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Ron Muhlenkamp Quarterly Letter
Submitted on 01/17/2007
2006 was a difficult year for Ron Muhlenkamp. Although his expectations on the economy were reasonably accurate (a soft landing), his expectations for the performance of some of our stocks were not. Specifically, he did not anticipate the degree and rapidity in which orders for new homes evaporated and the backlogs of homebuilders shrank. Muhlenkamp also did not anticipate the repeat of unusually warm winter weather, causing the price of natural gas to fall dramatically. Muhlenkamp has been encouraged by the action of the management of his companies. As their businesses slowed, they’ve used the resulting cash flows to buy in stock.
Read the full "Muhlenkamp Memorandum" letter.
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Spring is near,every girl
Spring is near,every girl wants to be the bride in the special season.They are eager to put on beautiful Wedding Dresses or the Bridal gowns.During the day the Wedding gowns is the good choose,and the night,if you want radiant,you need the Evening gowns.About the bridesmaid,they have to wear Bridesmaid Dresses in order to avoid grab limelight with the bride.And the Flower Girl has the Flower Girl Dresses,too.In the wedding,the Cocktail Dresses and the Evening Dresses is necessary,too!And remember,the Wedding Dress of the Bridal Dress must be the most glaring!
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