Ron Muhlenkamp: Stomach Not Strong Enough for Europe

Ron Muhlenkamp: Stomach Not Strong Enough for Europe
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Ron Muhlenkamp Q2 conference call.


Tony Muhlenkamp, Executive Vice President Ron Muhlenkamp, Founder, President, and Portfolio Manager

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Ron Muhlenkamp: Stomach Not Strong Enough for Europe


Tony Muhlenkamp
Good afternoon, everybody.

I’ll be hosting the call with my father, Ron, the President and Portfolio Manager of our firm. I suspect most of you have been on one or two of these conference calls before, so you’re familiar with the people and the format.

What we’re going to do is spend a little time with Ron, getting his “big picture,” an overview… pick up on some of the themes that are continuing, and review what has changed since the last time we spoke. Then I’m going to ask him to take a look at the companies we own within our top ten holdings—give us the rationale, what he’s seeing with those companies, and how they reflect those themes. Then, we’ll have some time for questions and answers.

A lot of what we’ll be talking about with you, you’ll be able to review online. To prepare for this call, I always review our quarterly newsletter, as well as any transcripts of our seminar and past conference calls. Once again, a lot of what we’ll talk about today, you’ll be able to go back and flesh out if you go to our website and browse around. If you still have questions, by all means, give us a call.

So, Dad, with that all being said, what are the most interesting or significant things you see going on today and how has that changed from three or four months ago?

Ron Muhlenkamp

I’ll start with the things that haven’t changed too much:

1. Europe is in recession. We really don’t have a lot of interest in betting on Europe just yet. If your stomach is real good and you have a long-term perspective, you may start with the bottom fish. Our stomach is not quite that good. We do think we have long-term perspective, but, the long and short of it is, we’re not interested in Europe at the present

159818532 Adv Conf Call July 2013 Transcript by

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