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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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![2016 - 1st Quarter Commentary]()
17 May, 20162016 - 1st Quarter Commentary
To read more, download the full 16 page PDF: ...
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![Managing Home Bias: Defending the Value of Global Equities]()
10 May, 2016Managing Home Bias: Defending the Value of Global Equities
Home Bias is the tendency for investors to overÃÂallocate to domestic investments regardless of the benefits of global diversification in terms of both risk and reward.
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![1ST QUARTER 2016 - FOUNDATIONS]()
4 May, 20161ST QUARTER 2016 - FOUNDATIONS
Some of the most impressive accomplishments in human history were born of vanity, some rose from sheer curiosity, some were driven by commerce, others by necessity.
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![Still in Neutral]()
7 Apr, 2016Still in Neutral
The first quarter began with a bang and ended with a whimper. At least, that's the message from the VIX (volatility index"see below). Bouncing around an elevated level of around 28 for much of ...
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![Laboring]()
24 Mar, 2016Laboring
In some respects, this is a golden age for labor. The unemployment rate has dropped to 4.9% from a high of 10% in October 2009. It's not quite as low as the 3.8% in early 2000, or the post-war low of ...
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![In A Hole]()
4 Mar, 2016In A Hole
Two months ago, I offered some hope that drop we saw on the first day of 2016 was a good omen for the rest of the month and year (http://blog.angelesadvisors.com/2016/01/apres-moi-le-deluge/). ÂI ...
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![4TH QUARTER 2015 - BOUNDARIES]()
3 Feb, 20164TH QUARTER 2015 - BOUNDARIES
Painting has been a human endeavor probably since we developed opposable thumbs. Traditionally, painting filled one of two purposes: either decorative, with splashes of colors and designs, or commemorative, capturing a scene.
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![Digging Out]()
25 Jan, 2016Digging Out
The eastern United States was buried in snowstorm Jonas this weekend, from 42 inches (more than a meter for our non-US friends) in West Virginia to (a mere) 15 inches on Cape Cod. Snowfall records ...
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![AprÃs moi le déluge]()
5 Jan, 2016AprÃs moi le déluge
In more ways than one.We greeted the new year with an actual deluge, at least here in California, as the long-promised El NiÃo swooped in with force. Mudslides and traffic accidents are the ...
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![A Year-End Thought]()
31 Dec, 2015A Year-End Thought
This week, my college basketball team visited southern California, and I was lucky enough to spend some time with them over the past few days. I foundÂmyselfÂre-connecting to my ...
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![Path to Progress]()
8 Dec, 2015Path to Progress
Zimbabwe is a country of 14 million people. I've never been there, and I can't recall if I've ever met anyone from there, but I'm sure that the vast majority of Zimbabweans are very pleasant people. ...
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![O Pais do Futuro]()
30 Nov, 2015O Pais do Futuro
Charles de Gaulle (photoÂbelow)"imperious, disdainful, utterly French (and venerated for it in France)"noted 50 years ago that "Brazil was the country of the future." With more than 200 ...
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![Under My Thumb]()
20 Nov, 2015Under My Thumb
As Mick Jagger sang (screeched?) 50 years ago. The song was about turning the tables on a domineering woman (The girl who once had me down).A bit sexist, to be sure, but the song came to mind when ...
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![Fairy Tales]()
19 Nov, 2015Fairy Tales
The technology bubble of the late 1990s is a distant memory for most investors, and an ignorance for the rest. But back then, companies were raising huge sums of private capital on business plans made ...
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![Patricia]()
23 Oct, 2015Patricia
It's another beautiful day in Santa Monica: blue skies, a few high wisps of stratus clouds. But 1500 miles south of here is the strongest hurricane ever recorded in the Western Hemisphere. It will ...
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![I'm Swiss]()
13 Oct, 2015I'm Swiss
No question, this has been a challenging year. Virtually every financial asset class is struggling. Stocks are down, bonds are down, gold is down, oil is down. US is down, non-US is down. Large caps ...
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![Ursa Minor]()
2 Oct, 2015Ursa Minor
The bears are stirring. Not yet rampaging, but there's a lot of red ink across most markets.Today's jobs report was weak. No honey-coating it, it was a treat for the bears. Payrolls rose 142,000, well ...
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![3RD QUARTER 2015 - GO WEST (AND EAST, NORTH AND SOUTH)]()
1 Oct, 20153RD QUARTER 2015 - GO WEST (AND EAST, NORTH AND SOUTH)
Humans have inhabited the earth for what is a mere blink of the eye. The Universe was formed around 13 ÃÂ billion years ago, the Earth 7 billion years later, and in the past 4 ÃÂ billion years of the EarthÃs existence, the genus Homo arose just...
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![Yogi]()
24 Sep, 2015Yogi
Baseball, more than any other sport, by far, has drawn its share of colorful characters. I don't know why that is, but it is.ÂThis week, we lost one of the greatest, maybe the greatest, of ...
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![Drop (in the bucket)]()
15 Sep, 2015Drop (in the bucket)
Markets will fluctuate, as Pierpont Morgan caustically observed. And "fluctuate" means down as well as up. Perhaps I, too, am being caustically obvious, but I've long believed that a ...
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![Mauled]()
11 Sep, 2015Mauled
Investors in Emerging Markets could be forgiven for feeling as if they've gone 15 rounds with Ronda Rousey (see below). ÂOr, more like 3 years with theÂthe best pound-for-pound fighter today ...
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![Jobs]()
4 Sep, 2015Jobs
Markets have taken today's employment release as evidence of a weakeningÂjobs market. A mere 173,000 net new jobs were added in August, below the consensus figure of 217,000. But, coincidentally, ...
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![Picking Up the Pace]()
28 Aug, 2015Picking Up the Pace
Lost amidst the market turmoil this week were a number of reports of a strengthening US economy. Consumer confidence soared last month, as did new home sales. Durable goods orders surprised with a 2% ...
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![Jolt]()
25 Aug, 2015Jolt
Two weeks ago (13 August, No Panic (Yet)) I noted that the renminbi devaluation was officially described as a modest alignment with market forces, which may have been true, but that it was strongly ...
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