, Newsletter #11

The Third Quarter of 1989 witnessed continued gradual moves toward stability in economic …

Quarter 1989, Newsletter #10

The Second Quarter of 1989 witnessed further evidence of a slowing U.S. economy. …

Second Quarter 1989, Newsletter #9

In 1981, we warned our clients about a time bomb that was set to go off which would destroy their incomes.

Second Quarter 1989, Newsletter #8

The first quarter of 1989 witnessed a continuation of trends discussed in previous …

First Quarter 1989, Newsletter #7

Upon sitting down to write this letter, I realized I don't have much …

1988

Fourth Quarter 1988, Newsletter #6

Following the Stock Market Crash of 1987, many experts, economists, and financial seers …

Third Quarter 1988, Newsletter #5

The U.S. economy continues to hum along nicely. Consumer spending is moderating a …

Second Quarter 1988, Newsletter #4

It's working better folks! Several of the trends we detected in January carried …

First Quarter 1988, Newsletter #3

I've always thought of the above as a blessing – but 1987 was …

1987

Fourth Quarter 1987, Newsletter #2

To start with the obvious, since spring we have been wrong on interest …

Third Quarter 1987, Newsletter #1

The Second Quarter of 1987 witnessed some possible turning points of long-term significance. …