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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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![DOUBLE LEVERAGE?]()
29 Oct, 2014DOUBLE LEVERAGE?
Oil prices are down about $30 from their highs; great news for consumers and the big oil importers (China, Korea, India). Not so good news for the big producers (Saudi, Russia, Venezuela).Oil ...
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![BRASIL]()
28 Oct, 2014BRASIL
A hundred years ago, I studied international relations in school (the Sykes-Picot Treaty was a hotly-debated current topic among us). For the few of us focused on the Third World (now given the more ...
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![The Present is the Future (at least in bond land)]()
27 Oct, 2014The Present is the Future (at least in bond land)
In our long-term assumptions, we generally assume that the total return in fixed income is pretty close to its starting yield. That's because a bond's total return is a function of two ...
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![I'm Not Dead!]()
24 Oct, 2014I'm Not Dead!
A great line from a great Monty Python movie, and another crisp cover from The Economist: ...
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![Kids!]()
23 Oct, 2014Kids!
On a totally non-market subject, more young adults are living with their parents, and here's the graph to prove it (courtesy of Hugo Scott-Gall of Goldman Sachs). Top line is US, bottom line is ...
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![Europe Falling]()
22 Oct, 2014Europe Falling
Yes, pessimism over Europe's prospects is high, and valuations in Europe are relatively low. But both for good reasons.Below is another data point on how the markets are reflecting the divergence ...
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![Reversal]()
21 Oct, 2014Reversal
I'm interpreting the spike down last week and the strong rebound in the past few days as bullish. See the chart below from Friday's close (courtesy of our friends at Merrill).We have held our ...
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![Shades of 2007?]()
17 Oct, 2014Shades of 2007?
Nice graphic in today's FT showing the spike in vol and sell-off in risk (Greek bond yields jumped from 5.5% to 9% in the past few days).I still think this is mostly noise, a normal, and overdue, ...
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![Old Age]()
16 Oct, 2014Old Age
It's been 3 years since US equities have corrected more than 10%. But there's no law about how long rallies can last without a correction.In any event, as diversified, well-positioned ...
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![Consider]()
16 Oct, 2014Consider
Consider:Volatility spiked to its highest level in over 2 years.Global equities are in negative territory this year, led by Europe's 10% decline.US 10-year Treasury yields fell more than 30 basis ...
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![Knowns and Unknowns]()
16 Oct, 2014Knowns and Unknowns
Until last month, 2014 was a year of investor complacency. Recent market volatility has shaken offrnthe prevailing calm with a healthy re-examination of things that can go wrong for the economy. Forrninvestors, a long-term perspective is critical.
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![MLPs]()
15 Oct, 2014MLPs
Some historical data from Credit Suisse below: MLPs are off 14% this month, pretty bad. Subsequent performance (no guarantees) looks pretty strong though. ...
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![Panic!]()
15 Oct, 2014Panic!
Like Scary Nights at Universal Studios (where my daughter went this weekend), it really is scary out there. I Walked into the office looking at a 300-point drop in the Dow and a +10% jump in 10-year ...
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![US economic growth]()
14 Oct, 2014US economic growth
So, US economic growth is outpacing the rest of the developed world (and much of the non-developed, um, emerging, world), as seen in these charts (thanks to Goldman Sachs).But will we converge, and if ...
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![3RD QUARTER 2014 - PLAGUE]()
1 Oct, 20143RD QUARTER 2014 - PLAGUE
Twenty million people died in the four brutal years of the Great War. Thus, the armistice of 11 November 1918 was greeted with the profound joy borne of sheer exhaustion. At 11am on that day, bells tolled across nearly every country in the four...
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![2ND QUARTER 2014 - DIG]()
1 Jul, 20142ND QUARTER 2014 - DIG
Whiskey has been an indelible part of Scotlands identity for centuries. Historically, consumption was tolerated by the Church of Scotland, but only in moderation and in accordance with Scripture. Whiskeys precise origins in Scotland are unknown...
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![1ST QUARTER 2014 - TRUMP]()
1 Apr, 20141ST QUARTER 2014 - TRUMP
Sports have been integral in societies since at least the ancient Greeks, and probably before. Today, through the magic of the internet (and ESPN), more people can watch more sporting events around the globe than at any time in history. rn
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![4TH QUARTER 2013 - WEED]()
1 Jan, 20144TH QUARTER 2013 - WEED
Gardening goes back a long time in human history. Eden, after all, was a garden. The Hanging Gardens of Babylon, thought to exist about 2,600 years ago, were one of the seven Wonders of the Ancient World.3 There are depictions of gardens a thousand..
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![Angeles Wealth Management - Quarterly Review]()
1 Oct, 2013Angeles Wealth Management - Quarterly Review
For the quarter ending September 30, 2013, global equities gained 8.3%, and appreciated an impressive 15.2% year-to-date. Global stocks outperformed US stocks in Q3, with the S&P 500 advancing only 5.2%.
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![3RD QUARTER 2013 - ELEKTRON]()
1 Oct, 20133RD QUARTER 2013 - ELEKTRON
Fossilized tree resin has been valued by humans since antiquity. Its essence was used in perfume (still is), and its translucent beauty evokes captured sunlight, prized as jewelry, then and now. The ancient Greeks called this substance, elektron...
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![Angeles Wealth Management - Quarterly Review]()
1 Jul, 2013Angeles Wealth Management - Quarterly Review
For the quarter ending June 30, 2013, global equities, as measured by the All Country WorldrnIndex Investable Market Index (MSCI/ACWI/IMI) fell .5%, but remain positive on the year, up 6.4%. US stocks continued to lead major markets in the recovery...
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![2ND QUARTER 2013 - BLUE]()
1 Jul, 20132ND QUARTER 2013 - BLUE
O pium poppies have been cultivated by humans for over 5,000 years. But its chemistry wasnt understood until the early 19th century when the German chemist, Friedrich SertÃrner, isolated the two alkaloids that provide its potency. One he named...
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![Angeles Wealth Management - Quarterly Review]()
15 May, 2013Angeles Wealth Management - Quarterly Review
Global equities, as measured by the All Country World Index/Investable Market Index (MSCIrnACWI IMI) advanced 6.9% in the first quarter of 2013. US stocks, represented by the S&P 500rnIndex, rallied 10.6%, besting the World Index.
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![1ST QUARTER 2013 - GRAVELINES]()
1 Apr, 20131ST QUARTER 2013 - GRAVELINES
Elizabethan England was an era of plots and intrigue, chivalrous knights and swashbuckling pirates. The many domestic conspiracies and foreign wars of the 16th century were nominally about religion, but were, of course, really about power...
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