This fund made all of its outsized returns by betting big on Homebuilding (CTX, NVR, CEMEX, Countrywide etc) and Baby Boomers (Thor, HD, etc). When it hit the fan they were late to sell, and now they are probably going to be late getting back in.

It is pretty well known that trying to time the market is dumb. Unfortunately we know have that with Muhlenkamp. Rather than dump all their homebuilders they should have just covered their noses and held on, at least to some. Know we missed being in one of the better performing parts of the indexes in 2008 and suffered the worst losses in 2007.

What happened to the guy that focused on the macro economy, found well run companies that will benefit over the long run (say 15 years) and then invest for that time period. Now we have someone chasing the latest sectors. What's next a large investment in CROCS?

I think Ron is nearing retirement and has lost his long term focus.

We want VALUE & Total Return not a momentum fund. Ron, you are no good at momentum investing!