Investor Letters

Letters through September 30, 2017

1 letter reporting on the period ending September 30, 2017, in each firm's own reckoning.

Muhlenkamp & Company Quarterly Letter, October 2017 Markets remained expensive despite sustained business optimism, low inflation and supportive central-bank policy. Muhlenkamp viewed hurricane damage as locally severe but nationally temporary, considered a North Korea war unlikely, and urged investors to prepare financial plans for an eventual market downturn amid speculation around Bitcoin. Q3 2017 —