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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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![Fireside Reading]()
18 Oct, 2022Fireside Reading
It's still beach reading weather in Southern California, but fireside reading seems more appropriate for mid-October. I have three non-fiction and five fiction books to recommend, each superb. ...
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![Angeles: ESG Is Here To Stay]()
17 Oct, 2022Angeles: ESG Is Here To Stay
Despite the recent ESG pushback, Sapna Shah, Managing Director at Angeles Investments believes itÃs here to stay. In a recent Q&A with Wealth Solutions Report, Sapna shared her thoughts the ESG movement and what comes next.
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![3rd Quarter 2022 - Skywave]()
7 Oct, 20223rd Quarter 2022 - Skywave
On a cold winter day in Devon, England, 75-year-old Oliver Heaviside climbed a ladder by his house to inspect the roof. He slipped and fell and died of his injuries. It was a sudden, but not surprising, end to a strange, but remarkable, life.
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!['IN the Office' with Jon Foster, CEO of Angeles Wealth Management]()
5 Oct, 2022'IN the Office' with Jon Foster, CEO of Angeles Wealth Management
Jon Foster of Angeles Wealth Management joins InvestmentNews anchor Gregg Greenberg to explain how financial advisers can help ultra-high-net-worth families build charitable legacies and maintain and pass on generational wealth.
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![September 2022 Global Market Index Performance]()
3 Oct, 2022September 2022 Global Market Index Performance
Global equities posted negative returns in September with the MSCI ACWI IMI down -9.7% and the S&P 500 down -9.2%. Growth stocks underperformed value stocks for the month, and small cap stocks underperformed large cap. U.S. investment-grade bonds...
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![Morris Clothier appointed Managing Director, Capital Markets & Wealth Advisory]()
28 Sep, 2022Morris Clothier appointed Managing Director, Capital Markets & Wealth Advisory
Angeles Wealth Management is pleased to announce the hiring of Morris Clothier as Managing Director, Capital Markets and Wealth Advisory.
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![Beyond Everyday Portfolio Management: An OCIO's True Role]()
19 Sep, 2022Beyond Everyday Portfolio Management: An OCIO's True Role
While Angeles' primary goal as an OCIO is to help our clients advance their core missions by delivering exceptional investment performance, our partnerships often extend beyond the boundaries of portfolio management.
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![The Theory of Giving: The ÃËWhyà Behind Philanthropy]()
13 Sep, 2022The Theory of Giving: The ÃËWhyà Behind Philanthropy
"For any foundation to achieve its ultimate goal, this kind of intentional and strategic planning is essential-so it's not just about philanthropy for the sake of philanthropy... it's about aligning a foundationÃs values with the entire picture..."
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![Mid Year 2022 Capital Market Assumptions]()
12 Sep, 2022Mid Year 2022 Capital Market Assumptions
This report presents Angeles Investment Advisors' updated capital market assumptions as of July 2022. These assumptions are used in asset allocation modeling for our clients over a long-term horizon (>10 years).
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![August 2022 Global Market Index Performance]()
1 Sep, 2022August 2022 Global Market Index Performance
Global equities posted negative returns in August with the MSCI ACWI IMI down -3.6% and the S&P 500 down -4.1%. Growth stocks underperformed value stocks for the month, while small cap stocks outperformed large cap. U.S. investment-grade...
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![High Oil Prices Offer Endowment Boost]()
31 Aug, 2022High Oil Prices Offer Endowment Boost
Oil and gas investments have been driving endowment returns in recent years, and while many student bodies are calling for the divestment of fossil fuel holdings, our CIO Michael Rosen, told Inside Higher Ed that many universities aren't budging.
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![Analysis: BlackRock Too Green for Texas; Rest of Wall Street Okay - For Now]()
30 Aug, 2022Analysis: BlackRock Too Green for Texas; Rest of Wall Street Okay - For Now
Other Wall Street giants could also face scrutiny, said Michael Rosen, chief investment officer for Angeles Investments. "You made your point with attacking BlackRock and the European firms, so then who is the next bogeyman you have to go after?"
