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Insights from our CIO
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![Michael Rosen]()
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CIO Insights are written by Angeles' CIO Michael Rosen
Michael has more than 35 years experience as an institutional portfolio manager, investment strategist, trader and academic.
RSS: CIO Blog | All Media
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![Hot As Hell]()
16 Nov, 2017Hot As Hell
Hell is hot, as everyone knows. Everyone knows this, but there really is no conclusive evidence: no eyewitness reports, no scientific instruments to measure the temperature in Hell. So, how do we know ...
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![3RD QUARTER 2017 - GHOST MOVES]()
31 Oct, 20173RD QUARTER 2017 - GHOST MOVES
Wei Qi translates as "surrounding game". It is the oldest board game in continuous play in its original form, some 3,000-4,000 years old. Confucius wrote of the many benefits in developing the mind and spirit for those who study the game..
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![It's About Time]()
22 Sep, 2017It's About Time
Lost Time is never found again, advised Benjamin Franklin in Poor Richards Almanack. And Dante Alighieri observed, The wisest are the most annoyed at the loss of time.I have been thinking about ...
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![For What It's Worth]()
21 Aug, 2017For What It's Worth
In the summer of 1966, throngs of young people crowded the Sunset Strip in Los Angeles to hear their favorite bands. Over at the Sunset Tower, Jim Morrison and the Doors were the house band, finishing ...
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![2ND QUARTER 2017 - CINCINNATUS]()
27 Jul, 20172ND QUARTER 2017 - CINCINNATUS
Henry Knox was the proprietor of a popular Boston book store, which afforded him time to read up on his favorite topic: military tactics and strategy. When the British occupied Boston in 1775, Knox, with no military experience...
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![Toes in the Sand]()
20 Jul, 2017Toes in the Sand
For me, and I think I speak for everyone on the planet, the feeling of warm sand between the toes is one of lifes great pleasures. And for virtually everyone on the planet, including those of us who ...
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![Not Dead Yet]()
13 Jul, 2017Not Dead Yet
According to the National Bureau of Economic Research (NBER), the self-acclaimed arbiter of economic debate in this country, the current economic expansion began in June 2009, meaning we just passed ...
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![Humans! What Are They Good For?]()
29 Jun, 2017Humans! What Are They Good For?
It looks like the world is turning against humans. Ive talked before about the rise of robots in manufacturing (2016 Angeles Independent School Endowment Symposiumsee graph below). But robots are ...
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![Beware Parabolas and Populists]()
13 Jun, 2017Beware Parabolas and Populists
In scouring the world for investment opportunities, the chart above caught my attention. It shows the year-to-date performance of the Caracas stock exchange, more than tripling from around 30,000 to ...
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![Economics in Action]()
12 Jun, 2017Economics in Action
The intersection of supply and demand determines price and quantity: there is no more fundamental principle of economics (see graph below). We rarely see this principle in action because prices for ...
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![Job Growth is Falling. The Sky is Not.]()
2 Jun, 2017Job Growth is Falling. The Sky is Not.
Today's jobs report was disappointing: only 138,000 net new jobs created in May (the consensus had it pegged at 182,000), another 66,000 lost in revisions to the prior two months, the three-month ...
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![1ST QUARTER 2017 - THE LAST SHOGUN]()
8 May, 20171ST QUARTER 2017 - THE LAST SHOGUN
Japan has been ruled by the Yamato dynasty for nearly 2,700 years, the longest continuous monarchy in the world. From Jimmu to kihito, 125 emperors have held the Chrysanthemum Throne.
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![Hope and Reality]()
6 Apr, 2017Hope and Reality
Why is everyone so happy? Well, maybe not everyone, but a lot of people are as optimistic as theyve been in a long while. Start by looking at consumer confidence, as collated by the Conference Board ...
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![Chasing the Red Baron]()
31 Mar, 2017Chasing the Red Baron
You cant eat relative returns is an old aphorism. It sounds like it could come out of Poor Richards Almanac (Benjamin Franklin), and Im not really sure of its origin, but it means that we (investors) ...
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![Non-Zero Sum]()
17 Feb, 2017Non-Zero Sum
There are prominent voices (and tweets) urging us to pull back, dig in, and lock the gate. This rising chorus of nationalism and protectionism sees a dangerous world intent on our demise or ...
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![LOVE]()
14 Feb, 2017LOVE
Its probably no surprise to you that I see offering world-class investment advice as a valuable service for the long-term well-being of our clients. And while I think of investing as critically ...
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![4TH QUARTER 2016 - FINLAND STATION]()
25 Jan, 20174TH QUARTER 2016 - FINLAND STATION
After three years of war, and really, three centuries of Romanov repression, the Russian people had reached their breaking point. The Tsar's army suffered defeat after defeat against the Kaiser's superior...
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![Shock, Part 4 (Divided We Are)]()
21 Dec, 2016Shock, Part 4 (Divided We Are)
We began this series with a review of the likely economic policies and their implications of the new Trump administration, and discussed the long-term challenges investors face. We would have ...
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![Shock, Part 3 (The End of Pax Americana)]()
13 Dec, 2016Shock, Part 3 (The End of Pax Americana)
We are all trying to make sense of the election of Donald J. Trump to the presidency, and a few weeks ago I outlined the possible economic agenda and its consequences the administration may pursue ...
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![Shock, Part 2 (The Asset Allocator's Dilemma)]()
28 Nov, 2016Shock, Part 2 (The Asset Allocator's Dilemma)
In Shock (Part 1) (http://blog.angelesadvisors.com/2016/11/shock-part-1/), we looked at a possible Trump economic agenda and its consequences. A large increase in government spending, tax cuts and ...
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![Shock (Part 1)]()
22 Nov, 2016Shock (Part 1)
Shock, a sudden drop in blood flow, is a serious medical condition. Untreated, it can quickly be fatal. There are numerous types and causes of shock, including anaphylactic, an allergic reaction, ...
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![3RD QUARTER 2016 - CHANCELLORSVILLE]()
4 Nov, 20163RD QUARTER 2016 - CHANCELLORSVILLE
Abraham Lincoln suffered from clinical depression his whole life, but as 1862 drew to a close, even the most cheerful were likely to be losing faith in the Union cause. Virginia was turning from battlefield to graveyard for the Union armies.
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![What I Learned While Atoning]()
17 Oct, 2016What I Learned While Atoning
Twenty-four hours without food or drink is supposed to help focus the mind on the task at hand: atoning for the sins of the past year in hopes thatÂyour name is placed in the Book of Life for ...
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![Janet Yellen Is Your Friend]()
28 Sep, 2016Janet Yellen Is Your Friend
I have not met Janet Yellen, but she seems like a perfectly friendly person. Yet, for some reason, investors seem to panic whenever she hints that the Fed is discussing whether and when to lift ...
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