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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

  • 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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  • 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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  • 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

3rd Quarter 2018 Newsletter

3rd QUARTER NEWSLETTER

BY MICHAEL ROSEN

Willem ten Boom, after years of apprenticeship as a watchmaker, opened his own store in Haarlem in 1837. His son, Casper, also became a watchmaker, and the trade was passed down to Casper’s children. His youngest, Cornelia, named after her mother, was born in 1892. Corrie, as she was called, also studied watchmaking, and at the age of 30, became the first woman ever licensed as a watchmaker in The Netherlands.

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2nd Quarter 2018 Newsletter

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.

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