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![1ST QUARTER 2016 - FOUNDATIONS]()
4 May, 20161ST QUARTER 2016 - FOUNDATIONS
Some of the most impressive accomplishments in human history were born of vanity, some rose from sheer curiosity, some were driven by commerce, others by necessity.
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![Still in Neutral]()
7 Apr, 2016Still in Neutral
The first quarter began with a bang and ended with a whimper. At least, that's the message from the VIX (volatility indexsee below). Bouncing around an elevated level of around 28 for much of January ...
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![Laboring]()
24 Mar, 2016Laboring
In some respects, this is a golden age for labor. The unemployment rate has dropped to 4.9% from a high of 10% in October 2009. It's not quite as low as the 3.8% in early 2000, or the post-war low of ...
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![HOW VANGUARD GAINS FROM FIRM THAT FIRED FOUNDER JACK BOGLE]()
17 Mar, 2016HOW VANGUARD GAINS FROM FIRM THAT FIRED FOUNDER JACK BOGLE
Many managers spend their entire careers at Wellington, said Michael Rosen, CIO at Angeles Investment Advisors in Los Angeles, where he helps oversee $25 billion. "If you have been there for 20 years, you are the new kid at the firm," Rosen said.
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![In A Hole]()
4 Mar, 2016In A Hole
Two months ago, I offered some hope that drop we saw on the first day of 2016 was a good omen for the rest of the month and year (http://blog.angelesadvisors.com/2016/01/apres-moi-le-deluge/). I noted ...
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![BRIDGEWATER'S DALIO CALLS REPORT ABOUT FEUD WITH JENSEN OVERBLOWN]()
5 Feb, 2016BRIDGEWATER'S DALIO CALLS REPORT ABOUT FEUD WITH JENSEN OVERBLOWN
"Bridgewater has a unique culture, and one of the most successful long-term track records in the history of investing. I suspect those two observations are probably connected,"" said Michael Rosen, CIO of Angeles Investment Advisors.
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![4TH QUARTER 2015 - BOUNDARIES]()
3 Feb, 20164TH QUARTER 2015 - BOUNDARIES
Painting has been a human endeavor probably since we developed opposable thumbs. Traditionally, painting filled one of two purposes: either decorative, with splashes of colors and designs, or commemorative, capturing a scene.
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![Angeles Investment Advisors Admits New Member]()
27 Jan, 2016Angeles Investment Advisors Admits New Member
Angeles Investment Advisors announced today that Aaron Azelton, Gina Cadei and Susan Yun Lee have been admitted as new members of the company. Angeles is now wholly owned by eleven employees.
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![Digging Out]()
25 Jan, 2016Digging Out
The eastern United States was buried in snowstorm Jonas this weekend, from 42 inches (more than a meter for our non-US friends) in West Virginia to (a mere) 15 inches on Cape Cod. Snowfall records ...
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![BAIRD REAPING BIG GAINS FROM FALLOUT AT PIMCO]()
11 Jan, 2016BAIRD REAPING BIG GAINS FROM FALLOUT AT PIMCO
Mr. Rosen said the Baird approach had produced strong investment results, despite avoiding macro bets. "Using a baseball term, do you swing for the fences or do you hit bunt singles .. If you can do enough of those bunt singles, it adds up".
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![Après moi le déluge]()
5 Jan, 2016Après moi le déluge
In more ways than one.We greeted the new year with an actual deluge, at least here in California, as the long-promised El Niño swooped in with force. Mudslides and traffic accidents are the ...
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![A Year-End Thought]()
31 Dec, 2015A Year-End Thought
This week, my college basketball team visited southern California, and I was lucky enough to spend some time with them over the past few days. I foundmyselfre-connecting to my ownseminalexperience 35 ...
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![Path to Progress]()
8 Dec, 2015Path to Progress
Zimbabwe is a country of 14 million people. I've never been there, and I can't recall if I've ever met anyone from there, but I'm sure that the vast majority of Zimbabweans are very pleasant people. ...
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![O Pais do Futuro]()
30 Nov, 2015O Pais do Futuro
Charles de Gaulle (photobelow)imperious, disdainful, utterly French (and venerated for it in France)noted 50 years ago that "Brazil was the country of the future." With more than 200 million people ...
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![CONSULTING FIRMS ANSWER ASSET OWNER CALLS FOR ACCOUNTABILITY]()
30 Nov, 2015CONSULTING FIRMS ANSWER ASSET OWNER CALLS FOR ACCOUNTABILITY
Michael Rosen said in a phone interview: "Since the crisis, the advice and analysis of consultants is more greatly valued. But at the same time, (we're) more likely to be held accountable for that advice."
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![Under My Thumb]()
20 Nov, 2015Under My Thumb
As Mick Jagger sang (screeched?) 50 years ago. The song was about turning the tables on a domineering woman (The girl who once had me down).A bit sexist, to be sure, but the song came to mind when ...
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![Fairy Tales]()
19 Nov, 2015Fairy Tales
The technology bubble of the late 1990s is a distant memory for most investors, and an ignorance for the rest. But back then, companies were raising huge sums of private capital on business plans made ...
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![Patricia]()
23 Oct, 2015Patricia
It's another beautiful day in Santa Monica: blue skies, a few high wisps of stratus clouds. But 1500 miles south of here is the strongest hurricane ever recorded in the Western Hemisphere. It will ...
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![UNNERVED INVESTORS PULL SHUTTERS AS CAPITAL-MARKET CRACKS SPREAD]()
15 Oct, 2015UNNERVED INVESTORS PULL SHUTTERS AS CAPITAL-MARKET CRACKS SPREAD
Ghana, which sold $1 billion in debt this month at 10.75 percent, is an example of a borrower that has been forced to offer a higher yield, according to Rosen. "Poor-quality borrowers, which they apparently are, have to pay up," Rosen said.
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![I'm Swiss]()
13 Oct, 2015I'm Swiss
No question, this has been a challenging year. Virtually every financial asset class is struggling. Stocks are down, bonds are down, gold is down, oil is down. US is down, non-US is down. Large caps ...
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![Ursa Minor]()
2 Oct, 2015Ursa Minor
The bears are stirring. Not yet rampaging, but there's a lot of red ink across most markets.Today's jobs report was weak. No honey-coating it, it was a treat for the bears. Payrolls rose 142,000, well ...
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![3RD QUARTER 2015 - GO WEST (AND EAST, NORTH AND SOUTH)]()
1 Oct, 20153RD QUARTER 2015 - GO WEST (AND EAST, NORTH AND SOUTH)
Humans have inhabited the earth for what is a mere blink of the eye. The Universe was formed around 13 Â billion years ago, the Earth 7 billion years later, and in the past 4 Â billion years of the Earths existence, the genus Homo arose just...
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![Yogi]()
24 Sep, 2015Yogi
Baseball, more than any other sport, by far, has drawn its share of colorful characters. I don't know why that is, but it is.This week, we lost one of the greatest, maybe the greatest, of all-time, ...
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![Drop (in the bucket)]()
15 Sep, 2015Drop (in the bucket)
Markets will fluctuate, as Pierpont Morgan caustically observed. And "fluctuate" means down as well as up. Perhaps I, too, am being caustically obvious, but I've long believed that a broadperspective ...
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