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15 Jun, 2015
CLIENTS 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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12 Jun, 2015
Party 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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11 Jun, 2015
Angeles 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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8 Jun, 2015
June 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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7 Jun, 2015
SOUTHLAND 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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1 Jun, 2015
FIVE 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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29 May, 2015
Yasou!
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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26 May, 2015
Long 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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22 May, 2015
Don'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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21 May, 2015
Distortion 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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8 May, 2015
MONEY 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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7 May, 2015
Trade
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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5 May, 2015
Feliz 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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4 May, 2015
Skyscraping
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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1 May, 2015
Wages
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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30 Apr, 2015
Seven 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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21 Apr, 2015
Valuation
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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14 Apr, 2015
Sine Aqua
The Ancient Mariner violated Nature by killing an albatross for sport, thus condemning his boat and crew to the purgatory of the open sea where, one by one, each of crew dies. Lamenting his fate, the ...
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10 Apr, 2015
O'HANLEY HAS WORK CUT OUT FOR HIM AT STATE STREET GLOBAL ADVISORS
Michael Rosen, CIO of Angeles Advisors agreed, describing Mr. O'Hanley as "a highly qualified leader" who is "very experienced and very knowledgeable in the money management world."
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6 Apr, 2015
O'HANLEY READY TO TAKE ON FORMIDABLE' COMPETITION
Michael Rosen, of Santa Monica, Calif.-based investment consultant Angeles Investment Advisors LLC, agreed, describing Mr. O'Hanley as "a highly qualified leader" who is "very experienced and very knowledgeable in the money management world."
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2 Apr, 2015
California Dreamin'
Well, maybe not dreaming, but some thoughts.Below, my graph shows the unemployment rates for California and the US since 1976. California was generally better than the country in the 1980s, and has ...
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1 Apr, 2015
New Owners
A few years, I was at a conference, standing in a buffet line. I must have become fixated on extracting the blueberries from the fruit platter (I really like blueberries, and those cheap tongs at ...
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1 Apr, 2015
1ST QUARTER 2015 - FUNAMBULISM
Sports have been an integral part of human existence since, well, the beginning. Drawings in the Lascaux caves in France from more than 17,000 years ago (see below) depict swimming, running and wrestling. Sports are featured in the relics of...
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19 Mar, 2015
Negative Yields
One of the (many) perplexing phenomena facing investors is the persistent (and falling) low yields on government bonds.Most of the time, we look to real yields to determine the impact of interest ...
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