Latest Blog: Fireside Reading - 03/01/2024
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ARTICLES & INSIGHTS
- HOME CIO INSIGHTSCOMMENTARY AND ANALYSIS FROM ANGELES' CIO, MICHAEL ROSEN ANGELES INSIGHTSRESEARCH AND PERSPECTIVES FROM THE ANGELES TEAM IN THE NEWSPRESS RELEASES, INTERVIEWS, AND PUBLICATIONS FEATURING ANGELES MARKET UPDATE SNAPSHOTSMONTHLY MARKET ANALYSIS SEARCH MEDIA
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TED ELIOPOULOS: CALPERS' $300-BILLION MAN 02-08-2015
"It's perfectly possible to be a very effective leader even if you don't have all the experience in the weeds," said Michael Rosen, a principal at ...
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DOLLAR 02-06-2015
My quarterly letter talks about the strength of the US dollar and why it should continue to rise (see Chart below), but I wanted to note here the huge ...
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JOBS, JOBS, JOBS 02-06-2015
The US economy is stronger than we think: 257,000 net new jobs in January, but another 404,000 jobs were "found" (due to a recalculation) in November ...
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PIMCO FUND HAD $11.6 BILLION OF WITHDRAWALS IN JANUARY 02-03-2015
At this point, most people who've decided to exit have exited," Michael Rosen. "I think that's probably right unless performance starts deteriorating ...
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CONSENSUS 01-28-2015
Europe is a mess, everyone agrees: poor demographics, sclerotic and oppressive regulation, political dysfunction. European stocks lost 6% last year as ...
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FOR VANGUARD, THESE ARE THE BEST OF TIMES 01-26-2015
Others agree. "The trend toward passive investing is something (Vanguard founder) John Bogle really believed in," said Michael Rosen, a principal of ...
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VANGUARD'S FUNDS REACH NEW HEIGHTS 01-26-2015
Although Mr. Rosen said he still believes in active management " "it just requires the right mix of resources, experience, organization and ...
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STATISTICS 01-20-2015
Mark Twain wrote in his autobiography that there are three kinds of lies: lies, damned lies and statistics. How true.Revenue can be deferred (or ...
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SWISS CHEESE 01-15-2015
Back in 2011, as talk of the Eurozone disintegrating was at high pitch, investors fled to the perceived safety of the Swiss franc (CHF). Naturally, ...
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WHY HIGH-YIELD DEBT SELLOFF ISN'T 2007 ALL OVER AGAIN. OR IS IT? 01-15-2015
Just as many underestimated the effect defaulting subprime mortgages would have on financial markets in 2008, investors pulling money from high-yield ...
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MARKET COMMENTARY 01-13-2015
A Secular Bull Market is generally defined as a long-term bullish trend consisting of larger bull markets and smaller bear markets or corrections. In ...
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IN VANGUARD'S SHADOW, SMALL FIRM SCORES TWEAKING INDEXES 01-13-2015
"Educated advisers are more likely to prevent their clients from making radical changes when markets drop," said Rosen. "The fact that those assets ...
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DODGE & COX GROWS ON PERFORMANCE, PIMCO FLOW 01-12-2015
While performance at both funds is strong, it's clear the Dodge & Cox bond strategy benefited from outflows at PIMCO, said investment consultant ...
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WEIGHTY 01-08-2015
Among new year resolutions, losing weight tops the list for the majority of Americans. Actually, I made up that statistic, but in my defense, (a) it ...
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PIMCO NAMES BERNANKE, BROWN, TRICHET TO GLOBAL ADVISORY BOARD 01-07-2015
"It's possible to imagine that there's some insight these individuals can provide,"" Rosen, whose Santa Monica, California-based firm advises on more ...
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PIMCO TOTAL RETURN SUFFERS WORST YEAR FOR REDEMPTIONS, WITH GROSS, EL-ERIAN DEPA 01-03-2015
"You could still see some more outflows and then it probably stabilizes, unless performance really deteriorates," Michael Rosen, chief investment ...
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SHIPPING 01-02-2015
First, happy new year to all!I walked into the office this morning to a crystal clear view of the Pacific. What a beautiful start to the year!In the ...
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4TH QUARTER 2014 - CANUTE 01-01-2015
Beginning in the late 8th century, an intrepid band of explorers set out from their harsh, frozen lands, first to plunder, then to conquer most of ...
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GDP 12-23-2014
Normally, I wouldn't comment on any single economic release, but today's GDP revision adds to the mounting evidence of a strengthening US economy. GDP ...
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TOO MANY WORDS 12-22-2014
Among monetary economists, there is a raging debate over the merits of the Fed's burgeoning balance sheet. Back in November 2010, an open letter to ...
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ENERGY PANIC 12-16-2014
Take a look at the price of a barrel of good ol' West Texas Intermediate (see graph below). Two things jump out at me: big declines occur in ...
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EUROPE SPUTTERS, US CRUISES 12-15-2014
Europe's unemployment rate is 11.5%. Europe is currently growing at less than 1%. A rule of thumb is that it takes excess growth of 2-2.5% to drop the ...
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DEFLATION? NOT US 12-09-2014
The dramatic (40%!) drop in oil prices has caused some hysteria in the media about the rising risks of deflation. After all, lower energy prices is ...
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LABOR MARKET 12-05-2014
Oh, this was a strong report this morning, on every level:321,000 net new jobs in November.10 consecutive months of +200,000 payroll gains (228,000 on ...
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