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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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OUR BLOG

Talkin’ Turkey
AUG 14, 2018 BY MICHAEL ROSEN
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, conversation. Today, “talk turkey” means plain, direct speech. Just the facts (ma’am). So, let’s talk turkey. Turkey is a mess, on many levels, and it’s all self-inflicted. It is classic economic mismanagement for narrow political purposes, a pattern we’ve seen (literally) hundreds of times. Its symptoms are predictable, its cure is obvious, but the prognosis is bleak. Politics and personality are turning a manageable economic crisis into...
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RECENT BLOG POSTS

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

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

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

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

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

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

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

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

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

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 NEWSLETTER

BY MICHAEL ROSEN

Nothing about her beginnings in rural France pointed to a life other than one of poverty, obscurity and a likely early death. Her unwed mother was a laundress in a poorhouse. Her father was an itinerant peddler in the Loire Valley. When she was 12 years old, her mother died, aged 32, of tuberculosis, and she was sent to an orphanage where she learned the domestic chores of cooking, cleaning and sewing. At 18, no longer able to stay at the orphanage, she moved into a poorhouse in the town of Moulins.