Latest Blog: Beach Reading - 07/29/2021
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.
ERIN GO BRAGH!Published: 03-17-2015
In honor of St. Patrick, I thought I’d share this (mostly) green chart with you, showing the DJIA over the past 115 years, delineated by bull and bear markets (courtesy of Ned Davis Research).
US stocks are at all-time highs in both nominal and real terms, and you can see we are in the midst of a secular bull market. My own two punts (or cents) is that valuations in US equities are a bit stretched, but not extreme, meaning a correction of 5% or 10% should be expected. But that this would devolve into a bear market seems unlikely to me.
It is well known that there are no snakes (the reptilian kind, I can’t vouch about the human version) in Ireland because St. Patrick banished them to the sea. Scientists tells us that post-glacial Ireland never had snakes, so there was nothing for St. Patrick to banish, but like most Irish tales, I prefer the story to the facts.
But as investors, it’s just the facts (ma’am). The secular bull market demands we remain fully committed to equities, but valuations suggest we should anticipate some turbulence. But we welcome any declines, which we will put to good use by rebalancing portfolios. So fear not the snakes lurking in the grass; they, too, will be banished again. Erin Go Bragh!PRINT THIS ARTICLE
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 ...READ MORE
2016 - 1st Quarter Commentary 05-17-2016
To read more, download the full 16 page PDF: ...READ MORE
Toes in the Sand 07-20-2017
For me, and I think I speak for everyone on the planet, the feeling of warm sand between the toes is one of life's ...READ MORE
We build portfolios of best-in-class investment managers across all asset classes. If you would like to be considered for our portfolios, please contact us using our manager inquiries form.
- MANAGER INQUIRIES
How Can We Help You?Institutional Investors
Fully resourced investment office built to manage sophisticated client investment programsPrivate Wealth
Personalized discretionary portfolio and wealth management services powered by institutional processInvestment Management
Rigorous process and a flexible platform designed to meet client needsArticles & Insights
Latest insights and perspectives from the Angeles teamContact Us
Get in touch