Latest Blog: Beach Reading - 05/08/2024
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ARTICLES & INSIGHTS
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ARTICLES & INSIGHTS
- HOME CIO INSIGHTSCOMMENTARY AND ANALYSIS FROM ANGELES' CIO, MICHAEL ROSEN ANGELES INSIGHTSRESEARCH AND PERSPECTIVES FROM THE ANGELES TEAM IN THE NEWSPRESS RELEASES, INTERVIEWS, AND PUBLICATIONS FEATURING ANGELES MARKET UPDATE SNAPSHOTSMONTHLY MARKET ANALYSIS VIEW ALL MEDIA
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SPREADS 11-18-2014
An interesting graphic from Ken Leech of Western Asset showing that spreads in Bondland this year are pretty much unchanged from the start of the ...
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MONEY MATTERS 11-17-2014
When the Fed embarked on Quantitative Easing (QE), many prominent economists warned this would lead to hyperinflation (or, at least, an wanted surge ...
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SELECTED FUN FACTS 11-14-2014
Some fun facts about this year (courtesy Michael Hartnett of Merrill Lynch):US equities (+14%) are ahead of European equities (-6%) by the widest ...
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"SPECIAL"? 11-13-2014
The following item caught my eye on Bloomberg:Los Angeles City Employees' Retirement System is scheduled to discuss a staff report requested at a ...
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LOGISTICS 11-11-2014
Not enough attention is being paid to the work slowdown/stoppage going on at West Coast ports.The last time there was a disruption was in 2002, and it ...
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HOW THE MIGHTY FALL 11-11-2014
Between March 2000 and October 2002, the NASDAQ Index fell 75%, from over 5,000 to under 1,300. Of course, valuations were beyond silly at the peak, ...
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HAPPY SINGLES DAY! 11-11-2014
11 November is celebrated in the US as Veteran's Day and throughout Europe as Armistice Day, marking the armistice ending the First World War in 1918. ...
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US MANUFACTURING 11-04-2014
Wow. The good people at the Institute for Supply Management survey American manufacturers every month and ask, "how's business?" They then create a ...
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PIMCO PAID BILLIONAIRE GROSS $290 MILLION BONUS IN 2013 11-04-2014
"In the mutual fund world its no doubt on the very high side," said Michael Rosen, chief investment officer at Angeles Investment Advisors. "This is a ...
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IT'S A BIG WORLD 11-03-2014
With apologies to Walt Disney, the global economy is getting, well, more global, and, intuitively, companies' sensitivities to global macro factors ...
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QE IMPACT? 10-31-2014
QE3 (the policy, not a new Cunard ship) was launched 2 years ago and ended this week. The expanded it balance sheet by $1.6 trillion, or ...
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DOUBLE LEVERAGE? 10-29-2014
Oil prices are down about $30 from their highs; great news for consumers and the big oil importers (China, Korea, India). Not so good news for the big ...
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BRASIL 10-28-2014
A hundred years ago, I studied international relations in school (the Sykes-Picot Treaty was a hotly-debated current topic among us). For the few of ...
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THE PRESENT IS THE FUTURE (AT LEAST IN BOND LAND) 10-27-2014
In our long-term assumptions, we generally assume that the total return in fixed income is pretty close to its starting yield. That's because a ...
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BATTLE FOR SHARE OF PIMCO SPOILS IS GETTING HOTTER 10-27-2014
Mr. Rosen said the new multiperson investment team that replaced Mr. Gross on the fund might improve its recent performance, but that might not be ...
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I'M NOT DEAD! 10-24-2014
A great line from a great Monty Python movie, and another crisp cover from The Economist: ...
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KIDS! 10-23-2014
On a totally non-market subject, more young adults are living with their parents, and here's the graph to prove it (courtesy of Hugo Scott-Gall of ...
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EUROPE FALLING 10-22-2014
Yes, pessimism over Europe's prospects is high, and valuations in Europe are relatively low. But both for good reasons.Below is another data point ...
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REVERSAL 10-21-2014
I'm interpreting the spike down last week and the strong rebound in the past few days as bullish. See the chart below from Friday's close ...
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SHADES OF 2007? 10-17-2014
Nice graphic in today's FT showing the spike in vol and sell-off in risk (Greek bond yields jumped from 5.5% to 9% in the past few days).I still think ...
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OLD AGE 10-16-2014
It's been 3 years since US equities have corrected more than 10%. But there's no law about how long rallies can last without a correction.In ...
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CONSIDER 10-16-2014
Consider:Volatility spiked to its highest level in over 2 years.Global equities are in negative territory this year, led by Europe's 10% ...
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KNOWNS AND UNKNOWNS 10-16-2014
Until last month, 2014 was a year of investor complacency. Recent market volatility has shaken offrnthe prevailing calm with a healthy re-examination ...
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MLPS 10-15-2014
Some historical data from Credit Suisse below: MLPs are off 14% this month, pretty bad. Subsequent performance (no guarantees) looks pretty strong ...
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