Investor Letters
Letters through June 30, 2020
3 letters reporting on the period ending June 30, 2020, in each firm's own reckoning.
- Muhlenkamp & Company Quarterly Letter, July 2020 Muhlenkamp & Company sold airline holdings on the view that travel demand could remain impaired for years, while retaining homebuilders as their businesses rebounded. The portfolio kept gold as a hedge against central-bank errors, retained technology companies benefiting from current conditions, and preserved cash while awaiting better opportunities. second quarter 2020 —
- Lansing Street Advisors Infatuation Millennial day trading through Robinhood is framed as a renewed speculative mania that could damage an already less wealthy generation. Lansing Street Advisors argues that Federal Reserve support has prolonged a corporate-credit bubble, leaving leveraged loans, CLOs and zombie companies vulnerable when easy money recedes. 2nd Quarter 2020 —
- Palm Harbour Capital Letter 2020 Q2 | 206 KB Palm Harbour Global Value Fund added to existing holdings and initiated MTU Aero Engines and ASTM after the sell-off created selective opportunities among high-quality businesses. It argued that Bayer’s litigation overhang could clear, OCI’s fertilizer fundamentals remain intact despite methanol weakness, and Italian toll-road traffic should recover as ASTM expands in Brazil. second quarter of 2020 0NFS ARZTY $1.4BBAYZF $50B
