Archive | September 2016

Janet Yellen Is Your Friend

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I have not met Janet Yellen, but she seems like a perfectly friendly person. Yet, for some reason, investors seem to panic whenever she hints that the Fed is discussing whether and when to lift interest rates from close-to-zero to a smidgen above zero. That instinctive panic is not rational. Part of the problem is that it appears there are so few people with a grasp of how monetary policy works, and certainly none who work in Congress or the media. So here’s a quick primer. The Fed does not set interest rates. The Fed adds or withdraws reserves to Read More


Give Us Your Poor

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A large percentage of energy expended at Angeles is in evaluating, analyzing and judging investment managers. It is a core competency at Angeles, and we think we’re pretty good at it. In doing this work, we crunch a lot of numbers, talk to a lot of people, and argue incessantly (and occasionally, productively) among ourselves. Success in selecting superior managers comes mostly from employing very smart, experienced people in this pursuit, and by having them interact in a structure and culture that seeks to discard the mediocrity and lowest common denominator settled by consensus, in favor of the truly outstanding, and Read More