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.
STILL IN NEUTRALPublished: 04-07-2016
The first quarter began with a bang and ended with a whimper. At least, that’s the message from the VIX (volatility index—see below). Bouncing around an elevated level of around 28 for much of January and February, the VIX fell 50% to 14 by the end of March.
At a high level, we have maintained a pretty neutral stance in our portfolios. I didn’t think the sell-off in the beginning of the year was the beginning of a new bear market, so we held our ground. The March rally brought global equities all the way back to flat for the year, but I don’t see cause to celebrate much. The global economy is sputtering along, and I haven’t seen any serious discussion, much less action, toward addressing the long-term declines in productivity and growth rates.
Valuations are fine, generally in-line with where they “should” be (see table below, courtesy of J.P. Morgan). I suppose oil and (US) homes look a bit cheap, and government bonds expensive, but take valuation measures as the blunt instruments they are. Equities, broadly, are close to fair value, in my opinion.
So, our models, at the high level, are in-line. There are some interesting, idiosyncratic ideas we are seeing around the world, but I don’t (yet) feel compelled to add risk broadly, or to bury gold in the backyard. Still in neutral.PRINT THIS ARTICLE
Say "inversion" to a Californian, and the most likely word association is "layer." It's our topography ...READ MORE
Fairy Tales 11-19-2015
The technology bubble of the late 1990s is a distant memory for most investors, and an ignorance for the rest. But back ...READ MORE
Shock, Part 2 (The Asset Allocator's Dilemma) 11-28-2016
In Shock (Part 1) (http://blog.angelesadvisors.com/2016/11/shock-part-1/), we looked at a possible Trump economic agenda ...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