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![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...
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![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 challenges investors face. We would have ...
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![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 consequences the administration may pursue ...
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![Shock, Part 2 (The Asset Allocator's Dilemma)]()
28 Nov, 2016Shock, Part 2 (The Asset Allocator's Dilemma)
In Shock (Part 1) (http://blog.angelesadvisors.com/2016/11/shock-part-1/), we looked at a possible Trump economic agenda and its consequences. A large increase in government spending, tax cuts and ...
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![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, including anaphylactic, an allergic reaction, ...
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![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.
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![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 ...
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![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 ...
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![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 competency at Angeles, and we think we're pretty good at it.In doing this ...
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![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 ...
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![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 ...
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![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...
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![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 ...
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![La Justice?]()
7 Jun, 2016La Justice?
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 for my lack of understanding the (tortured) logic in ...
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![Floating Oil]()
24 May, 2016Floating Oil
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 +$100/barrel we saw from 2011 through most of 2014, so ...
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![Housing Has Legs]()
24 May, 2016Housing Has Legs
Surprisingly strong housing numbers out this morning: new single-family homes rose 16.6% in April to an annual pace of 616,000 (see chart below), well above expectations, and up 23.8% over the past ...
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![Inside the Triangle]()
23 May, 2016Inside the Triangle
Complexity makes investing so challenging. Unlike the pure sciences, there are no hard truths in investing, no discoverable axioms that determine outcomes with 100% confidence. At best, we can speak ...
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![2016 - 1st Quarter Commentary]()
17 May, 20162016 - 1st Quarter Commentary
To read more, download the full 16 page PDF: ...
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![Managing Home Bias: Defending the Value of Global Equities]()
10 May, 2016Managing Home Bias: Defending the Value of Global Equities
Home Bias is the tendency for investors to overÃÂallocate to domestic investments regardless of the benefits of global diversification in terms of both risk and reward.
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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 index"see below). Bouncing around an elevated level of around 28 for much of ...
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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/). ÂI ...
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