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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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![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. Henry's father was a Unitarian minister...
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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 wife's 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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![Angeles Investment Advisors Admits New Member]()
2 Feb, 2011Angeles Investment Advisors Admits New Member
Angeles Investment Advisors announced today that effective 1 January 2011, Stephen T. Smetana was admitted as a new member of the company. Angeles is now wholly owned by eight employees.
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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 Andalucia in southern Spain, sits the Alhambra, literally, red palace, 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
Britain's 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 four parts, 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 Tsar's 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 Scoo-kulÂ) 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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![3rd Quarter 2007 - Commedia]()
1 Oct, 20073rd Quarter 2007 - Commedia
Easter Day in Florence, the year 1215: a woman flirted with a man, not her husband. He flirted rn back. The brothers of the offended husband declared a vendetta, thus beginning a nearly century-long feud. The Guelphs wore a red rose on the right...
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![2nd Quarter 2007 - Capitalism]()
1 Jul, 20072nd Quarter 2007 - Capitalism
Joszi (pronounced yo-shee, a boy's nickname) was born in Triesch, about 75 miles south of Prague in 1883 to a family that had lived in that valley for 400 years. His father, who ran a textile mill,rndied in a hunting accident when Joszi was four...
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![1st Quarter 2007 - Precession]()
1 Apr, 20071st Quarter 2007 - Precession
In a fashionable arrondissement of Paris lived a well known publisher who had made his reputation with an excellent multi-volume collection of the history of France. He was in poor health, and died when his son...
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![3rd Quarter 2006 - Dance!]()
1 Oct, 20063rd Quarter 2006 - Dance!
Jerry Rabinowitz was born in 1918 to Polish immigrants who ran a deli on the East side of rn Manhattan. A few years later, his dad, Harry, and HarryÃs brother opened the Comfort Corset Company (a bit of an oxymoron), and the family moved...
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![2nd Quarter 2006 - Breaking Wave]()
1 Jul, 20062nd Quarter 2006 - Breaking Wave
On the outskirts of the ancient capital of Edo (Tokyo) in 1760, a boy was born to the Kawamura family. His father worked as a mirror polisher for the Tokugawa Shogunate. The boy's given name was Tokitaro, but it was changed to Tetsuzo at the...
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