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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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  • Shock, Part 4 (Divided We Are)

    Shock, Part 4 (Divided We Are)

    DEC 21, 2016

    We began this series with a review of the likely economic policies and their implications of the new Trump administration, and discussed the long-term challenges investors face. We would have undertak...

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  • Shock, Part 3 (The End of Pax Americana)

    Shock, Part 3 (The End of Pax Americana)

    DEC 13, 2016

    We are all trying to make sense of the election of Donald J. Trump to the presidency, and a few weeks ago I outlined the possible economic agenda and its consequences the administration may pursue (ht...

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  • Shock, Part 2 (The Asset Allocator’s Dilemma)

    Shock, Part 2 (The Asset Allocator’s Dilemma)

    NOV 28, 2016

    In Shock (Part 1) (http://blog.angelesadvisors.com/2016/11/shock-part-1/), we looked at a possible Trump economic agenda and its consequences. A large increase in government spending, tax cuts and der...

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  • Shock (Part 1)

    Shock (Part 1)

    NOV 22, 2016

    Shock, a sudden drop in blood flow, is a serious medical condition. Untreated, it can quickly be fatal. There are numerous types and causes of shock, including anaphylactic, an allergic reaction, card...

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  • What I Learned While Atoning

    What I Learned While Atoning

    OCT 17, 2016

    Twenty-four hours without food or drink is supposed to help focus the mind on the task at hand: atoning for the sins of the past year in hopes that your name is placed in the Book of Life for another ...

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  • Janet Yellen Is Your Friend

    Janet Yellen Is Your Friend

    SEP 28, 2016

    I have not met Janet Yellen, but she seems like a perfectly friendly person. Yet, for some reason, investors seem to panic whenever she hints that the Fed is discussing whether and when to lift intere...

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  • WHITE PAPERS

    • Macro Thoughts: Investment Grade Bonds? Request
    • Angeles' Proprietary Capital Market Assumptions Request
    • Globalization of Equity Portfolios Request
    • View From Middle Kingdom Request
    • Currency Overlay Request
    • Opportunistic Strategies: Activist Investing Request

Quarterly Commentary

3rd Quarter 2016 Newsletter

3rd QUARTER 2016 NEWSLETTER

BY MICHAEL ROSEN

After three years of war, and really, three centuries of Romanov repression, the Russian people had reached their breaking point. The Tsar's army suffered defeat after defeat against the Kaiser's superior forces, and the direct leadership of Nicholas II, as oblivious (maybe more) in military matters as he was in every other area, was ruinous. Food shortages in the capital St. Petersburg brought out thousands of rotestors, even in the bitter cold of mid-winter. Nicholas sent in the army to disperse the crowds, but apparently the soldiers, too, had had enough of the corruption and incompetence of the Tsar's rule.

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