Latest Blog: Two (Percent) is a Sad Num... - 09/21/2020
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.
I'M SWISSPublished: 10-13-2015
No question, this has been a challenging year. Virtually every financial asset class is struggling. Stocks are down, bonds are down, gold is down, oil is down. US is down, non-US is down. Large caps down, small caps down. Industrials, financials, health care: all down. High-grade bonds, low-grade bonds: down.
Japan’s economy has flat-lined, Europe rejoices if GDP growth is fractionally above zero, and Chinese passengers should assume the crash position before their economy hard-lands. And in the US, there are a handful of crazy people running for president, some even leading in the polls.
Most of the above statements are true, yet I’ve argued we should stick with our long-term strategy. I see each of these elements as part of a normal cycle of events. Sometimes markets get ahead of themselves, sometimes they panic when fearing they are behind events.
The economy, which still matters to asset prices, is growing right around 2.5% p.a., the average of the past 6-7 years. Equity valuations are pretty close to long-term averages (see table below). I just don’t believe the end is nigh, or that asset prices are grossly out of balance. Like Switzerland, I’m pretty neutral. Like the Swiss, that’s a little boring. Sorry (both for being boring and for offending my Swiss friends).PRINT THIS ARTICLE
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 ...READ MORE
First, happy new year to all!I walked into the office this morning to a crystal clear view of the Pacific. What a ...READ MORE
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 ...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