INVESTMENT INSIGHTS

313 RESULTS

• HUMANS! WHAT ARE THEY GOOD FOR? 06-29-2017

  It looks like the world is turning against humans. I've talked before about the rise of robots in manufacturing (2016 Angeles Independent School ...

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• BEWARE PARABOLAS AND POPULISTS 06-13-2017

  In scouring the world for investment opportunities, the chart above caught my attention. It shows the ...

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• ECONOMICS IN ACTION 06-12-2017

  The intersection of supply and demand determines price and quantity: there is no more fundamental principle of economics (see graph below). We rarely ...

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• JOB GROWTH IS FALLING. THE SKY IS NOT. 06-02-2017

  Today's jobs report was disappointing: only 138,000 net new jobs created in May (the consensus had it pegged at 182,000), another ...

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• 1ST QUARTER 2017 - THE LAST SHOGUN 05-08-2017

  Japan has been ruled by the Yamato dynasty for nearly 2,700 years, the longest continuous monarchy in the world. From Jimmu to kihito, 125 emperors ...

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• HOPE AND REALITY 04-06-2017

  Why is everyone so happy? Well, maybe not everyone, but a lot of people are as optimistic as they've been in a long while. Start by looking at ...

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• CHASING THE RED BARON 03-31-2017

  You can't eat relative returns is an old aphorism. It sounds like it could come out of Poor Richard's Almanac (Benjamin Franklin), and ...

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• NON-ZERO SUM 02-17-2017

  There are prominent voices (and tweets) urging us to pull back, dig in, and lock the gate. This rising chorus of nationalism and protectionism sees a ...

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• LOVE 02-14-2017

  It's probably no surprise to you that I see offering world-class investment advice as a valuable service for the long-term ...

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• 4TH QUARTER 2016 - FINLAND STATION 01-25-2017

  After three years of war, and really, three centuries of Romanov repression, the Russian people had reached their breaking point. The Tsars army ...

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• SHOCK, PART 4 (DIVIDED WE ARE) 12-21-2016

  We began this series with a review of the likely economic policies and their implications of the new Trump administration, and discussed the long-term ...

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• SHOCK, PART 3 (THE END OF PAX AMERICANA) 12-13-2016

  We are all trying to make sense of the election of Donald J. Trump to the presidency, and a few weeks ago I outlined the possible economic agenda and ...

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• SHOCK, PART 2 (THE ASSET ALLOCATOR'S DILEMMA) 11-28-2016

  In Shock (Part 1) (), we looked at a possible Trump economic agenda and its consequences. A large increase in government spending, tax cuts ...

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• SHOCK (PART 1) 11-22-2016

  Shock, a sudden drop in blood flow, is a serious medical condition. Untreated, it can quickly be fatal. There are numerous types and causes of shock, ...

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• 3RD QUARTER 2016 - CHANCELLORSVILLE 11-04-2016

  Abraham Lincoln suffered from clinical depression his whole life, but as 1862 drew to a close, even the most cheerful were likely to be losing faith ...

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• WHAT I LEARNED WHILE ATONING 10-17-2016

  Twenty-four hours without food or drink is supposed to help focus the mind on the task at hand: atoning for the sins of the past year in hopes ...

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• JANET YELLEN IS YOUR FRIEND 09-28-2016

  I have not met Janet Yellen, but she seems like a perfectly friendly person. Yet, for some reason, investors seem to panic whenever she hints that the ...

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• GIVE US YOUR POOR 09-16-2016

  A large percentage of energy expended at Angeles is in evaluating, analyzing and judging investment managers. It is a core ...

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• FALLING BEHIND 08-25-2016

  It's good to be tall.Tall people tend to be more highly educated, earn more over their careers, are higher in the social pecking order, and live ...

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• NEGATIVE NEGATIVE IS POSITIVE 08-22-2016

  Housing is a small part of the larger economic picture, contributing only about 5% to GDP (although includingall the ancillary and related services ...

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• 2ND QUARTER 2016 - FISSION 07-26-2016

  University of Chicago is known for its excellent academics, not so much for its athletic prowess. But that wasnt always the case. One hundred years ...

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• RUPTURE 06-28-2016

  [nota bene: this is a long one; if you don't have time, just skip to the summary at the end. I promise, no hard feelings.]The political experts ...

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• LA JUSTICE? 06-07-2016

  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 ...

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• FLOATING OIL 05-24-2016

  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 ...

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