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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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![Europe Falling]()
22 Oct, 2014Europe Falling
Yes, pessimism over Europes prospects is high, and valuations in Europe are relatively low. But both for good reasons.Below is another data point on how the markets are reflecting the divergence in ...
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![Reversal]()
21 Oct, 2014Reversal
Im interpreting the spike down last week and the strong rebound in the past few days as bullish. See the chart below from Fridays close (courtesy of our friends at Merrill).We have held our positions ...
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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 offrnthe 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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![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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![2ND QUARTER 2014 - DIG]()
1 Jul, 20142ND QUARTER 2014 - DIG
Whiskey has been an indelible part of ScotlandÃs identity for centuries. Historically, consumption was tolerated by the Church of Scotland, but only in moderation and in accordance with Scripture. WhiskeyÃs precise origins in Scotland are unknown...
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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. rn
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![4TH QUARTER 2013 - WEED]()
1 Jan, 20144TH QUARTER 2013 - WEED
Gardening goes back a long time in human history. Eden, after all, was a garden. The Hanging Gardens of Babylon, thought to exist about 2,600 years ago, were one of the seven Wonders of the Ancient World.3 There are depictions of gardens a thousand..
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![Angeles Wealth Management - Quarterly Review]()
1 Oct, 2013Angeles Wealth Management - Quarterly Review
For the quarter ending September 30, 2013, global equities gained 8.3%, and appreciated an impressive 15.2% year-to-date. Global stocks outperformed US stocks in Q3, with the S&P 500 advancing only 5.2%.
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![3RD QUARTER 2013 - ELEKTRON]()
1 Oct, 20133RD QUARTER 2013 - ELEKTRON
Fossilized tree resin has been valued by humans since antiquity. Its essence was used in perfume (still is), and its translucent beauty evokes captured sunlight, prized as jewelry, then and now. The ancient Greeks called this substance, elektron...
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![Angeles Wealth Management - Quarterly Review]()
1 Jul, 2013Angeles Wealth Management - Quarterly Review
For the quarter ending June 30, 2013, global equities, as measured by the All Country WorldrnIndex Investable Market Index (MSCI/ACWI/IMI) fell .5%, but remain positive on the year, up 6.4%. US stocks continued to lead major markets in the recovery...
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![2ND QUARTER 2013 - BLUE]()
1 Jul, 20132ND QUARTER 2013 - BLUE
O pium poppies have been cultivated by humans for over 5,000 years. But its chemistry wasnÃt understood until the early 19th century when the German chemist, Friedrich SertÃÂrner, isolated the two alkaloids that provide its potency. One he named...
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![Angeles Wealth Management - Quarterly Review]()
15 May, 2013Angeles Wealth Management - Quarterly Review
Global equities, as measured by the All Country World Index/Investable Market Index (MSCIrnACWI IMI) advanced 6.9% in the first quarter of 2013. US stocks, represented by the S&P 500rnIndex, rallied 10.6%, besting the World Index.
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![1ST QUARTER 2013 - GRAVELINES]()
1 Apr, 20131ST QUARTER 2013 - GRAVELINES
Elizabethan England was an era of plots and intrigue, chivalrous knights and swashbuckling pirates. The many domestic conspiracies and foreign wars of the 16th century were nominally about religion, but were, of course, really about power...
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![4TH QUARTER 2012 - PLAY WELL]()
1 Jan, 20134TH QUARTER 2012 - PLAY WELL
Filskov is a small, rural village in the geographic center of Denmark. For generations, sons followed their fathers into the family farm or craft, and in Filskov, the Christiansens were the townÃs carpenters for as long as anyone could remember.
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![Angeles Wealth Management - Quarterly Review]()
1 Dec, 2012Angeles Wealth Management - Quarterly Review
US stocks, as measured by the S&P 500 Index, fell .4% in the final quarter of the year as Washington remained paralyzed, teetering on the edge of the ÃÅ"fiscal cliff.ÃÂ Without Congressional action, more than $600 billion in tax increases and huge...
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![Angeles Wealth Management - Quarterly Review]()
1 Oct, 2012Angeles Wealth Management - Quarterly Review
There can be several interpretations of the above lyrics and their relevance (or lack thereof) to the current world economic conditions. My interpretation is that the European Central Bank and the US Federal Reserve continue to tell us that they...
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![3RD QUARTER 2013 - RECOMBINANT]()
1 Oct, 20123RD QUARTER 2013 - RECOMBINANT
Aretaeus was the most renowned physician of the ancient world, following in the path of Hippocrates, who lived 400 years earlier. Aretaeusà treatise on diseases, which survives to this day, is a remarkably comprehensive catalog of known diseases...
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![Angeles Wealth Management - Quarterly Review]()
1 Jul, 2012Angeles Wealth Management - Quarterly Review
For the second quarter of 2012, world markets remained imprisoned by the ongoing saga of the European debt crisis. Concerns about the fiscal stability of the ÃÅ"PIIGSÃÂ (Portugal, Italy, Ireland, Greece and Spain) continued to cast a dark shadow over...
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