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![Puerto Pobre]()
30 Jun, 2015Puerto Pobre
An honest politician may be oxymoronic (or is just moronic?), or maybe it's the black swan that surprises us when seen. Either way, Alejandro Garcia Padilla, governor of the US Commonwealth of Puerto ...
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![Drama/Drachma]()
29 Jun, 2015Drama/Drachma
Here we go again, as Ronald Reagan used to say. Asian equities off 2-3%, Europe down 3-4%, Treasuries rallying, gold up. What's going on?The latest act of this tragedy was the imposition of capital ...
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![MANAGERS ADD CONSULTING TO GROW CLIENT RELATIONSHIPS]()
29 Jun, 2015MANAGERS ADD CONSULTING TO GROW CLIENT RELATIONSHIPS
"I've run into money managers and my peers have as well. The argument is mostly about fees," Mr. Rosen said. "So prospective clients say "I can get all my consulting for free and I have to pay you and so I will go with them because they are cheaper.'
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![WAMCO WORKING TO REGAIN STATUS WITH INSTITUTIONS]()
29 Jun, 2015WAMCO WORKING TO REGAIN STATUS WITH INSTITUTIONS
Michael Rosen said it's not surprising that WAMCO suffered severely during the financial crisis, given its orientation toward riskier assets. "Downside protection has not been a key part of their strategy,"
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![More on Rates...]()
26 Jun, 2015More on Rates...
A few days ago (Beginning's End) I suggested 2015 might turn out to be the worst year for bond investors in the past three decades. Here are some additional pictures (courtesy of Goldman Sachs) to ...
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![CALPERS LIKELY TO FALL SHORT OF ANNUAL INVESTMENT GOALS]()
25 Jun, 2015CALPERS LIKELY TO FALL SHORT OF ANNUAL INVESTMENT GOALS
Michael Rosen, a principal at Angeles Investment Advisors, which counsels institutional investors, said the year-to-date performance was "not outside the bounds of what might be reasonable."
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![Beginning's End]()
23 Jun, 2015Beginning's End
In November 1942, with the Battle for Egypt under way, Winston Churchill addressed his nation with these words:Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the ...
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![CLIENTS VIEW MONEY MANAGERS APART FROM TAINTED PARENTS]()
15 Jun, 2015CLIENTS VIEW MONEY MANAGERS APART FROM TAINTED PARENTS
"To my knowledge, there's no evidence of wrongdoing within the asset management groups. So there's logic to separating the asset manager from the rest of the organization," Mr. Rosen said. "But it's not completely apart. There is a connection."
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![Party Like It's 1999?]()
12 Jun, 2015Party Like It's 1999?
Some observers point to the eye-popping valuations for companies with little revenue (WhatsApp, e.g., bought by Facebook for $19 billion) as indicative of an equity market that is partying like it's ...
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![Angeles Wealth Commentary]()
11 Jun, 2015Angeles Wealth Commentary
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 a secular bull market, the corrections are often rapid and scary, but generally make higher lows...
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![June Gloom Will Fade]()
8 Jun, 2015June Gloom Will Fade
1024"June gloom" is what you get when a warming land mass meets a cooler ocean: a layer of marine fog that the sun burns off into afternoon haze. It is the weather pattern in Santa Monica for every ...
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![SOUTHLAND BOND TRADERS HAD PREPARED FOR SCENARIOS FROM GREEK DEBT CRISIS]()
7 Jun, 2015SOUTHLAND BOND TRADERS HAD PREPARED FOR SCENARIOS FROM GREEK DEBT CRISIS
Michael Rosen said MetWest benefited from its size and consistency in attracting cautious bond investors, which often move herd-like to a few firms. "It's not only a good choice, it's a safe choice, and in that sense, it makes it an easy choice,"
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![FIVE YEARS IN, JANUS CEO RICHARD WEIL BEATS THE ODDS BUT HAS MORE WORK TO DO]()
1 Jun, 2015FIVE YEARS IN, JANUS CEO RICHARD WEIL BEATS THE ODDS BUT HAS MORE WORK TO DO
But consultant Michael Rosen, founder and CIO of Angeles Investment Advisors, believes institutional money could flow to Mr. Gross sooner than the usual three-year track record if he can adequately articulate his investment process to investors
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![Yasou!]()
29 May, 2015Yasou!
Let me stipulate up-front: I love Greece. Everything about it: the food, the weather, the history, the music, the people. Everything.But I wouldn't lend them my money. Greece has a long (very long) ...
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![Long Term]()
26 May, 2015Long Term
In much of life, certainty dissipates with time. Weather forecasts are pretty accurate over the next 24 hours, a little better than a coin flip over the next week, and worthless a month from now. The ...
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![Don't Blame Nature]()
22 May, 2015Don't Blame Nature
Commodity prices rise and fall; no great insight there. Which is why most of us, mostly, take the fluctuations in stride. We (I) may get a little annoyed when the price of gasoline is a few cents ...
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![Distortion or Reflation?]()
21 May, 2015Distortion or Reflation?
A month ago, Germany could borrow for 10 years at a rate of 0.06%. Lenders were also happy that day to earn 0.47% for the next 30 years. That's $4,700 of annual interest for every $1 million. ...
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![MONEY MANAGER ASSETS INCREASE THANKS TO RISING MARKETS]()
8 May, 2015MONEY MANAGER ASSETS INCREASE THANKS TO RISING MARKETS
Vanguard benefited in 2014 from its leadership as a low-fee index fund manager, said Michael Rosen, founder and CIO at Angeles Investment Advisors LLC, Santa Monica, CA.
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![Trade]()
7 May, 2015Trade
The trade deficit ballooned in March to over $51 billion, $8.6 billion more than a year ago. Exports were up a little, but imports surged, up more than $17 billion from February, the biggest monthly ...
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![Feliz Cinco de Mayo!]()
5 May, 2015Feliz Cinco de Mayo!
There will always be a debate about the relevance of history to current conditions. I am firmly in the pro-history camp, but am quick to acknowledge that historical analogies are always imperfect. ...
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![Skyscraping]()
4 May, 2015Skyscraping
In 2009, there were 19 buildings in the world with heights above 1,000 feet (305 meters for the non-American readers). Today there are 79 such buildings, a four-fold increase in just 5 years! And if ...
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![Wages]()
1 May, 2015Wages
They're going up. Total salaries and benefits moved up 4.4% in 2014, rising to 53.6% of GDP, still below historic averages, but a decided bounce off the lows recently seen (Chart 1).One reason wage ...
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![Seven Lean Years? Done in Seven Minutes]()
30 Apr, 2015Seven Lean Years? Done in Seven Minutes
In Genesis (41:27), Joseph interprets Pharaoh's dream of 7 fat cows followed by 7 lean (and apparently, ugly) cows, as foretelling the coming feast and then famine, enabling Egypt to prepare for the ...
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![Valuation]()
21 Apr, 2015Valuation
Most observers would agree that equities are rich (expensive, overpriced, etc.). Corporate profits are at record highs, and the forward price-to-(optimistic) earnings multiple on the S&P 500, at ...
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