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ARTICLES & INSIGHTS
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ARTICLES & INSIGHTS
- HOME CIO INSIGHTSCOMMENTARY AND ANALYSIS FROM ANGELES' CIO, MICHAEL ROSEN ANGELES INSIGHTSRESEARCH AND PERSPECTIVES FROM THE ANGELES TEAM IN THE NEWSPRESS RELEASES, INTERVIEWS, AND PUBLICATIONS FEATURING ANGELES MARKET UPDATE SNAPSHOTSMONTHLY MARKET ANALYSIS VIEW ALL MEDIA
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CIO INSIGHTS
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1ST QUARTER 2015 - FUNAMBULISM 04-01-2015
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 ...
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NEGATIVE YIELDS 03-19-2015
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 ...
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ERIN GO BRAGH! 03-17-2015
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 ...
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REBALANCINGS 03-16-2015
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 ...
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NOT DEFLATION 02-26-2015
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 ...
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DIVERSIFY 02-19-2015
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, ...
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PATIENCE 02-17-2015
Interest rate cycles are long: lasting not years, but decades. Consequently, we don't have many data points for statistically significant conclusions ...
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WHERE HAVE ALL THE BONDS GONE? 02-09-2015
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 ...
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DOLLAR 02-06-2015
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 ...
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JOBS, JOBS, JOBS 02-06-2015
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 ...
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CONSENSUS 01-28-2015
Europe is a mess, everyone agrees: poor demographics, sclerotic and oppressive regulation, political dysfunction. European stocks lost 6% last year as ...
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STATISTICS 01-20-2015
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 ...
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SWISS CHEESE 01-15-2015
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, ...
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MARKET COMMENTARY 01-13-2015
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 ...
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WEIGHTY 01-08-2015
Among new year resolutions, losing weight tops the list for the majority of Americans. Actually, I made up that statistic, but in my defense, (a) it ...
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SHIPPING 01-02-2015
First, happy new year to all!I walked into the office this morning to a crystal clear view of the Pacific. What a beautiful start to the year!In the ...
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4TH QUARTER 2014 - CANUTE 01-01-2015
Beginning in the late 8th century, an intrepid band of explorers set out from their harsh, frozen lands, first to plunder, then to conquer most of ...
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GDP 12-23-2014
Normally, I wouldn't comment on any single economic release, but today's GDP revision adds to the mounting evidence of a strengthening US economy. GDP ...
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TOO MANY WORDS 12-22-2014
Among monetary economists, there is a raging debate over the merits of the Fed's burgeoning balance sheet. Back in November 2010, an open letter to ...
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ENERGY PANIC 12-16-2014
Take a look at the price of a barrel of good ol' West Texas Intermediate (see graph below). Two things jump out at me: big declines occur in ...
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EUROPE SPUTTERS, US CRUISES 12-15-2014
Europe's unemployment rate is 11.5%. Europe is currently growing at less than 1%. A rule of thumb is that it takes excess growth of 2-2.5% to drop the ...
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DEFLATION? NOT US 12-09-2014
The dramatic (40%!) drop in oil prices has caused some hysteria in the media about the rising risks of deflation. After all, lower energy prices is ...
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LABOR MARKET 12-05-2014
Oh, this was a strong report this morning, on every level:321,000 net new jobs in November.10 consecutive months of +200,000 payroll gains (228,000 on ...
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PETROPOLITICS-II (IMPLICATIONS) 12-03-2014
Declining oil prices provide a net benefit to the global economy. A rule of thumb is every $10/barrel transfers around $330 billion, about 0.4% of ...
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