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5 Aug, 2015
Criminals in Diapers
Japan grew from the (literal) ashes of the Second World War to become the second largest economy in the world by creating products we all wanted. Some were revolutionary, like the Sony Walkman, some ...
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29 Jul, 2015
Dry Hole
Southern California just had the wettest July on record, the Angels were rained out of a home game for the first time in 20 years, and we're all getting excited that a strong El Niño is ...
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27 Jul, 2015
Hot Bidding
The housing recovery, from its worst downturn since at least the 1930s, has been steady, but much less robust than most had expected. There are many explanations offered, from mean banks who have ...
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27 Jul, 2015
OUTSOURCING HERE TO STAY BUT WILL CONTINUE TO EVOLVE
"It's unlike a lot of investment ideas that are really nothing more than fads; the OCIO concept is rooted in a good idea,"" Mr. Rosen added. "It's an approach that solves a number of challenges in a more efficient way."
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24 Jul, 2015
Plunging
Commodity prices are in free fall. The Bloomberg Commodity Price Index (5-year chart below) is off about 30% in the last year. Gold is dropping toward $1,000/oz., and oil (WTI) is back below ...
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22 Jul, 2015
CAPITAL GROUP CHAIRMAN JAMES ROTHENBERG DIES AT 69 OF HEART ATTACK
"He was one of the giants in the investment management world and was part of building Capital Group into one of the premier investment organizations,"" Michael Rosen, CIO of Angeles Advisors.
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13 Jul, 2015
Wild, Wild East
The central planners in Beijing have gotten so much right for the past three decades, that they might be forgiven for believing in their own infallibility. But it's one thing to shuffle resources ...
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13 Jul, 2015
TOWERS WATSON, WILLIS MERGER TO COMBINE STRENGTHS
"Towers Watson has the stronger investment consulting presence, and I would expect that group to lead the new group effort," Mr. Rosen said.
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6 Jul, 2015
???
I'm not sure why the pundits were predicting the Greeks would volunteer to walk meekly to their certain ruin, but the vote yesterday apparently surprised these experts. European equities are down 1 %, ...
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1 Jul, 2015
2ND QUARTER 2015 - CLOSE HAUL
Sailing has been an inextricable companion of human development and civilization. Artifacts over 7,000 years old contain pictures of sail boats, more than 2,000 years before the domestication of the horse, making sailing our first non-bipedal...
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30 Jun, 2015
Puerto Pobre
An honest politician may be oxymoronic (or is just moronic?), or maybe it's the black swan that surprises us when seen. Either way, Alejandro Garcia Padilla, governor of the US Commonwealth of Puerto ...
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29 Jun, 2015
Drama/Drachma
Here we go again, as Ronald Reagan used to say. Asian equities off 2-3%, Europe down 3-4%, Treasuries rallying, gold up. What's going on?The latest act of this tragedy was the imposition of capital ...
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29 Jun, 2015
MANAGERS ADD CONSULTING TO GROW CLIENT RELATIONSHIPS
"I've run into money managers and my peers have as well. The argument is mostly about fees," Mr. Rosen said. "So prospective clients say "I can get all my consulting for free and I have to pay you and so I will go with them because they are cheaper.'
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29 Jun, 2015
WAMCO WORKING TO REGAIN STATUS WITH INSTITUTIONS
Michael Rosen said it's not surprising that WAMCO suffered severely during the financial crisis, given its orientation toward riskier assets. "Downside protection has not been a key part of their strategy,"
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26 Jun, 2015
More on Rates...
A few days ago (Beginning's End) I suggested 2015 might turn out to be the worst year for bond investors in the past three decades. Here are some additional pictures (courtesy of Goldman Sachs) to ...
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25 Jun, 2015
CALPERS LIKELY TO FALL SHORT OF ANNUAL INVESTMENT GOALS
Michael Rosen, a principal at Angeles Investment Advisors, which counsels institutional investors, said the year-to-date performance was "not outside the bounds of what might be reasonable."
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23 Jun, 2015
Beginning's End
In November 1942, with the Battle for Egypt under way, Winston Churchill addressed his nation with these words:Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the ...
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15 Jun, 2015
CLIENTS VIEW MONEY MANAGERS APART FROM TAINTED PARENTS
"To my knowledge, there's no evidence of wrongdoing within the asset management groups. So there's logic to separating the asset manager from the rest of the organization," Mr. Rosen said. "But it's not completely apart. There is a connection."
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12 Jun, 2015
Party Like It's 1999?
Some observers point to the eye-popping valuations for companies with little revenue (WhatsApp, e.g., bought by Facebook for $19 billion) as indicative of an equity market that is partying like it's ...
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11 Jun, 2015
Angeles Wealth Commentary
A Secular Bull Market is generally defined as a long-term bullish trend consisting of larger bull markets and smaller bear markets or corrections. In a secular bull market, the corrections are often rapid and scary, but generally make higher lows...
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8 Jun, 2015
June Gloom Will Fade
1024"June gloom" is what you get when a warming land mass meets a cooler ocean: a layer of marine fog that the sun burns off into afternoon haze. It is the weather pattern in Santa Monica for every ...
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7 Jun, 2015
SOUTHLAND BOND TRADERS HAD PREPARED FOR SCENARIOS FROM GREEK DEBT CRISIS
Michael Rosen said MetWest benefited from its size and consistency in attracting cautious bond investors, which often move herd-like to a few firms. "It's not only a good choice, it's a safe choice, and in that sense, it makes it an easy choice,"
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1 Jun, 2015
FIVE YEARS IN, JANUS CEO RICHARD WEIL BEATS THE ODDS BUT HAS MORE WORK TO DO
But consultant Michael Rosen, founder and CIO of Angeles Investment Advisors, believes institutional money could flow to Mr. Gross sooner than the usual three-year track record if he can adequately articulate his investment process to investors
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29 May, 2015
Yasou!
Let me stipulate up-front: I love Greece. Everything about it: the food, the weather, the history, the music, the people. Everything.But I wouldn't lend them my money. Greece has a long (very long) ...
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