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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

Everybody Out’ta the Pool
MAY 15, 2018 BY MICHAEL ROSEN
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 services (or mates). In all markets, price is the regulatory mechanism that ensures an equilibrium between the amount demanded and the amount supplied. Adam Smith called this the “Invisible Hand.” You knew all this already, because it is about as fundamental a concept in economics as exists. The price of that house is X, or the price of that automobile is Y, because X and Y are...
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RECENT BLOG POSTS

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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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

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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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
QUARTERLY COMMENTARY
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- Macro Thoughts: Investment Grade Bonds? Request
- Angeles' Proprietary Capital Market Assumptions Request
- Globalization of Equity Portfolios Request
- View From Middle Kingdom Request
- 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.
READ MORE

Quarterly Commentary

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?