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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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![Not Just A Game]()
10 Dec, 2020Not Just A Game
There are twenty amino acids in the human body. Amino acids are the chemical links that make up proteins. Proteins perform all sorts of essential tasks. Hemoglobin, for example, is the protein ...
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![November 2020 Global Market Index Performance]()
1 Dec, 2020November 2020 Global Market Index Performance
Global equities posted one of the best monthly returns on record in November, with the MSCI ACWI IMI up 12.7%, the S&P 500 up 11.0%, non-US developed equity markets up 15.5% in dollar terms, and emerging markets up 9.3%. Value stocks outperformed...
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![Amid Election Turmoil, Institutional Investors Stay Focused on the Pandemic]()
4 Nov, 2020Amid Election Turmoil, Institutional Investors Stay Focused on the Pandemic
"The truth is for markets, it's not just terribly important," Michael Rosen, founder of AIA, said of the election. "It's important for a lot of reasons. For our country, society, our children, their children. But not the markets."
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![October 2020 Global Market Index Performance]()
2 Nov, 2020October 2020 Global Market Index Performance
Global equities posted negative returns in October with the MSCI ACWI IMI down -2.2%, the S&P 500 down -2.7%, and non-US developed equity markets down -4.0% in dollar terms. Emerging markets continued to outpace developed markets and were up 2.1%.
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![3rd Quarter 2020 - Stand Up]()
5 Oct, 20203rd Quarter 2020 - Stand Up
August Landmesser was born into a poor family in a rural village outside of Hamburg in 1910. He came of age in a Germany convulsed with economic strife and political turmoil. He had little education and no particular skills, and no world view...
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![September 2020 Global Market Index Performance]()
1 Oct, 2020September 2020 Global Market Index Performance
Global equities posted negative returns for the first month since March, challenging investors' sentiment. MSCI ACWI IMI was down -3.1%, the S&P 500 was down -3.8%, non-US developed equity markets were down -2.6% in dollar terms, and emerging...
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![Two (Percent) is a Sad Number]()
21 Sep, 2020Two (Percent) is a Sad Number
Last month, the Federal Reserve unveiled its new monetary framework, following an intensive 18-month review. The principal change was to abandon a target inflation rate (2%) in favor of an average ...
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![Growth Equity, High Yield and REITs Pique Investor Interest amid Pandemic]()
21 Sep, 2020Growth Equity, High Yield and REITs Pique Investor Interest amid Pandemic
The shift in allocations from equity to fixed income pre-dated the pandemic, but COVID-19 accelerated that trend, says Michael Rosen, CIO at Angeles Investment Advisors. We've seen outflows from equity and inflows to fixed income all year and...
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![Fed Hires BlackRock to Help Calm Markets. Its ETF Business Wins Big.]()
18 Sep, 2020Fed Hires BlackRock to Help Calm Markets. Its ETF Business Wins Big.
"It's not that complicated, really. The Fed says, 'We're buying this.' OK, then, I'm going to buy it too," said Michael Rosen, chief investment officer of Angeles Investments. Mr. Rosen said he picked the fund because of its size and liquidity.
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![Still Beach Reading]()
10 Sep, 2020Still Beach Reading
It's still beach weather here in Southern California, so I have a few more suggestions for beach reading.Begin Again by Eddie S. Glaude, Jr.When I was in school, James Baldwin was unapproachable: his ...
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![Pensions See Opportunities in Distressed Debt as Businesses Struggle]()
10 Sep, 2020Pensions See Opportunities in Distressed Debt as Businesses Struggle
"That doesn't mean it's a bad idea. But it probably means that it's not as attractive as many people think it may be." Rosen cautions that there is no way of knowing if the distressed opportunity set is as large or as attractive as some have...
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![August 2020 Global Market Index Performance]()
1 Sep, 2020August 2020 Global Market Index Performance
Global equities rose for a fifth straight month, reflecting investors' enthusiasm that was lifted by a better than expected 2nd quarter earnings season and by the potential for a viable COVID-19 vaccine in the coming months. The MSCI ACWI IMI was...
