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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

  • 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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  • 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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  • 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

1st Quarter 2018 Newsletter

1st QUARTER NEWSLETTER

BY MICHAEL ROSEN

Herodotus tells1 of the travels of Solon, the great Athenian lawgiver and jurist, who set out to travel the known world. Solon comes to Lydia2 and is brought to its king, Croesus, said to be the wealthiest man in the world. Croesus welcomes his distinguished guest, renowned for his great wisdom, and shows him the treasures he has accumulated, room after room filled with gold and precious jewels. After touring the palace, Croesus asks Solon, "Who is the happiest of human beings?", fully expecting Solon to name him. Instead, Solon pauses, then replies, "Tellus of Athens." Who?

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