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![When Clients Think They Are Immortal: A Cautionary Tale]()
29 Aug, 2022When Clients Think They Are Immortal: A Cautionary Tale
In this article, Gary shares a personal story from Angeles Wealth's CEO, Jonathan Foster, that underscores how even the smartest, savviest people can fail to take the appropriate steps to properly pass down their assets.
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![Visits to Taiwan Raise ChinaÃs Ire, but Unlikely to Have Market Impact]()
25 Aug, 2022Visits to Taiwan Raise ChinaÃs Ire, but Unlikely to Have Market Impact
Michael Rosen, chief investment officer at Angeles Investments, says in the near-term it's not in either country's interest to impose capital constraints or other actions detrimental to foreign investments.
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![Invigorating Impact: Designing an ESG Program for Community Foundation Donors]()
17 Aug, 2022Invigorating Impact: Designing an ESG Program for Community Foundation Donors
Incorporating environmental, social, and governance (ESG) factors into a portfolio can invigorate donors by aligning their charitable dollars to the investment program. Angeles takes a holistic approach to responsible investing and creates custom...
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![Don't Give Up on the 60/40 Strategy It Could be Headed for Double-Digit Returns]()
3 Aug, 2022Don't Give Up on the 60/40 Strategy It Could be Headed for Double-Digit Returns
Last September, Michael Rosen, chief investment officer of Angeles Investments and Angeles Wealth, wrote in an op-ed for CNBC that the 60/40 portfolio has "reached its expiration date."
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![THE G.O.A.T.]()
1 Aug, 2022THE G.O.A.T.
John Harris owned a skating rink in Pittsburgh. In 1940, he invited Olympic star Sonja Henie to skate between periods of professional hockey games to entertain the crowd. It became a crowd favorite, ...
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![July 2022 Global Market Index Performance]()
1 Aug, 2022July 2022 Global Market Index Performance
Global equities posted positive returns in July with the MSCI ACWI IMI up 7.1%, the S&P 500 up 9.2%, and non-US developed equity markets up 5.0% in dollar terms. Growth stocks outperformed value stocks for the month, and small cap stocks...
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![Evaluating Client Risk: 9 Takeaways for Advisors]()
26 Jul, 2022Evaluating Client Risk: 9 Takeaways for Advisors
"I think PE funds are dangerous if clients are buying something they don't understand and will be locked up for a long time," said Jonathan Foster, CEO of Angeles Wealth Management. "They are getting the stuff that couldn't get distributed via..."
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![Beach Reading]()
19 Jul, 2022Beach Reading
It is definitely beach weather, and I have a dozen recommendations for you. Happy reading! FictionDay for Night, Frederich ReikenMesmerizing characters woven in disparate plot threads makes this a ...
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![Asset Owners Take Action to Modify Portfolios Amid Volatile Markets]()
18 Jul, 2022Asset Owners Take Action to Modify Portfolios Amid Volatile Markets
"Holding cash is not a long-term investment plan, as inflation erodes its value, but it is more attractive than the alternatives at the moment and has optionality value as well," CIO Michael Rosen said.
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![2nd Quarter 2022 - Pendulum]()
11 Jul, 20222nd Quarter 2022 - Pendulum
Aristarchus of Samos was the first to propose a heliocentric model of the universe, 2,300 years ago. Observing the time it took for the Earth's shadow to engulf the Moon during a lunar eclipse, Aristarchus applied some basic geometric calculations...
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![A Forecasted Budget Decline: How an Endowment Responded]()
11 Jul, 2022A Forecasted Budget Decline: How an Endowment Responded
Read our most recent case study to learn how Angeles partnered with an independent school challenged by budgetary pressures stemming from a material increase in forecasted expenses.
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![Stock Markets Inch Higher as Investors Study Fed Minutes]()
6 Jul, 2022Stock Markets Inch Higher as Investors Study Fed Minutes
"The challenge for monetary policy will become much more acute as the Fed is forced to balance elevated inflation with a contracting economy," our CIO Michael Rosen shared today with The Wall Street Journal.
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