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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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![Shades of 2007?]()
17 Oct, 2014Shades of 2007?
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 this is mostly noise, a normal, and overdue, ...
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![Old Age]()
16 Oct, 2014Old Age
Its been 3 years since US equities have corrected more than 10%. But theres no law about how long rallies can last without a correction.In any event, as diversified, well-positioned investors (as, of ...
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![Consider]()
16 Oct, 2014Consider
Consider:Volatility spiked to its highest level in over 2 years.Global equities are in negative territory this year, led by Europes 10% decline.US 10-year Treasury yields fell more than 30 basis ...
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![Knowns and Unknowns]()
16 Oct, 2014Knowns and Unknowns
Until last month, 2014 was a year of investor complacency. Recent market volatility has shaken off the prevailing calm with a healthy re-examination of things that can go wrong for the economy. Forrninvestors, a long-term perspective is critical.
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![MLPs]()
15 Oct, 2014MLPs
Some historical data from Credit Suisse below: MLPs are off 14% this month, pretty bad. Subsequent performance (no guarantees) looks pretty strong though. ...
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![Panic!]()
15 Oct, 2014Panic!
Like Scary Nights at Universal Studios (where my daughter went this weekend), it really is scary out there. I Walked into the office looking at a 300-point drop in the Dow and a +10% jump in ...
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![US economic growth]()
14 Oct, 2014US economic growth
So, US economic growth is outpacing the rest of the developed world (and much of the non-developed, um, emerging, world), as seen in these charts (thanks to Goldman Sachs).But will we converge, and if ...
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![JANUS ASSET DRAIN EXPECTED TO END]()
13 Oct, 2014JANUS ASSET DRAIN EXPECTED TO END
Michael Rosen said he would want to understand Mr. Gross' investment process and determine the support team he will have in building his new Janus fund. But Mr. Rosen said if initial due diligence is positive and Mr. Gross develops strong...
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![PIMCO'S OUTFLOW HEADACHES ONLY JUST BEGINNING]()
7 Oct, 2014PIMCO'S OUTFLOW HEADACHES ONLY JUST BEGINNING
Investors who wait until year-end to move could find an added squeeze as the holiday season dries up liquidity, said Michael Rosen, the chief investment officer of Angeles Investment Advisors. "If youÃre going to shift a portfolio, it gets tougher...
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![$23 Billion Pulled From Pimco Fund]()
1 Oct, 2014$23 Billion Pulled From Pimco Fund
"The performance of the other managers has been truly exceptional," said Foster, who manages $47 billion in funds from institutional investors. "We have great confidence that they will do just fine. We are still committed to the organization..."
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![3RD QUARTER 2014 - PLAGUE]()
1 Oct, 20143RD QUARTER 2014 - PLAGUE
Twenty million people died in the four brutal years of the Great War. Thus, the armistice of 11 November 1918 was greeted with the profound joy borne of sheer exhaustion. At 11am on that day, bells tolled across nearly every country in the four...
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![PIMCO SCRAMBLES TO REGROUP, REPLACES BILL GROSS WITH TEAM APPROACH]()
29 Sep, 2014PIMCO SCRAMBLES TO REGROUP, REPLACES BILL GROSS WITH TEAM APPROACH
"Most people who invested in Total Return invested because of Bill Gross," says Michael Rosen, principal and chief investment advisor at Angeles Investment Advisors, based in Santa Monica. "If he's no longer there, the reason to invest there goes...
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![PORTFOLIO CHOICES DOOMED CALPERS' HEDGE FUND PROGRAM]()
29 Sep, 2014PORTFOLIO CHOICES DOOMED CALPERS' HEDGE FUND PROGRAM
Mr. Rosen added that hedge fund costs for all large institutional investors have steadily dropped and that CalPERS pays similar or even higher fees for private equity investments, "so cost does not seem a credible explanation for dropping hedge...
