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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

  • Truth and Consequences

    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

    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

    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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  • 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

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 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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