Latest Blog: Fireside Reading - 12/15/2020
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.
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
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Take a look at the price of a barrel of good ol' West Texas Intermediate (see graph below). Two things jump out at ...READ MORE
October 1987 was a memorable month for me. It began with the 5.9 magnitude Whittier Narrows quake that rocked my ...READ MORE
Hot Bidding 07-27-2015
The housing recovery, from its worst downturn since at least the 1930s, has been steady, but much less robust than most ...READ MORE
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