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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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![EMERGING MARKETS GURU MARK MOBIUS TO RETIRE]()
8 Jan, 2018EMERGING MARKETS GURU MARK MOBIUS TO RETIRE
"When he started, there was no Internet and you could barely make a phone call," said Mr Michael Rosen, CIO at Angeles Investment Advisors in Santa Monica, California. "People on the ground had a distinctive advantage."
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![Updating the Triangle]()
3 Jan, 2018Updating the Triangle
Last year, I introduced my big picture framework of assessing the relative attractiveness of markets Inside the Triangle through the lenses of valuation, momentum and sentiment. To recap, the ideal ...
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![(Not) Recommended Reading]()
20 Dec, 2017(Not) Recommended Reading
I dont like recommended lists. They turn experiences into a contest (and the winner is), and one reviewers preferences may have little to do with mine.That said, since my writing covers a very wide ...
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![Hot As Hell]()
16 Nov, 2017Hot As Hell
Hell is hot, as everyone knows. Everyone knows this, but there really is no conclusive evidence: no eyewitness reports, no scientific instruments to measure the temperature in Hell. So, how do we know ...
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![SOME VALUE FUNDS ARE STUFFED WITH CASH AS STOCKS SURGE]()
7 Nov, 2017SOME VALUE FUNDS ARE STUFFED WITH CASH AS STOCKS SURGE
Michael Rosen, Angeles Advisors CIO, says most investors prefer to make their own asset allocation choices "deciding for themselves whether stocks are worth the risk" and don't want to pay equity-fund-level management fees on idle money.
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![3RD QUARTER 2017 - GHOST MOVES]()
31 Oct, 20173RD QUARTER 2017 - GHOST MOVES
Wei Qi translates as "surrounding game". It is the oldest board game in continuous play in its original form, some 3,000-4,000 years old. Confucius wrote of the many benefits in developing the mind and spirit for those who study the game..
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![Bond Managers Who Can Go Anywhere May End Up in the Wrong Place]()
26 Oct, 2017Bond Managers Who Can Go Anywhere May End Up in the Wrong Place
Michael Rosen remains skeptical. As a group, he says, unconstrained bond funds have yet to prove they can add value for investors. "They asked for fewer constraints so they could make bets and show how smart they are".
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![It's About Time]()
22 Sep, 2017It's About Time
Lost Time is never found again, advised Benjamin Franklin in Poor Richards Almanack. And Dante Alighieri observed, The wisest are the most annoyed at the loss of time.I have been thinking about ...
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![ANGELES INVESTMENT ADVISORS APPOINTS DIRECTOR OF PRIVATE MARKETS]()
11 Sep, 2017ANGELES INVESTMENT ADVISORS APPOINTS DIRECTOR OF PRIVATE MARKETS
Derrick Cruz was named director of private markets at Angeles Investment Advisors, said Michael A. Rosen, principal and chief investment officer.
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![For What It's Worth]()
21 Aug, 2017For What It's Worth
In the summer of 1966, throngs of young people crowded the Sunset Strip in Los Angeles to hear their favorite bands. Over at the Sunset Tower, Jim Morrison and the Doors were the house band, finishing ...
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![2ND QUARTER 2017 - CINCINNATUS]()
27 Jul, 20172ND QUARTER 2017 - CINCINNATUS
Henry Knox was the proprietor of a popular Boston book store, which afforded him time to read up on his favorite topic: military tactics and strategy. When the British occupied Boston in 1775, Knox, with no military experience...
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![Toes in the Sand]()
20 Jul, 2017Toes in the Sand
For me, and I think I speak for everyone on the planet, the feeling of warm sand between the toes is one of lifes great pleasures. And for virtually everyone on the planet, including those of us who ...
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![Not Dead Yet]()
13 Jul, 2017Not Dead Yet
According to the National Bureau of Economic Research (NBER), the self-acclaimed arbiter of economic debate in this country, the current economic expansion began in June 2009, meaning we just passed ...
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![Humans! What Are They Good For?]()
29 Jun, 2017Humans! What Are They Good For?
It looks like the world is turning against humans. Ive talked before about the rise of robots in manufacturing (2016 Angeles Independent School Endowment Symposiumsee graph below). But robots are ...
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![Beware Parabolas and Populists]()
13 Jun, 2017Beware Parabolas and Populists
In scouring the world for investment opportunities, the chart above caught my attention. It shows the year-to-date performance of the Caracas stock exchange, more than tripling from around 30,000 to ...
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![Economics in Action]()
12 Jun, 2017Economics in Action
The intersection of supply and demand determines price and quantity: there is no more fundamental principle of economics (see graph below). We rarely see this principle in action because prices for ...
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![Job Growth is Falling. The Sky is Not.]()
2 Jun, 2017Job Growth is Falling. The Sky is Not.
Today's jobs report was disappointing: only 138,000 net new jobs created in May (the consensus had it pegged at 182,000), another 66,000 lost in revisions to the prior two months, the three-month ...
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![1ST QUARTER 2017 - THE LAST SHOGUN]()
8 May, 20171ST QUARTER 2017 - THE LAST SHOGUN
Japan has been ruled by the Yamato dynasty for nearly 2,700 years, the longest continuous monarchy in the world. From Jimmu to kihito, 125 emperors have held the Chrysanthemum Throne.
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![Hope and Reality]()
6 Apr, 2017Hope and Reality
Why is everyone so happy? Well, maybe not everyone, but a lot of people are as optimistic as theyve been in a long while. Start by looking at consumer confidence, as collated by the Conference Board ...
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![Chasing the Red Baron]()
31 Mar, 2017Chasing the Red Baron
You cant eat relative returns is an old aphorism. It sounds like it could come out of Poor Richards Almanac (Benjamin Franklin), and Im not really sure of its origin, but it means that we (investors) ...
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![Non-Zero Sum]()
17 Feb, 2017Non-Zero Sum
There are prominent voices (and tweets) urging us to pull back, dig in, and lock the gate. This rising chorus of nationalism and protectionism sees a dangerous world intent on our demise or ...
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![LOVE]()
14 Feb, 2017LOVE
Its probably no surprise to you that I see offering world-class investment advice as a valuable service for the long-term well-being of our clients. And while I think of investing as critically ...
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![4TH QUARTER 2016 - FINLAND STATION]()
25 Jan, 20174TH QUARTER 2016 - FINLAND STATION
After three years of war, and really, three centuries of Romanov repression, the Russian people had reached their breaking point. The Tsar's army suffered defeat after defeat against the Kaiser's superior...
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![Shock, Part 4 (Divided We Are)]()
21 Dec, 2016Shock, Part 4 (Divided We Are)
We began this series with a review of the likely economic policies and their implications of the new Trump administration, and discussed the long-term challenges investors face. We would have ...
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