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![BRASIL]()
28 Oct, 2014BRASIL
A hundred years ago, I studied international relations in school (the Sykes-Picot Treaty was a hotly-debated current topic among us). For the few of us focused on the Third World (now given the more ...
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![The Present is the Future (at least in bond land)]()
27 Oct, 2014The Present is the Future (at least in bond land)
In our long-term assumptions, we generally assume that the total return in fixed income is pretty close to its starting yield. That's because a bond's total return is a function of two ...
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![BATTLE FOR SHARE OF PIMCO SPOILS IS GETTING HOTTER]()
27 Oct, 2014BATTLE FOR SHARE OF PIMCO SPOILS IS GETTING HOTTER
Mr. Rosen said the new multiperson investment team that replaced Mr. Gross on the fund might improve its recent performance, but that might not be enough to retain investors. "It may be better, but it is not what investors signed up for..."
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![I'm Not Dead!]()
24 Oct, 2014I'm Not Dead!
A great line from a great Monty Python movie, and another crisp cover from The Economist: ...
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![Kids!]()
23 Oct, 2014Kids!
On a totally non-market subject, more young adults are living with their parents, and here's the graph to prove it (courtesy of Hugo Scott-Gall of Goldman Sachs). Top line is US, bottom line is ...
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![Europe Falling]()
22 Oct, 2014Europe Falling
Yes, pessimism over Europe's prospects is high, and valuations in Europe are relatively low. But both for good reasons.Below is another data point on how the markets are reflecting the divergence ...
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![Reversal]()
21 Oct, 2014Reversal
I'm interpreting the spike down last week and the strong rebound in the past few days as bullish. See the chart below from Friday's close (courtesy of our friends at Merrill).We have held our ...
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![Shades of 2007?]()
17 Oct, 2014Shades of 2007?
Nice graphic in today's FT showing the spike in vol and sell-off in risk (Greek bond yields jumped from 5.5% to 9% in the past few days).I still think this is mostly noise, a normal, and overdue, ...
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![Old Age]()
16 Oct, 2014Old Age
It's been 3 years since US equities have corrected more than 10%. But there's no law about how long rallies can last without a correction.In any event, as diversified, well-positioned ...
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![Consider]()
16 Oct, 2014Consider
Consider:Volatility spiked to its highest level in over 2 years.Global equities are in negative territory this year, led by Europe's 10% decline.US 10-year Treasury yields fell more than 30 basis ...
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![Knowns and Unknowns]()
16 Oct, 2014Knowns and Unknowns
Until last month, 2014 was a year of investor complacency. Recent market volatility has shaken offrnthe prevailing calm with a healthy re-examination of things that can go wrong for the economy. Forrninvestors, a long-term perspective is critical.
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![MLPs]()
15 Oct, 2014MLPs
Some historical data from Credit Suisse below: MLPs are off 14% this month, pretty bad. Subsequent performance (no guarantees) looks pretty strong though. ...
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![Panic!]()
15 Oct, 2014Panic!
Like Scary Nights at Universal Studios (where my daughter went this weekend), it really is scary out there. I Walked into the office looking at a 300-point drop in the Dow and a +10% jump in 10-year ...
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![US economic growth]()
14 Oct, 2014US economic growth
So, US economic growth is outpacing the rest of the developed world (and much of the non-developed, um, emerging, world), as seen in these charts (thanks to Goldman Sachs).But will we converge, and if ...
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![JANUS ASSET DRAIN EXPECTED TO END]()
13 Oct, 2014JANUS ASSET DRAIN EXPECTED TO END
Michael Rosen said he would want to understand Mr. Gross' investment process and determine the support team he will have in building his new Janus fund. But Mr. Rosen said if initial due diligence is positive and Mr. Gross develops strong...
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![PIMCO'S OUTFLOW HEADACHES ONLY JUST BEGINNING]()
7 Oct, 2014PIMCO'S OUTFLOW HEADACHES ONLY JUST BEGINNING
Investors who wait until year-end to move could find an added squeeze as the holiday season dries up liquidity, said Michael Rosen, the chief investment officer of Angeles Investment Advisors. "If youre going to shift a portfolio, it gets tougher...
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![$23 Billion Pulled From Pimco Fund]()
1 Oct, 2014$23 Billion Pulled From Pimco Fund
"The performance of the other managers has been truly exceptional," said Foster, who manages $47 billion in funds from institutional investors. "We have great confidence that they will do just fine. We are still committed to the organization..."
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![3RD QUARTER 2014 - PLAGUE]()
1 Oct, 20143RD QUARTER 2014 - PLAGUE
Twenty million people died in the four brutal years of the Great War. Thus, the armistice of 11 November 1918 was greeted with the profound joy borne of sheer exhaustion. At 11am on that day, bells tolled across nearly every country in the four...
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![PIMCO SCRAMBLES TO REGROUP, REPLACES BILL GROSS WITH TEAM APPROACH]()
29 Sep, 2014PIMCO SCRAMBLES TO REGROUP, REPLACES BILL GROSS WITH TEAM APPROACH
"Most people who invested in Total Return invested because of Bill Gross," says Michael Rosen, principal and chief investment advisor at Angeles Investment Advisors, based in Santa Monica. "If he's no longer there, the reason to invest there goes...
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![PORTFOLIO CHOICES DOOMED CALPERS' HEDGE FUND PROGRAM]()
29 Sep, 2014PORTFOLIO CHOICES DOOMED CALPERS' HEDGE FUND PROGRAM
Mr. Rosen added that hedge fund costs for all large institutional investors have steadily dropped and that CalPERS pays similar or even higher fees for private equity investments, "so cost does not seem a credible explanation for dropping hedge...
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![PIMCO COULD SEE WITHDRAWALS UP TO 30\% AS MANAGERS STUNNED]()
26 Sep, 2014PIMCO COULD SEE WITHDRAWALS UP TO 30% AS MANAGERS STUNNED
Sanford Bernstein said in a report today that Pimco could see withdrawals of 10 percent to 30 percent. "Stunning, Michael Rosen, chief investment officer at Santa Monica, California-based Angeles Investment Advisors, said of the departure.
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![Advisor Confidence Holds Steady in August]()
1 Aug, 2014Advisor Confidence Holds Steady in August
"Nathan Rothschild said 'Buy on the sound of cannon, sell on the sound of trumpets.' The cannons are firing from Ukraine to Iraq to Israel. Time to buy equities." said Jonathan Foster.
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![2ND QUARTER 2014 - DIG]()
1 Jul, 20142ND QUARTER 2014 - DIG
Whiskey has been an indelible part of Scotlands identity for centuries. Historically, consumption was tolerated by the Church of Scotland, but only in moderation and in accordance with Scripture. Whiskeys precise origins in Scotland are unknown...
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![Advisor Confidence Index June 2014]()
30 Jun, 2014Advisor Confidence Index June 2014
"As the GDP picks up, public companies with excess cash will scramble to invest capital or risk under-performance. This will boost US economic activity and the stock market," said Jonathan Foster of Angeles Wealth Management.
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