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![O'HANLEY READY TO TAKE ON FORMIDABLE' COMPETITION]()
6 Apr, 2015O'HANLEY READY TO TAKE ON FORMIDABLE' COMPETITION
Michael Rosen, of Santa Monica, Calif.-based investment consultant Angeles Investment Advisors LLC, agreed, describing Mr. O'Hanley as "a highly qualified leader" who is "very experienced and very knowledgeable in the money management world."
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![California Dreamin']()
2 Apr, 2015California Dreamin'
Well, maybe not dreaming, but some thoughts.Below, my graph shows the unemployment rates for California and the US since 1976. California was generally better than the country in the 1980s, and has ...
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![New Owners]()
1 Apr, 2015New Owners
A few years, I was at a conference, standing in a buffet line. I must have become fixated on extracting the blueberries from the fruit platter (I really like blueberries, and those cheap tongs at ...
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![1ST QUARTER 2015 - FUNAMBULISM]()
1 Apr, 20151ST QUARTER 2015 - FUNAMBULISM
Sports have been an integral part of human existence since, well, the beginning. Drawings in the Lascaux caves in France from more than 17,000 years ago (see below) depict swimming, running and wrestling. Sports are featured in the relics of...
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![Negative Yields]()
19 Mar, 2015Negative Yields
One of the (many) perplexing phenomena facing investors is the persistent (and falling) low yields on government bonds.Most of the time, we look to real yields to determine the impact of interest ...
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![Erin Go Bragh!]()
17 Mar, 2015Erin Go Bragh!
In honor of St. Patrick, I thought I'd share this (mostly) green chart with you, showing the DJIA over the past 115 years, delineated by bull and bear markets (courtesy of Ned Davis Research).US ...
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![Rebalancings]()
16 Mar, 2015Rebalancings
Apologies for slipping on the blogs, but I've been traveling around the continent, from Alaska to DC.One of the more common questions/comments we've heard from clients this quarter relates to the ...
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![Angeles Investment Advisors Admits New Member]()
15 Mar, 2015Angeles Investment Advisors Admits New Member
Angeles Investment Advisors announced today that Michael J. Burlon was admitted as a new member of the company. Angeles is now wholly owned by eight employees.
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![Not Deflation]()
26 Feb, 2015Not Deflation
The Consumer Price Index dropped 0.7% in January, bringing the year-over-year change to negative 0.1%. With the exception of the 2008 financial meltdown, the January decline brought the index to its ...
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![Diversify]()
19 Feb, 2015Diversify
Each year for clients we update a very colorful graphic ranking the annual performance of various asset classes. Each asset class has its own color, and the graphic is striking because of the ...
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![Patience]()
17 Feb, 2015Patience
Interest rate cycles are long: lasting not years, but decades. Consequently, we don't have many data points for statistically significant conclusions about patterns. That said, we work with what we ...
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![Where Have All the Bonds Gone?]()
9 Feb, 2015Where Have All the Bonds Gone?
Apologies to Pete Seeger for stealing his song lyric, but I think bonds and flowers are sufficiently different that he wouldn't mind.The chart below (from our friends at Morgan Stanley) shows that net ...
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![TED ELIOPOULOS: CALPERS' $300-BILLION MAN]()
8 Feb, 2015TED ELIOPOULOS: CALPERS' $300-BILLION MAN
"It's perfectly possible to be a very effective leader even if you don't have all the experience in the weeds," said Michael Rosen, a principal at Angeles Investment Advisors, which advises institutional investors.
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![Dollar]()
6 Feb, 2015Dollar
My quarterly letter talks about the strength of the US dollar and why it should continue to rise (see Chart below), but I wanted to note here the huge impact currencies have had on investors in the ...
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![Jobs, Jobs, Jobs]()
6 Feb, 2015Jobs, Jobs, Jobs
The US economy is stronger than we think: 257,000 net new jobs in January, but another 404,000 jobs were "found" (due to a recalculation) in November and December. More than 140 million are currently ...
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![PIMCO FUND HAD $11.6 BILLION OF WITHDRAWALS IN JANUARY]()
3 Feb, 2015PIMCO FUND HAD $11.6 BILLION OF WITHDRAWALS IN JANUARY
At this point, most people who've decided to exit have exited," Michael Rosen. "I think that's probably right unless performance starts deteriorating and then the floodgates will open again."
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![Consensus]()
28 Jan, 2015Consensus
Europe is a mess, everyone agrees: poor demographics, sclerotic and oppressive regulation, political dysfunction. European stocks lost 6% last year as the US gained 13%, about as wide a performance ...
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![FOR VANGUARD, THESE ARE THE BEST OF TIMES]()
26 Jan, 2015FOR VANGUARD, THESE ARE THE BEST OF TIMES
Others agree. "The trend toward passive investing is something (Vanguard founder) John Bogle really believed in," said Michael Rosen, a principal of Santa Monica, Calif.-based investment consultant Angeles Investment Advisors LLC.
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![VANGUARD'S FUNDS REACH NEW HEIGHTS]()
26 Jan, 2015VANGUARD'S FUNDS REACH NEW HEIGHTS
Although Mr. Rosen said he still believes in active management " "it just requires the right mix of resources, experience, organization and judgment to identify superior managers"
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![Statistics]()
20 Jan, 2015Statistics
Mark Twain wrote in his autobiography that there are three kinds of lies: lies, damned lies and statistics. How true.Revenue can be deferred (or accelerated), profits are easily manipulated, inventory ...
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![Swiss Cheese]()
15 Jan, 2015Swiss Cheese
Back in 2011, as talk of the Eurozone disintegrating was at high pitch, investors fled to the perceived safety of the Swiss franc (CHF). Naturally, the value of the currency spiked higher, threatening ...
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![WHY HIGH-YIELD DEBT SELLOFF ISN'T 2007 ALL OVER AGAIN. OR IS IT?]()
15 Jan, 2015WHY HIGH-YIELD DEBT SELLOFF ISN'T 2007 ALL OVER AGAIN. OR IS IT?
Just as many underestimated the effect defaulting subprime mortgages would have on financial markets in 2008, investors pulling money from high-yield mutual funds could spread liquidity problems to more fundamentally sound parts of financial system.
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![Market Commentary]()
13 Jan, 2015Market Commentary
A Secular Bull Market is generally defined as a long-term bullish trend consisting of larger bull markets and smaller bear markets or corrections. In a secular bull market, the corrections are often rapid and scary, but generally make higher lows...
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![IN VANGUARD'S SHADOW, SMALL FIRM SCORES TWEAKING INDEXES]()
13 Jan, 2015IN VANGUARD'S SHADOW, SMALL FIRM SCORES TWEAKING INDEXES
"Educated advisers are more likely to prevent their clients from making radical changes when markets drop," said Rosen. "The fact that those assets are sticky will add value for the investors."
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