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![Disconnect: How Can Markets Be At All-Time Highs When the World Around Us Is Collapsing?]()
18 Aug, 2020Disconnect: How Can Markets Be At All-Time Highs When the World Around Us Is Collapsing?
Answer: Markets reflect the dynamism and adaptability of private companies, not geopolitical events or socioeconomic upheaval.Many find this conclusion surprising, non-intuitive, but on our recent ...
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![TIDE Ten | Next Gen featuring Chaunice Peebles of Angeles Investments]()
18 Aug, 2020TIDE Ten | Next Gen featuring Chaunice Peebles of Angeles Investments
The Investment Diversity Exchange (TIDE) connects and engages movers and shakers to promote diversity and inclusion within the investment industry.
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![OCIO Focus: HereÃs How OCIOs are Navigating the Pandemic]()
17 Aug, 2020OCIO Focus: HereÃs How OCIOs are Navigating the Pandemic
Michael Rosen of Angeles Investments added, "In the beginning of March we raised a bunch of cash in portfolios and then by the end of March had it deployed. And so at the beginning of the second quarter we were basically right on our long-term...
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![Beach Reading]()
11 Aug, 2020Beach Reading
One of the upsides to confinement over the past few months is that Ive been able to raise my reading capacity. Here are my exceptional encounters. This is mostly serious beach reading, if youll excuse ...
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![2020 Webinar - How Can Markets be at All-Time Highs When the World is Collapsing]()
3 Aug, 20202020 Webinar - How Can Markets be at All-Time Highs When the World is Collapsing
How do investors navigate stock market highs amid historic U.S. unemployment, a global pandemic, civil unrest, and an upcoming U.S. presidential election?
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![July 2020 Global Market Index Performance]()
3 Aug, 2020July 2020 Global Market Index Performance
Although economic activity improved since lockdowns were lifted, momentum stalled particularly in the U.S. as states struggled to re-open while facing an increase in COVID-19 cases. Emerging markets continued to outpace U.S. stocks...
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![2nd Quarter 2020 - Dreams Deferred]()
7 Jul, 20202nd Quarter 2020 - Dreams Deferred
Eunice Wayman was born in Tyron, a small town of around 1600 people in western North Carolina, in 1933, the sixth of eight children of a handyman father and a house cleaner / sometime-Methodist minister mother. This small town was certainly...
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![June 2020 Global Market Index Performance]()
1 Jul, 2020June 2020 Global Market Index Performance
Global equities rose for a third straight month to complete the best quarterly showing since 2009. International stocks outpaced U.S. stocks during the month, while emerging markets outperformed, aided by higher metals prices and oil's continued...
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![Consultants Spoke Out Against Racism. But Will Actions Follow?]()
15 Jun, 2020Consultants Spoke Out Against Racism. But Will Actions Follow?
Are consultantsà statements backed up by actionable change to make their own firms more inclusive, and increase the recommendations for black and other minority-owned asset managers? FundFire reached out to 19 of the most prominent names...
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![Reflections After the Death of George Floyd]()
11 Jun, 2020Reflections After the Death of George Floyd
It has now been two weeks since the murder of George Floyd by a Minnesota police officer, and one day after he was laid to rest in Houston. I have spent this time watching, reading, learning, and reflecting, as I often do on matters of great...
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![Angeles Response to Protests and Recent Events]()
3 Jun, 2020Angeles Response to Protests and Recent Events
Angeles stands with those who struggle, and we stand with all who exercise their liberties to protest injustice.
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![Earthrise or Earthset: Thoughts on a Post-Pandemic World (Part 3)]()
2 Jun, 2020Earthrise or Earthset: Thoughts on a Post-Pandemic World (Part 3)
Source: NASAWeak economic growth and low investment returns are the prospects we discussed in the first two parts of this series ...
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