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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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![Book Wrap]()
31 Dec, 2018Book Wrap
Time for my semi-annual book perspective. I read a lot of books, but truthfully, most of them I move through pretty quickly. In the non-fiction world, I find many to be one-dimensional, perhaps an ...
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![Breathe]()
20 Dec, 2018Breathe
Twenty-five hundred years, Siddhartha Gautama practiced a form of meditation that involved controlled breathing. Much later, about 700 years ago, this practice, called pranayama, was codified in the ...
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![Angeles CIO Michael Rosen Interviewed by Bloomberg]()
18 Nov, 2018Angeles CIO Michael Rosen Interviewed by Bloomberg
Bloomberg Finance, John Tucker and Katia Porzecanski discuss the October equity selloff with Michael Rosen, Chief Investment Officer of Angeles Investment Advisors.
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![The Intersection of Politics and Investing - Highlights (2:54)]()
16 Oct, 2018The Intersection of Politics and Investing - Highlights (2:54)
The symposium began with a review by Angeles Chief Investment Officer Michael Rosen conducting a "tour" of past midterm election results.
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![The Intersection of Politics & Investing - Full (1:26:03)]()
16 Oct, 2018The Intersection of Politics & Investing - Full (1:26:03)
The symposium began with a review by Angelesà Chief Investment Officer Michael Rosen conducting a "tour" of past midterm election results.
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![3rd Quarter 2018 - De Schuilplaats]()
15 Oct, 20183rd Quarter 2018 - De Schuilplaats
Willem ten Boom, after years of apprenticeship as a watchmaker, opened his own store in Haarlem in 1837. His son, Casper, also became a watchmaker, and the trade was passed down to CasperÃs children.
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![Talkin' Turkey]()
14 Aug, 2018Talkin' Turkey
The expression comes from Colonial America, but its exact origins are unclear, and its meaning seems to have changed over the years. Originally it was a phrase that denoted pleasant, or even silly, ...
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![Not Beach Reading]()
6 Jul, 2018Not Beach Reading
I love the beach. And I read a lot. I like reading on the beach, but I am not a fan of beach reading. Beach reading is generally defined as light, pleasurable, contemporary fiction, often with some ...
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![Everybody Out'ta the Pool]()
15 May, 2018Everybody Out'ta the Pool
Markets work through the forces of demand and supply. This axiom applies to all markets, from housing to marriage (as Gary Becker famously noted), and anywhere there is an exchange of goods or ...
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![Bear Markets, Bull Markets, and (mis)Timing - Highlights (2:17)]()
18 Apr, 2018Bear Markets, Bull Markets, and (mis)Timing - Highlights (2:17)
The symposium begins with Angeles' Chief Investment Officer, Michael Rosen, reviewing the history of bull and bear markets in the US, noting important distinctions among bear markets, and identifying three categories with...
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![Bear Markets, Bull Markets, and (mis)Timing - Full (1:21:37)]()
18 Apr, 2018Bear Markets, Bull Markets, and (mis)Timing - Full (1:21:37)
The symposium begins with Angeles' Chief Investment Officer, Michael Rosen, reviewing the history of bull and bear markets in the US, noting important distinctions among bear markets, and identifying three categories with...
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![1st Quarter 2018 - Happiness]()
6 Apr, 20181st Quarter 2018 - Happiness
Herodotus tells of the travels of Solon, the great Athenian lawgiver and jurist, who set out to travel the known world. Solon comes to Lydia and is brought to its king, Croesus, said to be the wealthiest man in the world.
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![4TH QUARTER 2017 - BEASTS]()
30 Jan, 20184TH QUARTER 2017 - BEASTS
Paris, at the turn of the 20th century, was the center of the world: the City of Lights embraced innovative entrepreneurs and artists alike.
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![Updating the Triangle]()
3 Jan, 2018Updating the Triangle
Last year, I introduced my big picture framework of assessing the relative attractiveness of markets Inside the Triangle through the lenses of valuation, momentum and sentiment. To recap, the ideal ...
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![(Not) Recommended Reading]()
20 Dec, 2017(Not) Recommended Reading
I dont like recommended lists. They turn experiences into a contest (and the winner is), and one reviewers preferences may have little to do with mine.That said, since my writing covers a very wide ...
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![Hot As Hell]()
16 Nov, 2017Hot As Hell
Hell is hot, as everyone knows. Everyone knows this, but there really is no conclusive evidence: no eyewitness reports, no scientific instruments to measure the temperature in Hell. So, how do we know ...
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![3RD QUARTER 2017 - GHOST MOVES]()
31 Oct, 20173RD QUARTER 2017 - GHOST MOVES
Wei Qi translates as "surrounding game". It is the oldest board game in continuous play in its original form, some 3,000-4,000 years old. Confucius wrote of the many benefits in developing the mind and spirit for those who study the game..
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![It's About Time]()
22 Sep, 2017It's About Time
Lost Time is never found again, advised Benjamin Franklin in Poor Richards Almanack. And Dante Alighieri observed, The wisest are the most annoyed at the loss of time.I have been thinking about ...
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![For What It's Worth]()
21 Aug, 2017For What It's Worth
In the summer of 1966, throngs of young people crowded the Sunset Strip in Los Angeles to hear their favorite bands. Over at the Sunset Tower, Jim Morrison and the Doors were the house band, finishing ...
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![2ND QUARTER 2017 - CINCINNATUS]()
27 Jul, 20172ND QUARTER 2017 - CINCINNATUS
Henry Knox was the proprietor of a popular Boston book store, which afforded him time to read up on his favorite topic: military tactics and strategy. When the British occupied Boston in 1775, Knox, with no military experience...
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![Toes in the Sand]()
20 Jul, 2017Toes in the Sand
For me, and I think I speak for everyone on the planet, the feeling of warm sand between the toes is one of lifes great pleasures. And for virtually everyone on the planet, including those of us who ...
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![Not Dead Yet]()
13 Jul, 2017Not Dead Yet
According to the National Bureau of Economic Research (NBER), the self-acclaimed arbiter of economic debate in this country, the current economic expansion began in June 2009, meaning we just passed ...
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![Humans! What Are They Good For?]()
29 Jun, 2017Humans! What Are They Good For?
It looks like the world is turning against humans. Ive talked before about the rise of robots in manufacturing (2016 Angeles Independent School Endowment Symposiumsee graph below). But robots are ...
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![Beware Parabolas and Populists]()
13 Jun, 2017Beware Parabolas and Populists
In scouring the world for investment opportunities, the chart above caught my attention. It shows the year-to-date performance of the Caracas stock exchange, more than tripling from around 30,000 to ...
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