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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

Inversion
APR 11, 2019 BY MICHAEL ROSEN
Say “inversion” to a Californian, and the most likely word association is “layer.” It’s our topography that causes this phenomenon, accounting for the haze, smog and “June Gloom” we experience. It’s not a modern phenomenon either: Juan Rodriguez Cabrillo called it Baya de los Fumos, from the dozens of native Tongva campfires that filled the air when he sailed into Santa Monica Bay in 1542. Normally, air temperature drops with altitude. But in Southern California in the spring and summer, the colder marine air comes ashore to meet the warmer air on land that rises above the ocean air, which...
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RECENT BLOG POSTS

Truth and Consequences

MAR 03, 2019

Archaeological evidence suggests that, for thousands of years, the people who inhabited the Great Plains of North America, stretching from present-day Canada to Mexico, from the Rockies to the Appalac...
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Only the Lonely

FEB 04, 2019

My first impression when flying into Mexico City a few weeks ago was its vastness. From the air, the city seems to stretch forever. The Valley of Mexico has been inhabited for over 12,000 years, and w...
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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

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

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

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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WHITE PAPERS
- Angeles' Proprietary Capital Market Assumptions
- Benefits of Outsourced Chief Investment Office (OCIO)
- A Framework for Evaluating Outsourced Chief Investment Office Performance
- Angeles Responsible Investing Policy
- Importance of Back Office Support
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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

1st QUARTER NEWSLETTER

BY MICHAEL ROSEN

One of the most popular writers of the 20th century was born, and died, in Manhattan. Kansas, and New York, that is, respectively. Damon Runyon was born to a family of newspapermen. His grandfather was a printer, and his father was the editor of the town’s paper. The Depression of 1882 bankrupted him, and the family moved to Pueblo, Colorado to start over.

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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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