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![PIMCO COULD SEE WITHDRAWALS UP TO 30\% AS MANAGERS STUNNED]()
26 Sep, 2014PIMCO COULD SEE WITHDRAWALS UP TO 30% AS MANAGERS STUNNED
Sanford Bernstein said in a report today that Pimco could see withdrawals of 10 percent to 30 percent. "Stunning,ÃÂ Michael Rosen, chief investment officer at Santa Monica, California-based Angeles Investment Advisors, said of the departure.
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![Advisor Confidence Holds Steady in August]()
1 Aug, 2014Advisor Confidence Holds Steady in August
"Nathan Rothschild said 'Buy on the sound of cannon, sell on the sound of trumpets.' The cannons are firing from Ukraine to Iraq to Israel. Time to buy equities." said Jonathan Foster.
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![2ND QUARTER 2014 - DIG]()
1 Jul, 20142ND QUARTER 2014 - DIG
Whiskey has been an indelible part of Scotland's identity for centuries. Historically, consumption was tolerated by the Church of Scotland, but only in moderation and in accordance with Scripture. Whiskey's precise origins in Scotland are unknown...
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![Advisor Confidence Index June 2014]()
30 Jun, 2014Advisor Confidence Index June 2014
"As the GDP picks up, public companies with excess cash will scramble to invest capital or risk under-performance. This will boost US economic activity and the stock market," said Jonathan Foster of Angeles Wealth Management.
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![ALLIANZ'S CEO DEFENDS PIMCO AMID SHAREHOLDER CRITICISM]()
7 May, 2014ALLIANZ'S CEO DEFENDS PIMCO AMID SHAREHOLDER CRITICISM
"All this becomes so much of a distraction it prevents people from performing at their highest abilities," Michael Rosen, chief investment officer at Angeles Investment Advisors LLC in Santa Monica, California, said in a telephone interview.
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![Advisor Confidence Index April 2014]()
1 May, 2014Advisor Confidence Index April 2014
For some advisors, the current volatility in equity markets is a good thing. "The current 'momentum stock meltdown' is healthy as it will get investors refocused on real companies with real balance sheets and real earnings, said Jonathan Foster.
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![Advisor Confidence Index March 2014]()
8 Apr, 2014Advisor Confidence Index March 2014
Some advisors were more sanguine about the market, and see opportunities. Investors often can't see the forest for the trees, says Jon Foster, the president of Angeles Wealth Management. Recent political tensions in Ukraine have created...
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![1ST QUARTER 2014 - TRUMP]()
1 Apr, 20141ST QUARTER 2014 - TRUMP
Sports have been integral in societies since at least the ancient Greeks, and probably before. Today, through the magic of the internet (and ESPN), more people can watch more sporting events around the globe than at any time in history.
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![EL-ERIAN EXIT IS PIMCO DISTRACTION AS GROSS SAVES LEGACY]()
10 Mar, 2014EL-ERIAN EXIT IS PIMCO DISTRACTION AS GROSS SAVES LEGACY
"This clearly has the potential for being distracting," said Michael Rosen, chief investment officer at Angeles Investment Advisors LLC, a Santa Monica, California-based consultant to institutions. "We prefer our portfolio managers to simply...
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![HEDGE FUNDS GUARD DATA MORE, GIVE CLIENTS NEW REASON TO GRUMBLE]()
7 Mar, 2014HEDGE FUNDS GUARD DATA MORE, GIVE CLIENTS NEW REASON TO GRUMBLE
"There are legitimate interests on both sides, and a balance needs to be struck," said Michael Rosen, chief investment officer at Angeles Investment Advisors. But he adds, "having a manager say 'Just trust me' is not acceptable."
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![DRAMA, POOR PERFORMANCE HAUNT PIMCO]()
7 Mar, 2014DRAMA, POOR PERFORMANCE HAUNT PIMCO
Mr. Rosen said he has not put Pimco on a unilateral blacklist; it depends on the strategy and specific investment performance. He said the Pimco income strategy managed by Daniel Ivascyn, one of the new deputy CIOs, has done very well. Several...
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