How Much Money Are You Willing to Lose For a Theory?

Slide 1: Intelligent Investment Management
Slide 2: Stocks: Total Returns Theory
Slide 3: Stocks: Total Returns Example
Slide 4: Stocks: Total Returns: Where is the Missing Money?
Slide 5: Stocks: Total Returns: Missing Money Found
Slide 6: Risk-Adjusted Returns Theory
Slide 7: What is Risk?
Slide 8: Risk-Adjusted Returns for Equities
Slide 9: Risk-Adjusted Returns for Cash and Bonds
Slide 10:Stock, Bonds, Bills and Inflation Ibbotson's & Associates
Slide 11:Stock, Bonds, Bills After Taxes and Inflation Ibbotson's & Associates
Slide 12:Style Box Theory - What Box?
Slide 13:Equiity Syle Box for the Muhlenkamp Fund
Slide 14:Equity Style Box - the Amoeba
Slide 15:Equity Style Box - Scatter Plot
Slide 16:How Companies Create Equity
Slide 17:Computing Return On Equity (ROE)
Slide 18:Equity, From The Vantage Point Of The Investor
Slide 19:Portfolio Returns
Slide 20:How Much To Pay?
Slide 21:Moriningstar Metrics Applied To The Muhlenkamp Fund
Slide 22:Ford Universe Of Stocks Price/Book Vs. ROE
Slide 23:Muhlenkamp Fund Top 20 Holdings Highlighted Against The Ford Universe
Slide 24:End Slide
Slide 25:Glossary
Slide 26:Disclaimer