-
Investment Insights
315 Results-
![Toes in the Sand]()
20 Jul, 2017Toes in the Sand
For me, and I think I speak for everyone on the planet, the feeling of warm sand between the toes is one of lifes great pleasures. And for virtually everyone on the planet, including those of us who ...
-
![Not Dead Yet]()
13 Jul, 2017Not Dead Yet
According to the National Bureau of Economic Research (NBER), the self-acclaimed arbiter of economic debate in this country, the current ...
-
![Humans! What Are They Good For?]()
29 Jun, 2017Humans! What Are They Good For?
It looks like the world is turning against humans. Ive talked before about the rise of robots in manufacturing (2016 Angeles Independent School Endowment Symposiumsee graph below). But robots are ...
-
![Beware Parabolas and Populists]()
13 Jun, 2017Beware Parabolas and Populists
In scouring the world for investment opportunities, the chart above caught my attention. It shows the ...
-
![Economics in Action]()
12 Jun, 2017Economics in Action
The intersection of supply and demand determines price and quantity: there is no more fundamental principle of economics (see graph below). We rarely ...
-
![Job Growth is Falling. The Sky is Not.]()
2 Jun, 2017Job Growth is Falling. The Sky is Not.
Today's jobs report was disappointing: only 138,000 net new jobs created in May (the consensus had it pegged at 182,000), another ...
-
![1ST QUARTER 2017 - THE LAST SHOGUN]()
8 May, 20171ST QUARTER 2017 - THE LAST SHOGUN
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 have held the Chrysanthemum Throne.
-
![Hope and Reality]()
6 Apr, 2017Hope and Reality
Why is everyone so happy? Well, maybe not everyone, but a lot of people are as optimistic as theyve been in a long while. Start by looking at consumer ...
-
![Chasing the Red Baron]()
31 Mar, 2017Chasing the Red Baron
You cant eat relative returns is an old aphorism. It sounds like it could come out of Poor Richards Almanac (Benjamin Franklin), and Im not really ...
-
![Non-Zero Sum]()
17 Feb, 2017Non-Zero Sum
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 ...
-
![LOVE]()
14 Feb, 2017LOVE
Its probably no surprise to you that I see offering world-class investment advice as a valuable service for the long-term well-being ...
-
![4TH QUARTER 2016 - FINLAND STATION]()
25 Jan, 20174TH QUARTER 2016 - FINLAND STATION
After three years of war, and really, three centuries of Romanov repression, the Russian people had reached their breaking point. The Tsar's army suffered defeat after defeat against the Kaiser's superior...
-
![Shock, Part 4 (Divided We Are)]()
21 Dec, 2016Shock, Part 4 (Divided We Are)
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 ...
-
![Shock, Part 3 (The End of Pax Americana)]()
13 Dec, 2016Shock, Part 3 (The End of Pax Americana)
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 its ...
-
![Shock, Part 2 (The Asset Allocator's Dilemma)]()
28 Nov, 2016Shock, Part 2 (The Asset Allocator's Dilemma)
In Shock (Part 1) (), we looked at a possible Trump economic agenda and its consequences. A large increase in government spending, tax cuts ...
-
![Shock (Part 1)]()
22 Nov, 2016Shock (Part 1)
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, ...
-
![3RD QUARTER 2016 - CHANCELLORSVILLE]()
4 Nov, 20163RD QUARTER 2016 - CHANCELLORSVILLE
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 in the Union cause. Virginia was turning from battlefield to graveyard for the Union armies.
-
![What I Learned While Atoning]()
17 Oct, 2016What I Learned While Atoning
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 thatÂyour name is placed in the Book of Life for ...
-
![Janet Yellen Is Your Friend]()
28 Sep, 2016Janet Yellen Is Your Friend
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 Fed is discussing whether and when to lift ...
-
![Give Us Your Poor]()
16 Sep, 2016Give Us Your Poor
A large percentage of energy expended at Angeles is in evaluating, analyzing and judging investment managers. It is a core ...
-
![Falling Behind]()
25 Aug, 2016Falling Behind
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 longer with better health.[Please don't complain to me ...
-
![Negative Negative is Positive]()
22 Aug, 2016Negative Negative is Positive
Housing is a small part of the larger economic picture, contributing only about 5% to GDP (although includingÂall the ancillary and related services probably triples that number). Still, for most ...
-
![2ND QUARTER 2016 - FISSION]()
26 Jul, 20162ND QUARTER 2016 - FISSION
University of Chicago is known for its excellent academics, not so much for its athletic prowess. But that wasn't always the case. One hundred years ago, the Maroons were the premier football...
-
![Rupture]()
28 Jun, 2016Rupture
[nota bene: this is a long one; if you dont have time, just skip to the summary at the end. I promise, no hard feelings.]The political experts were remarkably accurate in last weeks UK referendum on ...
-
