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Insights from our CIO
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![Michael Rosen]()
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CIO Insights are written by Angeles' CIO Michael Rosen
Michael has more than 35 years experience as an institutional portfolio manager, investment strategist, trader and academic.
RSS: CIO Blog | All Media
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![4TH QUARTER 2012 - PLAY WELL]()
1 Jan, 20134TH QUARTER 2012 - PLAY WELL
Filskov is a small, rural village in the geographic center of Denmark. For generations, sons followed their fathers into the family farm or craft, and in Filskov, the Christiansens were the townÃs carpenters for as long as anyone could remember.
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![Angeles Wealth Management - Quarterly Review]()
1 Dec, 2012Angeles Wealth Management - Quarterly Review
US stocks, as measured by the S&P 500 Index, fell .4% in the final quarter of the year as Washington remained paralyzed, teetering on the edge of the ÃÅ"fiscal cliff.ÃÂ Without Congressional action, more than $600 billion in tax increases and huge...
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![Angeles Wealth Management - Quarterly Review]()
1 Oct, 2012Angeles Wealth Management - Quarterly Review
There can be several interpretations of the above lyrics and their relevance (or lack thereof) to the current world economic conditions. My interpretation is that the European Central Bank and the US Federal Reserve continue to tell us that they...
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![3RD QUARTER 2013 - RECOMBINANT]()
1 Oct, 20123RD QUARTER 2013 - RECOMBINANT
Aretaeus was the most renowned physician of the ancient world, following in the path of Hippocrates, who lived 400 years earlier. Aretaeusà treatise on diseases, which survives to this day, is a remarkably comprehensive catalog of known diseases...
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![Angeles Wealth Management - Quarterly Review]()
1 Jul, 2012Angeles Wealth Management - Quarterly Review
For the second quarter of 2012, world markets remained imprisoned by the ongoing saga of the European debt crisis. Concerns about the fiscal stability of the ÃÅ"PIIGSÃÂ (Portugal, Italy, Ireland, Greece and Spain) continued to cast a dark shadow over...
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![2ND QUARTER 2012 - BLUE]()
1 Jul, 20122ND QUARTER 2012 - BLUE
Richard Wagner wrote his monumental work, Der Ring des Nibelungen, over a 26-year period, 1848-1874. The Ring cycle consists of four operas, usually performed over four consecutive nights. Everything about the Ring is colossal, from...
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![1ST QUARTER 2012 - WASTE LAND]()
1 Apr, 20121ST QUARTER 2012 - WASTE LAND
Saint Louis was a booming town in the mid-19th century, the gateway to the American west. Henry and Charlotte were a typical young couple in this dynamic era: energetic, hard-working, raising a family. HenryÃs father was a Unitarian minister...rn-
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![4TH QUARTER 2011 - BUSHIDO]()
1 Jan, 20124TH QUARTER 2011 - BUSHIDO
Four to five hundred years ago, feudal Japan was wracked with internal wars. It was the SengokurnPeriod of warring states, a 150-year span of near-continuous strife as various groups fought for dominance throughout the archipelago.
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![2ND QUARTER 2011 - GOOD NAME]()
1 Jul, 20112ND QUARTER 2011 - GOOD NAME
Eddie was born in St. Louis in 1893 to first generation Irish-American parents. He married at the age of 19, and the first of his three children, Eddie, Jr., was born the following year. Working in his wifeÃs family grocery...
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![3RD QUARTER 2011 - GLOIRE]()
1 Jul, 20113RD QUARTER 2011 - GLOIRE
Glory is, perhaps, the trait with which the French people most identify. It abounds at Versailles, for example, which immortalizes not so much Louis XIV, as it does his glory. Americans have our battle cry of freedom, and proclaim liberty or death...
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![1ST QUARTER 2011 - DECAY]()
1 Apr, 20111ST QUARTER 2011 - DECAY
Carbon. It's the fourth most abundant element in the universe, second in our bodies only to oxygen, and the only element present in every known form of life in the universe. No carbon, no life.
