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The Big Squeeze

The Big Squeeze

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Published by CanadianValue
Muhlenkamp and Co - The Big Squeeze
Muhlenkamp and Co - The Big Squeeze

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Published by: CanadianValue on Sep 03, 2013
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The BigSqueeze:
How taxesare squeezing your income;how interest ratesare squeezing  your assets.
Ronald H. Muhlenkamp
Founder & President, Muhlenkamp & Company, Inc.
Ronald H. Muhlenkamp
is ounder andpresident o Muhlenkamp & Company,Inc., established in 1977. He is a nationally recognized, award-winning investment manager, requent guest o the media,and eatured speaker at investment conerences nationwide. He has developeda proprietary method o evaluating bothequity and xed income securities, whichcontinues to be employed by Muhlenkamp& Company. In addition to publishing a quarterly newsletter,
 Muhlenkamp Memorandum
, Mr. Muhlenkamp is theauthor o 
Ron’s Road to Wealth: Insights or the Curious Investor 
.Mr. Muhlenkamp received a Bachelor o Science degree in Engineering romM.I.T. in 1966, and a Masters in Business Administration rom the Harvard BusinessSchool in 1968. He holds a CharteredFinancial Analyst (CFA) designation.He and his wie, Connie, make their home on a arm near Pittsburgh, but travel extensively to meet and talk withcompanies and clients around the country. The majority o Mr. Muhlenkamp’slong-term investment assets are investedin the Company’s sel-named mutual und.
This booklet,
The Big Squeeze: How taxes are squeezing your income; how interest rates are squeezing your assets
, is an adaptation of the presentations thatRon Muhlenkamp, Portfolio Manager, and Jeff Muhlenkamp, Investment Analyst,delivered at the Muhlenkamp & Company investment seminar in May 2013.
 Jeff Muhlenkamp addressed how low interest rates impact companies’ denedbenet pension plans.
Archives of past seminars are available at www.muhlenkamp.com.
We hope you nd this booklet useful. Let us know what you think.
Ron Muhlenkamp began the presentation…I nd that many o the things we see today are similar to what we’ve seenbeore. For instance, the government budget decits today look much like thedecits o the 1980s. And concerns about China today are similar to concerns we had about Japan in the 1970s. This is especially true or today’s seminar topic. Over the past years,I’ve written extensively about the sel-deeating nature o excessive taxationand how interest rates and infation aect your purchasing power. Today’sseminar is a synthesis o 40 years o observations based on acts. Due to timeconstraints, you’ll be getting the “Cli’s Notes” or 
Reader’s Digest 
 version.For additional inormation, please reer to the Appendix which includes thesource materials.
How Taxes Are Squeezing Your Income
In October 1996 I wrote
The Trouble with Government Spending 
, oering my perspective on taxes, ederal spending, and their eects on the economy.In that essay, I assert that personal and national wealth production only occur in the private (nongovernmental) market because when the government getsinvolved, work incentives decrease and spending becomes less ecient.
The Big Squeeze:How taxes are squeezing your income;How interest rates are squeezing your assets

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