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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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![AprÃs moi le déluge]()
5 Jan, 2016AprÃs 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 NiÃo 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 foundÂmyselfÂre-connecting to my ...
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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 (photoÂbelow)"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 ...
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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 13.5 billion years ago, the Earth 7 billion years later, and in the past 4.5 billion years of the Earth's 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.ÂThis week, we lost one of the greatest, maybe the greatest, of ...
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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 ...
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![Mauled]()
11 Sep, 2015Mauled
Investors in Emerging Markets could be forgiven for feeling as if they've gone 15 rounds with Ronda Rousey (see below). ÂOr, more like 3 years with theÂthe best pound-for-pound fighter today ...
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![Jobs]()
4 Sep, 2015Jobs
Markets have taken today's employment release as evidence of a weakeningÂjobs market. A mere 173,000 net new jobs were added in August, below the consensus figure of 217,000. But, coincidentally, ...
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![PENSION FUND CALSTRS WEIGHS SHIFT TO SAFETY]()
2 Sep, 2015PENSION FUND CALSTRS WEIGHS SHIFT TO SAFETY
Michael Rosen said that to contemplate such a move, investors need to understand their goal and then execute the strategy in a "systematic and disciplined" way.
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![Picking Up the Pace]()
28 Aug, 2015Picking Up the Pace
Lost amidst the market turmoil this week were a number of reports of a strengthening US economy. Consumer confidence soared last month, as did new home sales. Durable goods orders surprised with a 2% ...
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![Jolt]()
25 Aug, 2015Jolt
Two weeks ago (13 August, No Panic (Yet)) I noted that the renminbi devaluation was officially described as a modest alignment with market forces, which may have been true, but that it was strongly ...
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![Land of Borat]()
20 Aug, 2015Land of Borat
I probably should not confess to enjoying Borat (full title:ÂBorat: Cultural Learnings of America for Make Benefit Glorious Nation of Kazakhstan), 86 minutes of low-brow, sophomoric gags lest I ...
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![No Panic (Yet)]()
13 Aug, 2015No Panic (Yet)
Earlier this week, China devalued its currency 1.9% against the US dollar. On one level, this is not a big deal. China's currency has been appreciating considerably for many years (see Chart 1 for the ...
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![Criminals in Diapers]()
5 Aug, 2015Criminals in Diapers
Japan grew from the (literal) ashes of the Second World War to become the second largest economy in the world by creating products we all wanted. Some were revolutionary, like the Sony Walkman, some ...
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