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  • Blog posts are written by Angeles' CIO Michael Rosen

    Michael has more than 30 years experience as an institutional portfolio manager, investment strategist, and investment consultant.

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RECENT BLOG POSTS

  • Not Dead Yet

    Not Dead Yet

    JUL 13, 2017

    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 e...

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  • Humans! What Are They Good For?

    Humans! What Are They Good For?

    JUN 29, 2017

    It looks like the world is turning against humans. I’ve talked before about the rise of robots in manufacturing (2016 Angeles Independent School Endowment Symposium…see graph below). But robots are ta...

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  • Beware Parabolas and Populists

    Beware Parabolas and Populists

    JUN 13, 2017

    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 o...

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  • Economics in Action

    Economics in Action

    JUN 13, 2017

    The intersection of supply and demand determines price and quantity: there is no more fundamental principle of economics (see graph below). We rarely see this principle in action because prices for mo...

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  • Job Growth is Falling. The Sky is Not.

    Job Growth is Falling. The Sky is Not.

    JUN 02, 2017

    Today’s jobs report was disappointing: only 138,000 net new jobs created in May (the consensus had it pegged at 182,000), another 66,000 lost in revisions to the prior two months, the three-month aver...

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  • Hope and Reality

    Hope and Reality

    APR 06, 2017

    Why is everyone so happy? Well, maybe not everyone, but a lot of people are as optimistic as they’ve been in a long while. Start by looking at consumer confidence, as collated by the Conference Board ...

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  • Chasing the Red Baron

    Chasing the Red Baron

    MAR 31, 2017

    You can’t eat relative returns is an old aphorism. It sounds like it could come out of Poor Richard’s Almanac (Benjamin Franklin), and I’m not really sure of its origin, but it means that we (investor...

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  • Non-Zero Sum

    Non-Zero Sum

    FEB 17, 2017

    There are prominent voices (and tweets) urging us to pull back, dig in, and lock the gate. This rising chorus of nationalism and protectionism sees a dangerous world intent on our demise or destructio...

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  • LOVE

    LOVE

    FEB 14, 2017

    It’s probably no surprise to you that I see offering world-class investment advice as a valuable service for the long-term well-being of our clients. And while I think of investing as critically impor...

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  • Quarterly Commentaries are written by Angeles' CIO Michael Rosen

    Michael has more than 30 years experience as an institutional portfolio manager, investment strategist, and investment consultant.

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Quarterly Commentary

1st Quarter 2017 Newsletter

1st QUARTER 2017 NEWSLETTER

BY MICHAEL ROSEN

Japan has been ruled by the Yamato dynasty for nearly 2,700 years, the longest continuous monarchy in the world. From Jimmu to kihito, 125 emperors have held the Chrysanthemum Throne. But while the emperor has always been the titular ruler of Japan, he has not always held the ruling power. For more than 250 years beginning in 1603, the Tokugawa families were the true power in Japan. Ieyasu Tokugawa consolidated power by creating a working balance between powerful families (the daimyo) and a centralized government. The daimyo controlled their respective semi-autonomous regions while conceding ultimate authority to the Tokugawa rulers in the city of Edo.

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