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![I'm Swiss]()
13 Oct, 2015I'm Swiss
No question, this has been a challenging year. Virtually every financial asset class is struggling. Stocks are down, bonds are down, gold is down, oil is down. US is down, non-US is down. Large caps ...
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![Ursa Minor]()
2 Oct, 2015Ursa Minor
The bears are stirring. Not yet rampaging, but there's a lot of red ink across most markets.Today's jobs report was weak. No honey-coating it, it was a treat for the bears. Payrolls rose 142,000, well ...
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![3RD QUARTER 2015 - GO WEST (AND EAST, NORTH AND SOUTH)]()
1 Oct, 20153RD QUARTER 2015 - GO WEST (AND EAST, NORTH AND SOUTH)
Humans have inhabited the earth for what is a mere blink of the eye. The Universe was formed around 13 Â billion years ago, the Earth 7 billion years later, and in the past 4 Â billion years of the Earths existence, the genus Homo arose just...
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![Yogi]()
24 Sep, 2015Yogi
Baseball, more than any other sport, by far, has drawn its share of colorful characters. I don't know why that is, but it is.This week, we lost one of the greatest, maybe the greatest, of all-time, ...
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![Drop (in the bucket)]()
15 Sep, 2015Drop (in the bucket)
Markets will fluctuate, as Pierpont Morgan caustically observed. And "fluctuate" means down as well as up. Perhaps I, too, am being caustically obvious, but I've long believed that a broadperspective ...
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![Mauled]()
11 Sep, 2015Mauled
Investors in Emerging Markets could be forgiven for feeling as if they've gone 15 rounds with Ronda Rousey (see below). Or, more like 3 years with thethe best pound-for-pound fighter today (she might ...
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![Jobs]()
4 Sep, 2015Jobs
Markets have taken today's employment release as evidence of a weakeningjobs market. A mere 173,000 net new jobs were added in August, below the consensus figure of 217,000. But, coincidentally, ...
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![PENSION FUND CALSTRS WEIGHS SHIFT TO SAFETY]()
2 Sep, 2015PENSION FUND CALSTRS WEIGHS SHIFT TO SAFETY
Michael Rosen said that to contemplate such a move, investors need to understand their goal and then execute the strategy in a "systematic and disciplined" way.
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![Picking Up the Pace]()
28 Aug, 2015Picking Up the Pace
Lost amidst the market turmoil this week were a number of reports of a strengthening US economy. Consumer confidence soared last month, as did new home sales. Durable goods orders surprised with a 2% ...
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![Jolt]()
25 Aug, 2015Jolt
Two weeks ago (13 August, No Panic (Yet)) I noted that the renminbi devaluation was officially described as a modest alignment with market forces, which may have been true, but that it was strongly ...
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![Land of Borat]()
20 Aug, 2015Land of Borat
I probably should not confess to enjoying Borat (full title:Borat: Cultural Learnings of America for Make Benefit Glorious Nation of Kazakhstan), 86 minutes of low-brow, sophomoric gags lest I shatter ...
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![No Panic (Yet)]()
13 Aug, 2015No Panic (Yet)
Earlier this week, China devalued its currency 1.9% against the US dollar. On one level, this is not a big deal. China's currency has been appreciating considerably for many years (see Chart 1 for the ...
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![Criminals in Diapers]()
5 Aug, 2015Criminals in Diapers
Japan grew from the (literal) ashes of the Second World War to become the second largest economy in the world by creating products we all wanted. Some were revolutionary, like the Sony Walkman, some ...
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![Dry Hole]()
29 Jul, 2015Dry Hole
Southern California just had the wettest July on record, the Angels were rained out of a home game for the first time in 20 years, and we're all getting excited that a strong El Niño is ...
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![Hot Bidding]()
27 Jul, 2015Hot Bidding
The housing recovery, from its worst downturn since at least the 1930s, has been steady, but much less robust than most had expected. There are many explanations offered, from mean banks who have ...
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![OUTSOURCING HERE TO STAY BUT WILL CONTINUE TO EVOLVE]()
27 Jul, 2015OUTSOURCING HERE TO STAY BUT WILL CONTINUE TO EVOLVE
"It's unlike a lot of investment ideas that are really nothing more than fads; the OCIO concept is rooted in a good idea,"" Mr. Rosen added. "It's an approach that solves a number of challenges in a more efficient way."
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![Plunging]()
24 Jul, 2015Plunging
Commodity prices are in free fall. The Bloomberg Commodity Price Index (5-year chart below) is off about 30% in the last year. Gold is dropping toward $1,000/oz., and oil (WTI) is back below ...
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![CAPITAL GROUP CHAIRMAN JAMES ROTHENBERG DIES AT 69 OF HEART ATTACK]()
22 Jul, 2015CAPITAL GROUP CHAIRMAN JAMES ROTHENBERG DIES AT 69 OF HEART ATTACK
"He was one of the giants in the investment management world and was part of building Capital Group into one of the premier investment organizations,"" Michael Rosen, CIO of Angeles Advisors.
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![Wild, Wild East]()
13 Jul, 2015Wild, Wild East
The central planners in Beijing have gotten so much right for the past three decades, that they might be forgiven for believing in their own infallibility. But it's one thing to shuffle resources ...
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![TOWERS WATSON, WILLIS MERGER TO COMBINE STRENGTHS]()
13 Jul, 2015TOWERS WATSON, WILLIS MERGER TO COMBINE STRENGTHS
"Towers Watson has the stronger investment consulting presence, and I would expect that group to lead the new group effort," Mr. Rosen said.
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![???]()
6 Jul, 2015???
I'm not sure why the pundits were predicting the Greeks would volunteer to walk meekly to their certain ruin, but the vote yesterday apparently surprised these experts. European equities are down 1 %, ...
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![2ND QUARTER 2015 - CLOSE HAUL]()
1 Jul, 20152ND QUARTER 2015 - CLOSE HAUL
Sailing has been an inextricable companion of human development and civilization. Artifacts over 7,000 years old contain pictures of sail boats, more than 2,000 years before the domestication of the horse, making sailing our first non-bipedal...
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![Puerto Pobre]()
30 Jun, 2015Puerto Pobre
An honest politician may be oxymoronic (or is just moronic?), or maybe it's the black swan that surprises us when seen. Either way, Alejandro Garcia Padilla, governor of the US Commonwealth of Puerto ...
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![Drama/Drachma]()
29 Jun, 2015Drama/Drachma
Here we go again, as Ronald Reagan used to say. Asian equities off 2-3%, Europe down 3-4%, Treasuries rallying, gold up. What's going on?The latest act of this tragedy was the imposition of capital ...
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