Investor Letters
Letters through June 30, 2021
3 letters reporting on the period ending June 30, 2021, in each firm's own reckoning.
- Muhlenkamp & Company Quarterly Letter, July 2021 Muhlenkamp & Company characterizes the quarter as dominated by COVID-related noise, volatile demand, supply-chain disruption and unusually loose monetary and fiscal policy. The firm retained Biogen after Aduhelm's approval despite controversy over efficacy and pricing, while maintaining gold and cash as it searches for investments. second quarter 2021 BIIB $38B
- Lansing Street Advisors God Only Knows Lansing Street Advisors argues that record cash balances, low interest rates, elevated margin borrowing and retail speculation have left markets vulnerable to inflation and rising rates. It focuses on money velocity, wage and rent pressures, household balance sheets and the Federal Reserve's challenge in withdrawing extraordinary stimulus. Q2 2021 —
- Palm Harbour Capital Letter 2021 Q2 | 236 KB Palm Harbour Capital sold portions of winners to fund laggards, exited three holdings and added three. It argues that undervalued, cash-generative businesses offer protection against inflation and deflation, and sets out investment cases for C Uyemura’s PCB chemicals niche and Ginebra San Miguel’s Philippine gin franchise. second quarter 2021 0NFS 4966 $1.8BBFSAF $1.4B
