Angeles Advisors | Blog

  • 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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Consider

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Consider: Volatility spiked to its highest level in over 2 years. Global equities are in negative territory this year, led by Europe’s 10% decline. US 10-year Treasury yields fell more than 30 basis points intra-day yesterday. Consider, too: Mortgage rates are down 100 basis points over the past year Jobless claims are at their lowest levels in 15 years Housing prices nationally are up 7% in the past year Gasoline prices are off 20% this year I have no idea where the bottom is, or when we will get there. But if you believe the US economy remains reasonably robust Read More


MLPs

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Some historical data from Credit Suisse below: MLPs are off 14% this month, pretty bad. Subsequent performance (no guarantees) looks pretty strong though.


Panic!

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Like Scary Nights at Universal Studios (where my daughter went this weekend), it really is scary out there. I Walked into the office looking at a 300-point drop  in the Dow and a +10% jump in 10-year Treasuries. I doubt anyone woke up this morning and decided that sub-2% yields for the next decade is actually a great investment. No, it’s a classic sign of panic. I have no idea how much further we fall, but it’s not a black hole we’re in. I don’t believe in catching falling knives (throwing metaphors around this morning), but I see the markets Read More


US economic growth

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So, US economic growth is outpacing the rest of the developed world (and much of the non-developed, um, emerging, world), as seen in these charts (thanks to Goldman Sachs). But will we converge, and if so, will it be a positive (the world rises to the US) or negative (US drops) convergence? I don’t really know (who really does?). But the US is the most self-contained economy in the world (outside of sub-Saharan Africa), thus the woes of the world impact the US much less than any other country. Rather than worry about the US economy, it’s the EM markets Read More