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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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![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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![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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![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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![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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![DODGE & COX GROWS ON PERFORMANCE, PIMCO FLOW]()
12 Jan, 2015DODGE & COX GROWS ON PERFORMANCE, PIMCO FLOW
While performance at both funds is strong, it's clear the Dodge & Cox bond strategy benefited from outflows at PIMCO, said investment consultant Michael Rosen, a principal of Angeles Investment Advisors LLC, Santa Monica, Calif.
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![PIMCO NAMES BERNANKE, BROWN, TRICHET TO GLOBAL ADVISORY BOARD]()
7 Jan, 2015PIMCO NAMES BERNANKE, BROWN, TRICHET TO GLOBAL ADVISORY BOARD
"It's possible to imagine that there's some insight these individuals can provide,"" Rosen, whose Santa Monica, California-based firm advises on more than $25 billion, said in a telephone interview.
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![PIMCO TOTAL RETURN SUFFERS WORST YEAR FOR REDEMPTIONS, WITH GROSS, EL-ERIAN DEPA]()
3 Jan, 2015PIMCO TOTAL RETURN SUFFERS WORST YEAR FOR REDEMPTIONS, WITH GROSS, EL-ERIAN DEPA
"You could still see some more outflows and then it probably stabilizes, unless performance really deteriorates," Michael Rosen, chief investment officer at Angeles Investment Advisers in Santa Monica, Calif., said.
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![PIMCO PAID BILLIONAIRE GROSS $290 MILLION BONUS IN 2013]()
4 Nov, 2014PIMCO PAID BILLIONAIRE GROSS $290 MILLION BONUS IN 2013
"In the mutual fund world its no doubt on the very high side," said Michael Rosen, chief investment officer at Angeles Investment Advisors. "This is a company with $2 trillion - that's an awful lot of money & that's an awful lot of money in fees".
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![BATTLE FOR SHARE OF PIMCO SPOILS IS GETTING HOTTER]()
27 Oct, 2014BATTLE FOR SHARE OF PIMCO SPOILS IS GETTING HOTTER
Mr. Rosen said the new multiperson investment team that replaced Mr. Gross on the fund might improve its recent performance, but that might not be enough to retain investors. "It may be better, but it is not what investors signed up for..."
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![JANUS ASSET DRAIN EXPECTED TO END]()
13 Oct, 2014JANUS ASSET DRAIN EXPECTED TO END
Michael Rosen said he would want to understand Mr. Gross' investment process and determine the support team he will have in building his new Janus fund. But Mr. Rosen said if initial due diligence is positive and Mr. Gross develops strong...
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![PIMCO'S OUTFLOW HEADACHES ONLY JUST BEGINNING]()
7 Oct, 2014PIMCO'S OUTFLOW HEADACHES ONLY JUST BEGINNING
Investors who wait until year-end to move could find an added squeeze as the holiday season dries up liquidity, said Michael Rosen, the chief investment officer of Angeles Investment Advisors. "If youre going to shift a portfolio, it gets tougher...
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![$23 Billion Pulled From Pimco Fund]()
1 Oct, 2014$23 Billion Pulled From Pimco Fund
"The performance of the other managers has been truly exceptional," said Foster, who manages $47 billion in funds from institutional investors. "We have great confidence that they will do just fine. We are still committed to the organization..."
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![PIMCO SCRAMBLES TO REGROUP, REPLACES BILL GROSS WITH TEAM APPROACH]()
29 Sep, 2014PIMCO SCRAMBLES TO REGROUP, REPLACES BILL GROSS WITH TEAM APPROACH
"Most people who invested in Total Return invested because of Bill Gross," says Michael Rosen, principal and chief investment advisor at Angeles Investment Advisors, based in Santa Monica. "If he's no longer there, the reason to invest there goes...
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![PORTFOLIO CHOICES DOOMED CALPERS' HEDGE FUND PROGRAM]()
29 Sep, 2014PORTFOLIO CHOICES DOOMED CALPERS' HEDGE FUND PROGRAM
Mr. Rosen added that hedge fund costs for all large institutional investors have steadily dropped and that CalPERS pays similar or even higher fees for private equity investments, "so cost does not seem a credible explanation for dropping hedge...
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![PIMCO COULD SEE WITHDRAWALS UP TO 30\% AS MANAGERS STUNNED]()
26 Sep, 2014PIMCO COULD SEE WITHDRAWALS UP TO 30% AS MANAGERS STUNNED
Sanford Bernstein said in a report today that Pimco could see withdrawals of 10 percent to 30 percent. "Stunning, Michael Rosen, chief investment officer at Santa Monica, California-based Angeles Investment Advisors, said of the departure.
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![Advisor Confidence Holds Steady in August]()
1 Aug, 2014Advisor Confidence Holds Steady in August
"Nathan Rothschild said 'Buy on the sound of cannon, sell on the sound of trumpets.' The cannons are firing from Ukraine to Iraq to Israel. Time to buy equities." said Jonathan Foster.
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![Advisor Confidence Index June 2014]()
30 Jun, 2014Advisor Confidence Index June 2014
"As the GDP picks up, public companies with excess cash will scramble to invest capital or risk under-performance. This will boost US economic activity and the stock market," said Jonathan Foster of Angeles Wealth Management.
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![ALLIANZ'S CEO DEFENDS PIMCO AMID SHAREHOLDER CRITICISM]()
7 May, 2014ALLIANZ'S CEO DEFENDS PIMCO AMID SHAREHOLDER CRITICISM
"All this becomes so much of a distraction it prevents people from performing at their highest abilities," Michael Rosen, chief investment officer at Angeles Investment Advisors LLC in Santa Monica, California, said in a telephone interview.
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![Advisor Confidence Index April 2014]()
1 May, 2014Advisor Confidence Index April 2014
For some advisors, the current volatility in equity markets is a good thing. "The current 'momentum stock meltdown' is healthy as it will get investors refocused on real companies with real balance sheets and real earnings, said Jonathan Foster.
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![Advisor Confidence Index March 2014]()
8 Apr, 2014Advisor Confidence Index March 2014
Some advisors were more sanguine about the market, and see opportunities. Investors often cant see the forest for the trees, says Jon Foster, the president of Angeles Wealth Management. Recent political tensions in Ukraine have created...
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![EL-ERIAN EXIT IS PIMCO DISTRACTION AS GROSS SAVES LEGACY]()
10 Mar, 2014EL-ERIAN EXIT IS PIMCO DISTRACTION AS GROSS SAVES LEGACY
"This clearly has the potential for being distracting," said Michael Rosen, chief investment officer at Angeles Investment Advisors LLC, a Santa Monica, California-based consultant to institutions. "We prefer our portfolio managers to simply...
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![HEDGE FUNDS GUARD DATA MORE, GIVE CLIENTS NEW REASON TO GRUMBLE]()
7 Mar, 2014HEDGE FUNDS GUARD DATA MORE, GIVE CLIENTS NEW REASON TO GRUMBLE
"There are legitimate interests on both sides, and a balance needs to be struck," said Michael Rosen, chief investment officer at Angeles Investment Advisors. But he adds, "having a manager say Just trust me is not acceptable."
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