Word: muhlenkamp
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...MUHLENKAMP: We said in July '01 we thought it was going to be a normal cyclical recession, that we weren't headed for depression or inflation. We continue to believe that. Now we are at a transition point. The economy is stronger, and the markets have recovered the kinds of things you normally recover as you come out of recession, like technology and some speculative companies. So we think we are back to normal, but it is a normal we haven't seen since the 1960s. We think inflation stays at 1% to 2% and long-term interest rates stay...
...MUHLENKAMP: I am an investor but also an employer. If I'm making money, there are two good reasons I hire: to make more money and to save time. Companies have been cautious, but the patterns are familiar. Jobs will be back...
...housing market has defied the economic slump, so have the stocks of homebuilders, home-renovation stores and mortgage lenders. But is it time to dump these stocks? Fund manager Ron Muhlenkamp says Lowe's, whose stock has risen 42% in the past 12 months, no longer looks like a bargain. Ditto for sub-prime lenders like Countrywide, which may be hit hard by the upturn in mortgage delinquencies, says portfolio manager David Dreman. However, Dreman says, big lenders such as Fannie Mae, which have less exposure to risky credit, should continue to perform well. Homebuilder stocks such as Centex...
...Muhlenkamp particularly likes companies whose products can command full retail price. That's where margins will hold up. "You think someone who always wanted a $200,000 mobile home is going to haggle?" he asks...
...firm United Healthcare as well as select financial services stocks, including fund company Franklin Financial Advisors. He also believes Starbucks will benefit from retirees with time on their hands--he's long decaf. His fund is 50% driven by age-wave considerations, which are the main driver at the Muhlenkamp Fund. Those two funds are one-stop investments for the trend. Other funds guided by shifting demographics include AIM Dent Demographic Trends, Fidelity New Millennium, Morgan Stanley 21st Century Trend, Invesco Leisure and Phoenix-Seneca Strategic Equity Theme funds...