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, theyâ€™ve used the resulting cash flows to buy in stock.

Read the full "Muhlenkamp Memorandum" letter.

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