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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

  • 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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  • 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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  • 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

3rd Quarter 2017 Newsletter

3rd QUARTER NEWSLETTER

BY MICHAEL ROSEN

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, and the Qing Dynasty1 codified the game as one of the Four Accomplishments to be mastered by the elite class.The rules of the game are quite simple. Two players alternate placing black and white stones on a 19x19 grid. Once placed, the stones cannot move. Should one player surround an opposing stone, that stone is captured and removed from the board. The object of the game is to control more territory than your opponent. Placing stones together give them strength, making them harder to surround, whereas stones far apart can influence a wider territory, but are more vulnerable to capture, so the key is to balance strength through cohesion with the risks of expansion.

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