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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

  • 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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  • 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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  • 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

2nd Quarter 2017 Newsletter

2nd QUARTER 2017 NEWSLETTER

BY MICHAEL ROSEN

Henry Knox was the proprietor of a popular Boston book store, which afforded him time to read up on his favorite topic: military tactics and strategy. When the British occupied Boston in 1775, Knox, with no military experience beyond his books, joined the militia and promptly put his textbook knowledge to work building fortifications around the city. When George Washington arrived to assume command of the rebel troops, he was so impressed with Knox's work that he quickly promoted him and brought him onto his general staff. Knox was in charge of logistics when Washington crossed the Delaware, immortalized by George Caleb Bingham's famous painting, led the artillery in the Pennsylvania campaign, served on the courtmartial of Major John André, and joined in the siege of Yorktown that finally secured American independence.

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