Archive | November 2016

Shock, Part 2 (The Asset Allocator’s Dilemma)

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In Shock (Part 1) (http://blog.angelesadvisors.com/2016/11/shock-part-1/), we looked at a possible Trump economic agenda and its consequences. A large increase in government spending, tax cuts and deregulation will likely boost GDP growth in the near-term, while restrictions on trade and immigration are headwinds to growth. These policies will add to the inflationary pressures that have already been building. Markets responded immediately to this agenda. US stocks rose to record levels, led by domestically-focused small cap companies, pharmaceuticals and banks, the prime beneficiaries of less future regulation. Trade-dependent emerging markets were sold, as were bonds, which offer little protection in an inflationary Read More


Shock (Part 1)

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Shock, a sudden drop in blood flow, is a serious medical condition. Untreated, it can quickly be fatal. There are numerous types and causes of shock, including anaphylactic, an allergic reaction, cardiogenic, from heart damage, hypovolemic, from blood loss, and neurogenic, from spinal cord trauma. The election of Donald J. Trump as President of the United States induced shock in virtually all of the people who did not vote for him, and probably even in many of the ones who did. Thankfully, I am not a political pundit, which may now be the most disgraced profession in the country. But Read More