Finding Great Companies in a Challenging Macro Environment with Jeff Muhlenkamp

In this episode of Excess Returns, we speak with Jeff Muhlenkamp, portfolio manager at Muhlenkamp and Company. We discuss Jeff's views on inflation, the likelihood of a recession, and the possibility of another financial crisis. We also take a in depth look at his investment process, which focuses on finding good companies with strong growth, profitability, and financial strength. He also discusses the importance of understanding management incentives and how he incorporates macroeconomic factors into his investment decisions.

00:00 - Introduction
01:35 - Will inflation remain high?
04:50 - Discussing the likelihood of a recession
09:50 - Possibility of another financial crisis
14:20 - Jeff's investment process and criteria for good companies
18:40 - Importance of return on equity in Jeff's analysis
22:10 - Investing in an inflationary vs. deflationary environment
25:00 - Evaluating growth and its sustainability
29:15 - Defining financial strength
32:20 - The role of management and communicating with them
38:00 - What Jeff finds attractive in the current market
47:50 - Technology in healthcare and the future of nuclear power
50:15 - Concerns about political decisions impacting innovation and growth

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