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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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![4th Quarter 2020 - Na Triobloidi]()
11 Jan, 20214th Quarter 2020 - Na Triobloidi
Betty Smyth was born in Belfast in the midst of World War Two, to a Protestant father, a butcher, and a Catholic mother, a part-time waitress. She left school at 5 and married Ralph Williams at the age of 18. August 10, 1976 was a hot summer day...
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![Fireside Reading]()
15 Dec, 2020Fireside Reading
Since my last update a few months ago (http://sgtm.ywt99.com/institutional-insights/still-beach-reading), I've moved from the beach to the fireplace, and am happy to share my reading ...
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![Not Just A Game]()
10 Dec, 2020Not Just A Game
There are twenty amino acids in the human body. Amino acids are the chemical links that make up proteins. Proteins perform all sorts of essential tasks. Hemoglobin, for example, is the protein ...
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![3rd Quarter 2020 - Stand Up]()
5 Oct, 20203rd Quarter 2020 - Stand Up
August Landmesser was born into a poor family in a rural village outside of Hamburg in 1910. He came of age in a Germany convulsed with economic strife and political turmoil. He had little education and no particular skills, and no world view...
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![Two (Percent) is a Sad Number]()
21 Sep, 2020Two (Percent) is a Sad Number
Last month, the Federal Reserve unveiled its new monetary framework, following an intensive 18-month review. The principal change was to abandon a target inflation rate (2%) in favor of an average ...
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![Still Beach Reading]()
10 Sep, 2020Still Beach Reading
It's still beach weather here in Southern California, so I have a few more suggestions for beach reading.Begin Again by Eddie S. Glaude, Jr.When I was in school, James Baldwin was unapproachable: his ...
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![Disconnect: How Can Markets Be At All-Time Highs When the World Around Us Is Collapsing?]()
18 Aug, 2020Disconnect: How Can Markets Be At All-Time Highs When the World Around Us Is Collapsing?
Answer: Markets reflect the dynamism and adaptability of private companies, not geopolitical events or socioeconomic upheaval.Many find this conclusion surprising, non-intuitive, but on our recent ...
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![Beach Reading]()
11 Aug, 2020Beach Reading
One of the upsides to confinement over the past few months is that Ive been able to raise my reading capacity. Here are my exceptional encounters. This is mostly serious beach reading, if youll excuse ...
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![2020 Webinar - How Can Markets be at All-Time Highs When the World is Collapsing]()
3 Aug, 20202020 Webinar - How Can Markets be at All-Time Highs When the World is Collapsing
How do investors navigate stock market highs amid historic U.S. unemployment, a global pandemic, civil unrest, and an upcoming U.S. presidential election?
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![2nd Quarter 2020 - Dreams Deferred]()
7 Jul, 20202nd Quarter 2020 - Dreams Deferred
Eunice Wayman was born in Tyron, a small town of around 1600 people in western North Carolina, in 1933, the sixth of eight children of a handyman father and a house cleaner / sometime-Methodist minister mother. This small town was certainly...
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![Angeles Response to Protests and Recent Events]()
3 Jun, 2020Angeles Response to Protests and Recent Events
Angeles stands with those who struggle, and we stand with all who exercise their liberties to protest injustice.
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![Earthrise or Earthset: Thoughts on a Post-Pandemic World (Part 3)]()
2 Jun, 2020Earthrise or Earthset: Thoughts on a Post-Pandemic World (Part 3)
Source: NASAWeak economic growth and low investment returns are the prospects we discussed in the first two parts of this series ...
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![Sunrise or Sunset: Thoughts on a Post-Pandemic World (Part 2)]()
29 May, 2020Sunrise or Sunset: Thoughts on a Post-Pandemic World (Part 2)
In Part 1 (http://sgtm.ywt99.com/institutional-insights/sunrise-or-sunset-thoughts-on-a-post-pandemic-world-part-1), we outlined an economic backdrop of weak growth, high levels of ...
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![Sunrise or Sunset: Thoughts on a Post-Pandemic World (Part 1)]()
27 May, 2020Sunrise or Sunset: Thoughts on a Post-Pandemic World (Part 1)
Two and a half months of isolation engenders reflection, on what weve endured, and contemplation on what the future may hold.Our reflections are incomplete, its still early, and our prognostications ...
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![Memento Mori]()
26 Apr, 2020Memento Mori
The Romans had a tradition that, following a military victory, the triumphant general was paraded through the city in a four horse-drawn chariot to the adulation of the hundreds of thousands of ...
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![Whats Down With Oil?]()
15 Apr, 2020Whats Down With Oil?
I have always found that most things in life can be explained by basic economics. Well, some things, for sure. The most basic (THE most basic) concept in economics is the relationship among demand, ...
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![(Not Yet) Beach Reading]()
14 Apr, 2020(Not Yet) Beach Reading
Its not quite beach weather yet, but as we are all locked in our houses waiting out this virus, we may have found a little more time for ourselves. So I offer a selection of three books Ive read over ...
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![1st Quarter 2020 - La Peste]()
8 Apr, 20201st Quarter 2020 - La Peste
Bernard Rieux was a young physician in 1947, a surgeon, newly married and living in a comfortable apartment in the center of the city, close to the hospital where he worked. Each day, he would spend a few minutes chatting with his building's...
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![Michael Rosen on Bloomberg TV March 5th, 2020]()
5 Mar, 2020Michael Rosen on Bloomberg TV March 5th, 2020
Our Chief Investment Officer, Michael Rosen appeared on Bloomberg TV, Thursday March 5, 2020, to discuss his views on the investment implications of the recent market volatility.
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![Put Down the Gun]()
25 Feb, 2020Put Down the Gun
Tombstone, Arizona is a small town of around 1300 folks along the Mexican border. In 1881, it swelled with more than 7,000 men seeking their silver fortunes, along with thousands more women, children, ...
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![From the Kentucky Coal Mines to the California Sun]()
14 Jan, 2020From the Kentucky Coal Mines to the California Sun
Rupp Arena is one of the iconic venues for college basketball in the country. It is named for Adolph Rupp, the legendary coach of the University of Kentucky, from 1930-1972.Rupp won five national ...
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![4th Quarter 2019 - Una Rosa Blanca]()
9 Jan, 20204th Quarter 2019 - Una Rosa Blanca
How do you misplace a 5-ton, 18-foot tall statue? Residents of New York City may shrug when told it was in the care of the City Parks Department (as if, what do you expect?), but the story is a bit more convoluted than simple negligence...
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![Fireside Reading]()
18 Dec, 2019Fireside Reading
To sit near a warm fire in a comfortable chair on a cold night is one of life's pleasures that I hope you will be able to treasure over the holidays. Following are some of the books I enjoyed over the ...
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![3rd Quarter 2019 - Red Scare]()
6 Nov, 20193rd Quarter 2019 - Red Scare
November 11, 1918 marked the end of the Great War, and Americans celebrated with parties and parades across the country. Hardly had the ticker-tape been swept from the streets when thernnational mood of exuberance and exultation turned quickly...
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