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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

  • Book Wrap

    Book Wrap

    DEC 31, 2018

    Time for my semi-annual book perspective. I read a lot of books, but truthfully, most of them I move through pretty quickly. In the non-fiction world, I find many to be one-dimensional, perhaps an int...

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  • Breathe

    Breathe

    DEC 20, 2018

    Twenty-five hundred years, Siddhartha Gautama practiced a form of meditation that involved controlled breathing. Much later, about 700 years ago, this practice, called pranayama, was codified in the m...

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  • Talkin’ Turkey

    Talkin’ Turkey

    AUG 14, 2018

    The expression comes from Colonial America, but its exact origins are unclear, and its meaning seems to have changed over the years. Originally it was a phrase that denoted pleasant, or even silly, co...

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  • Not Beach Reading

    Not Beach Reading

    JUL 06, 2018

    I love the beach. And I read a lot. I like reading on the beach, but I am not a fan of beach reading. Beach reading is generally defined as light, pleasurable, contemporary fiction, often with some ro...

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  • Everybody Out’ta the Pool

    Everybody Out’ta the Pool

    MAY 15, 2018

    Markets work through the forces of demand and supply. This axiom applies to all markets, from housing to marriage (as Gary Becker famously noted), and anywhere there is an exchange of goods or service...

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  • Updating the Triangle

    Updating the Triangle

    JAN 03, 2018

    Last year, I introduced my big picture framework of assessing the relative attractiveness of markets Inside the Triangle through the lenses of valuation, momentum and sentiment. To recap, the ideal ti...

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  • (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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  • Investment 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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Investment Commentary

4th Quarter 2018 Newsletter

4th QUARTER NEWSLETTER

BY MICHAEL ROSEN

Finland is a small country of around 5 million people, about the population of the state of Minnesota. The country has produced one notable musician, Jean Sibelius, and one global company in Nokia. But in the first half of the 20th century, Finland was best known for producing world-class distance runners. Between 1912 and 1940, five Finns held world records and won multiple Olympic gold medals.

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3rd Quarter 2018 Newsletter

3rd QUARTER NEWSLETTER

BY MICHAEL ROSEN

Willem ten Boom, after years of apprenticeship as a watchmaker, opened his own store in Haarlem in 1837. His son, Casper, also became a watchmaker, and the trade was passed down to Casper’s children. His youngest, Cornelia, named after her mother, was born in 1892. Corrie, as she was called, also studied watchmaking, and at the age of 30, became the first woman ever licensed as a watchmaker in The Netherlands.

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