- Thinks China stepped on the brakes about a year ago so he expected a slowdown
- China now has its foot off the brake but isn’t going to step on the gas until inflation is clearly under control
- Muhlenkamp is finding value in the United States primarily
- Companies are concerned what the rules are going to be a year from now (post election)
- Right now Muhlenkamp owns Microsoft, Intel, Pfizer, United Health, which have good balance sheets, are trading at ten time earnings, he feels he has to own them