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![4th Quarter 2010 - Pox]()
1 Jan, 20114th Quarter 2010 - Pox
Blossom was a cow.Nothing special, really, just a cow of the ancient breed of Gloucesters, prized for their excellent milk and cheese. Extracting this precious liquid was, for millennia, tedious, hard work. Before the advent of mechanical milking...
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![3rd Quarter - Chosin]()
1 Oct, 20103rd Quarter - Chosin
Staring into the abyss, facing total collapse. A bold, even reckless, action to avoid disaster. An advance, and apparent victory. But a sudden turn of events, a wall of opposition, the recoveryrnis halted. And then reversed.
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![2nd Quarter 2010 - Dam]()
1 Jul, 20102nd Quarter 2010 - Dam
American mythology is filled with epic stories of heroic men (and women) who forged a great nation through sheer determination: adventurers and tinkerers, who tamed and then shaped a wildrnand virgin continent, and in the process, created...
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![1st Quarter 2010 - One]()
1 Apr, 20101st Quarter 2010 - One
Near Granada, capital of AndalucÃÂa in southern Spain, sits the Alhambra, literally, ÃÅ"red palace,ÃÂ one of the most extraordinary edifices in the world. It is a paramount exemplar of the superlative design and decoration of Moorish architecture...
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![4th Quarter 2009 - Apology]()
1 Jan, 20104th Quarter 2009 - Apology
It was a time of political tensions, when the resilience, even the very existence, of democratic societyrnwas being severely tested, by external threats and internal dissentions. As democracy had flourished, the state and its citizens prospered...
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![3rd Quarter 2009 - Wilberforce]()
1 Oct, 20093rd Quarter 2009 - Wilberforce
BritainÃs rise as the dominant world power for over four centuries was propelled by two foremost, and complementary factors: its mercantilist economic policies and the preeminence of the Royal Navy. It is moot as to cause-and-effect of these two..
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![2nd Quarter 2009 - Marathon]()
1 Jul, 20092nd Quarter 2009 - Marathon
Hellespont, the ancient name for the Dardanelles, the narrow straight that connects the Sea of rn Marmara and the Black Sea with the Aegean and Mediterranean Seas, has a strong claim as the true crossroads of the world.
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![1st Quarter 2009 - Zugswang]()
1 Apr, 20091st Quarter 2009 - Zugswang
In central India, approximately 1,500 years ago, there arose a unique game, called Chaturanga, or ÃÅ"four parts,ÃÂ referring to the four divisions of an army (elephants, chariots, cavalry and infantry). In the painting above, the deity Krishna is...rn
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![4th Quarter 2008 - False Dawn]()
1 Jan, 20094th Quarter 2008 - False Dawn
Islamic culture flourished, in music and literature (One Thousand and One Nights gave us the stories of Ali Baba and Aladdin, Scheherazade and Sinbad), astronomy and mathematics (aljabr, algebra, was invented here).
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![3rd Quarter 2008 - Retreat]()
1 Oct, 20083rd Quarter 2008 - Retreat
Michael Barclay de Tolly was neither French nor English, although his family traced its roots to the rnBarclay clan of Scotland. He was born in Lithuania, then part of the Russian Empire, to nobility, and as expected, joined the TsarÃs army when...
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![2nd Quarter 2008 - La Chute (]()
1 Jul, 20082nd Quarter 2008 - La Chute ("The Fall")
Louis-Joseph, Marquis de Montcalm, Baron de Gabriac, seigneur de Saint-Veran, Candiac, Tournemine, Vestric, Saint-Julien, and Arpaon, was old French aristocracy on both sides of his family. For centuries, the family ruled lands throughout...
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![1st Quarter 2008 - Panic]()
1 Apr, 20081st Quarter 2008 - Panic
Butte is a gritty city on the continental divide in western Montana. Amidst the beauty of the Rockies, rn the town is surrounded by strip mines, and while not exactly impoverished, there is nothing about Butte that hints at the enormous wealth...
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![4th Quarter 2007 - Despair]()
1 Jan, 20084th Quarter 2007 - Despair
Northwest of Philadelphia runs the Schuykill (pronounced ÃÅ"Scoo-kulÃÂ) River. Before the Midwest was settled, before the San Joaquin Valley was irrigated, these rolling hills around this valley were among the most fertile ground in the world...
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