Latest Blog: "Everything Human is ... - 11/18/2022
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.
SEVEN LEAN YEARS? DONE IN SEVEN MINUTESPublished: 04-30-2015
In Genesis (41:27), Joseph interprets Pharaoh’s dream of 7 fat cows followed by 7 lean (and apparently, ugly) cows, as foretelling the coming feast and then famine, enabling Egypt to prepare for the coming 7 lean years by stockpiling reserves.
Yesterday, the 10-year German bund leaped 12 basis points (see Graph below), along with a surging euro following the weak US GDP report. Now, 12 basis points is a big move, but we’ve seen bond yields move by that magnitude before. What is different about this time is that there is no yield to begin with, so yesterday’s move in the bund wiped out 7 years (!) of income.
If investing at near-zero yields for 10 years is rational, it will prove to be the worst decade for investors since the bubonic plague swept across Europe in the mid-14th century (ok, I made that up; but it could be right). But I’ll bet that it is not actually a rational investment, and monetary policy is distorting all kinds of prices and investment decisions.PRINT THIS ARTICLE
Beginning's End 06-23-2015
In November 1942, with the Battle for Egypt under way, Winston Churchill addressed his nation with these words:Now this ...READ MORE
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A few more outstanding books for your summer reading...Black Buck, Mateo AskaripourThis is an exceptional debut novel ...READ MORE
Economics in Action 06-12-2017
The intersection of supply and demand determines price and quantity: there is no more fundamental principle of economics ...READ MORE
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