Ron Muhlenkamp

Muhlenkamp Finding Value In Biotech, Energy, Financials

Ron’s Quarterly Letter

January 2014

We had a good year in 2013.

Some of the things we’ve been talking/warning you about in recent years came to fruition in 2013. Specifically, medium- and long-term interest rates rose and commodity prices declined.

While the U.S. Federal Reserve (Fed) continues to hold short-term interest rates near zero, rates in the intermediate to longer term, (5-30 year) increased substantially during the year, driving bond prices down. Ten-Year Treasuries now yield 3% and 30-Year Treasuries now yield 4 percent. We do think . . .

SORRY!

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