Latest Blog: Mismatch - 03/20/2023
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ARTICLES & INSIGHTS
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ARTICLES & INSIGHTS
- HOME CIO INSIGHTSCOMMENTARY AND ANALYSIS FROM ANGELES' CIO, MICHAEL ROSEN ANGELES INSIGHTSRESEARCH AND PERSPECTIVES FROM THE ANGELES TEAM IN THE NEWSPRESS RELEASES, INTERVIEWS, AND PUBLICATIONS FEATURING ANGELES MARKET UPDATE SNAPSHOTSMONTHLY MARKET ANALYSIS SEARCH MEDIA
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CONSENSUS 01-28-2015
Europe is a mess, everyone agrees: poor demographics, sclerotic and oppressive regulation, political dysfunction. European stocks lost 6% last year as ...
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STATISTICS 01-20-2015
Mark Twain wrote in his autobiography that there are three kinds of lies: lies, damned lies and statistics. How true.Revenue can be deferred (or ...
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SWISS CHEESE 01-15-2015
Back in 2011, as talk of the Eurozone disintegrating was at high pitch, investors fled to the perceived safety of the Swiss franc (CHF). Naturally, ...
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MARKET COMMENTARY 01-13-2015
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 ...
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WEIGHTY 01-08-2015
Among new year resolutions, losing weight tops the list for the majority of Americans. Actually, I made up that statistic, but in my defense, (a) it ...
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SHIPPING 01-02-2015
First, happy new year to all!I walked into the office this morning to a crystal clear view of the Pacific. What a beautiful start to the year!In the ...
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4TH QUARTER 2014 - CANUTE 01-01-2015
Beginning in the late 8th century, an intrepid band of explorers set out from their harsh, frozen lands, first to plunder, then to conquer most of ...
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GDP 12-23-2014
Normally, I wouldn't comment on any single economic release, but today's GDP revision adds to the mounting evidence of a strengthening US economy. GDP ...
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TOO MANY WORDS 12-22-2014
Among monetary economists, there is a raging debate over the merits of the Fed's burgeoning balance sheet. Back in November 2010, an open letter to ...
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ENERGY PANIC 12-16-2014
Take a look at the price of a barrel of good ol' West Texas Intermediate (see graph below). Two things jump out at me: big declines occur in ...
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EUROPE SPUTTERS, US CRUISES 12-15-2014
Europe's unemployment rate is 11.5%. Europe is currently growing at less than 1%. A rule of thumb is that it takes excess growth of 2-2.5% to drop the ...
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DEFLATION? NOT US 12-09-2014
The dramatic (40%!) drop in oil prices has caused some hysteria in the media about the rising risks of deflation. After all, lower energy prices is ...
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LABOR MARKET 12-05-2014
Oh, this was a strong report this morning, on every level:321,000 net new jobs in November.10 consecutive months of +200,000 payroll gains (228,000 on ...
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PETROPOLITICS-II (IMPLICATIONS) 12-03-2014
Declining oil prices provide a net benefit to the global economy. A rule of thumb is every $10/barrel transfers around $330 billion, about 0.4% of ...
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PETROPOLITICS 12-02-2014
For the past few years, oil has held steady at around $100/barrel, as supply and demand were largely held in check. Supply was disrupted in Libya and ...
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EM THOUGHTS...NOT THERE YET 11-25-2014
Successful investing is frequently about balancing valuation with growth prospects. We would all love to invest in cheap assets with strong ...
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JOBS 11-24-2014
There's no doubt that the headline unemployment rate (5.8%) does not tell the full picture of the job market. Specifically, there have been three ...
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PRESSURE BUILDING 11-20-2014
Yes, we all know the European economy is not growing: stagnant, sclerotic, etc. But this fact is not a crisis. It's a concern, a problem, a ...
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SPREADS 11-18-2014
An interesting graphic from Ken Leech of Western Asset showing that spreads in Bondland this year are pretty much unchanged from the start of the ...
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MONEY MATTERS 11-17-2014
When the Fed embarked on Quantitative Easing (QE), many prominent economists warned this would lead to hyperinflation (or, at least, an wanted surge ...
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SELECTED FUN FACTS 11-14-2014
Some fun facts about this year (courtesy Michael Hartnett of Merrill Lynch):US equities (+14%) are ahead of European equities (-6%) by the widest ...
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"SPECIAL"? 11-13-2014
The following item caught my eye on Bloomberg:Los Angeles City Employees' Retirement System is scheduled to discuss a staff report requested at a ...
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LOGISTICS 11-11-2014
Not enough attention is being paid to the work slowdown/stoppage going on at West Coast ports.The last time there was a disruption was in 2002, and it ...
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HOW THE MIGHTY FALL 11-11-2014
Between March 2000 and October 2002, the NASDAQ Index fell 75%, from over 5,000 to under 1,300. Of course, valuations were beyond silly at the peak, ...
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