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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) Recommended Reading

    (Not) Recommended Reading

    DEC 20, 2017

    I don’t like recommended lists. They turn experiences into a contest (and the winner is…), and one reviewer’s preferences may have little to do with mine. That said, since my writing covers a very wid...

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  • Hot As Hell

    Hot As Hell

    NOV 16, 2017

    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 “k...

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  • It’s About Time

    It’s About Time

    SEP 22, 2017

    “Lost Time is never found again,” advised Benjamin Franklin in Poor Richard’s 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

    For What It’s Worth

    AUG 21, 2017

    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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  • Toes in the Sand

    Toes in the Sand

    JUL 20, 2017

    For me, and I think I speak for everyone on the planet, the feeling of warm sand between the toes is one of life’s great pleasures. And for virtually everyone on the planet, including those of us who ...

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  • 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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  • 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

4th Quarter 2017 Newsletter

4th QUARTER NEWSLETTER

BY MICHAEL ROSEN

Paris, at the turn of the 20th century, was the center of the world: the City of Lights embraced innovative entrepreneurs and artists alike. The new automobile industry burgeoned with 600 manufacturers around the city, making France the world’s largest exporter of cars. The even newer aeronautics industry was dominated by Frenchmen, who were among the most famous men of their day. Louis Blériot was the first to fly across the Channel in 1908, and Roland Garros was the first to cross the Mediterranean in 1913. The Lumière Brothers invented cinema, and soon France was leading the world in film production.

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