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Insights from our CIO
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Insights from our CIO
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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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7 Jun, 2016
La Justice?
I'm not French, and I'm not a lawyer. So I am certainly not a French lawyer. These facts may be obvious, but I state them as a possible explanation for my lack of understanding the (tortured) logic in ...
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24 May, 2016
Floating Oil
Oil has had a nice recovery this year (see graph for Brent, YTD), up about 18% to over $48/barrel today. Of course, this is still well below the +$100/barrel we saw from 2011 through most of 2014, so ...
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24 May, 2016
Housing Has Legs
Surprisingly strong housing numbers out this morning: new single-family homes rose 16.6% in April to an annual pace of 616,000 (see chart below), well above expectations, and up 23.8% over the past ...
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23 May, 2016
Inside the Triangle
Complexity makes investing so challenging. Unlike the pure sciences, there are no hard truths in investing, no discoverable axioms that determine outcomes with 100% confidence. At best, we can speak ...
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17 May, 2016
2016 - 1st Quarter Commentary
To read more, download the full 16 page PDF: ...
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10 May, 2016
Managing Home Bias: Defending the Value of Global Equities
Home Bias is the tendency for investors to overallocate to domestic investments regardless of the benefits of global diversification in terms of both risk and reward.
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4 May, 2016
1ST QUARTER 2016 - FOUNDATIONS
Some of the most impressive accomplishments in human history were born of vanity, some rose from sheer curiosity, some were driven by commerce, others by necessity.
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7 Apr, 2016
Still in Neutral
The first quarter began with a bang and ended with a whimper. At least, that's the message from the VIX (volatility indexsee below). Bouncing around an elevated level of around 28 for much of January ...
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24 Mar, 2016
Laboring
In some respects, this is a golden age for labor. The unemployment rate has dropped to 4.9% from a high of 10% in October 2009. It's not quite as low as the 3.8% in early 2000, or the post-war low of ...
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4 Mar, 2016
In A Hole
Two months ago, I offered some hope that drop we saw on the first day of 2016 was a good omen for the rest of the month and year (http://blog.angelesadvisors.com/2016/01/apres-moi-le-deluge/). I noted ...
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3 Feb, 2016
4TH QUARTER 2015 - BOUNDARIES
Painting has been a human endeavor probably since we developed opposable thumbs. Traditionally, painting filled one of two purposes: either decorative, with splashes of colors and designs, or commemorative, capturing a scene.
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25 Jan, 2016
Digging Out
The eastern United States was buried in snowstorm Jonas this weekend, from 42 inches (more than a meter for our non-US friends) in West Virginia to (a mere) 15 inches on Cape Cod. Snowfall records ...
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5 Jan, 2016
Après moi le déluge
In more ways than one.We greeted the new year with an actual deluge, at least here in California, as the long-promised El Niño swooped in with force. Mudslides and traffic accidents are the ...
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31 Dec, 2015
A Year-End Thought
This week, my college basketball team visited southern California, and I was lucky enough to spend some time with them over the past few days. I foundmyselfre-connecting to my ownseminalexperience 35 ...
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8 Dec, 2015
Path to Progress
Zimbabwe is a country of 14 million people. I've never been there, and I can't recall if I've ever met anyone from there, but I'm sure that the vast majority of Zimbabweans are very pleasant people. ...
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30 Nov, 2015
O Pais do Futuro
Charles de Gaulle (photobelow)imperious, disdainful, utterly French (and venerated for it in France)noted 50 years ago that "Brazil was the country of the future." With more than 200 million people ...
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20 Nov, 2015
Under My Thumb
As Mick Jagger sang (screeched?) 50 years ago. The song was about turning the tables on a domineering woman (The girl who once had me down).A bit sexist, to be sure, but the song came to mind when ...
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19 Nov, 2015
Fairy Tales
The technology bubble of the late 1990s is a distant memory for most investors, and an ignorance for the rest. But back then, companies were raising huge sums of private capital on business plans made ...
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23 Oct, 2015
Patricia
It's another beautiful day in Santa Monica: blue skies, a few high wisps of stratus clouds. But 1500 miles south of here is the strongest hurricane ever recorded in the Western Hemisphere. It will ...
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13 Oct, 2015
I'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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2 Oct, 2015
Ursa 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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1 Oct, 2015
3RD 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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24 Sep, 2015
Yogi
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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15 Sep, 2015
Drop (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 ...