• Michael Rosen
    • Investment Insights are written by Angeles' CIO Michael Rosen

      Michael has more than 30 years experience as an institutional portfolio manager, investment strategist, trader and academic.

    A YEAR-END THOUGHT

    Published: 12-31-2015

    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 found myself re-connecting to my own seminal experience 35 years ago, when I was part of that team. The intense camaraderie of that time established lifetime relationships that are among the most treasured I have. The current crop of players cannot yet fully appreciate how meaningful this is. In time, they will.

    Sports is, by definition, competitive, and we keep track of our wins and losses. I’m certain that my teams won more games than we lost, but I really have no idea what our record was. And 35 years later, I find it doesn’t matter. It is the personal connections with my teammates and coaches that have lasted, and have had a lasting impact on me.

    Over the years, my teammates and I have gotten married, raised children, started businesses, and shared in each other’s joyous moments. We’ve also had our losses. One teammate, a truly great athlete, died of a rare disease. Another, my best friend, lives with ALS. I think of him every day.

    I know we won more games than we lost, and I think, collectively, we have had many more joys than sorrows in the intervening years. But I’ve stopped keeping score, because I’ve come to realize that the score doesn’t really count. Winning is not everything because it is fleeting, temporary, ephemeral. What matters, because it’s permanent and profound, are the relationships that we forge.

    Family and friends are paramount, but we also spend a large percentage of our waking hours with business colleagues: our employees and bosses, clients and vendors, all of whom build relationships that fill (and fulfill) our lives. Money may be a part of the equation but, like wins and losses, it is not the most important part. My Angeles colleagues have chosen to develop their careers here, and our clients have entrusted us to steward their capital. So, to my colleagues and clients, thank you for your trust. I am deeply grateful for our relationship that gives meaning to my life.

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