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Insights from our CIO
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![Michael Rosen]()
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CIO Insights are written by Angeles' CIO Michael Rosen
Michael has more than 35 years experience as an institutional portfolio manager, investment strategist, trader and academic.
RSS: CIO Blog | All Media
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14 Jan, 2025"The horror, the horror"
On a beautiful January day that exists only in California, snow-capped mountains to the east, sparkling Pacific Ocean to the west, I saw the flames starting on a hilltop to the north. This is not ...
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![Friendships]()
19 Dec, 2024Friendships
Last month, I returned to college for a ceremony honoring my coach. I have stayed in touch with Coach all these years, it is one of my most treasured friendships, as well as with some teammates, but ...
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![Fireside Reading]()
9 Dec, 2024Fireside Reading
Seven selections for your winter reading, including my Book of the Year. May you have a warm and enchanting reading season.NonfictionAutocracy, Inc., Anne ApplebaumApplebaum and her neoliberal ...
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![3rd Quarter 2024 - Maginot]()
8 Oct, 20243rd Quarter 2024 - Maginot
"Don't fight the last war" is sound advice to military planners, but also good guidance for investors and policymakers. Maginot examines the consequences of failing to follow this adage by investors, politicians and generals.
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![Beach Reading]()
13 Aug, 2024Beach Reading
Six new books for you, all fiction, all great. I hope you enjoy!The Sellout, Paul BeattyThis is possibly the most brilliant satirical novel since A Confederacy of Dunces. The protagonist, known by his ...
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![2nd Quarter 2024 - Verschlimmbesserung]()
8 Jul, 20242nd Quarter 2024 - Verschlimmbesserung
Investors make two big mistakes in assessing the risks of volatility and liquidity in equities. Solving for one problem creates a far bigger one, a notion captured by this mouthful of a German word, Verschlimmbesserung.
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![Beach Reading]()
8 May, 2024Beach Reading
I'm happy to go to the beach year-round, but it's now really becoming beach weather, so I have five new book suggestions for your next trip to the beach.NonfictionThe Blue Machine, Helen CzerskiWe ...
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![1st Quarter 2024 - Luminiferous]()
9 Apr, 20241st Quarter 2024 - Luminiferous
One of America's greatest scientists was responsible for the most famous failed experiment in history. Therein lies lessons for investors today. We hope you enjoy our latest quarterly letter, Luminiferous, by our CIO, Michael Rosen.
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![Fireside Reading]()
1 Mar, 2024Fireside Reading
Seven new selections for you - 3 fiction, 4 nonfiction - while it's still fireside reading season. Enjoy! FictionBaumgartner, Paul AusterBaumgartner is a philosophy professor at Princeton, nearing ...
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![4th Quarter 2023 - Storms]()
9 Jan, 20244th Quarter 2023 - Storms
Confronting seemingly intractable problems with determination & innovation are necessary for investment success. Storms tells the story of the extraordinary engineer whose failed projects led to ultimate success in the US' greatest accomplishment.
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![Fireside Reading]()
21 Dec, 2023Fireside Reading
I hope you have a wonderful holiday season, with ample time to enjoy some good books next to a crackling fire. I have an even-dozen to recommend. Best wishes to all!FictionOld God's Time, Sebastian ...
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![Money Life with Chuck Jaffe]()
11 Dec, 2023Money Life with Chuck Jaffe
As 2023 comes to a close, Michael Rosen, Principal & Chief Investment Officer at Angeles Investments, joins Money Life with Chuck Jaffe to discuss his expectations for the economy and what investors should look out for in 2024.
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![3rd Quarter 2023 - Dyscrasia]()
9 Oct, 20233rd Quarter 2023 - Dyscrasia
Records of infanticide, that most heinous of crimes, have, sadly, existed throughout human history. Disability and poverty have been common explanations for this horror, but so has misguided morality. Babies born in 18th and 19th century Europe out..
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![Beach Reading]()
18 Sep, 2023Beach Reading
September is still beach time, so I have a few more recommendations for you. One nonfiction and four fiction, including my (so far) book of the year. Enjoy!House of Cotton, Monica BrashearsMagnolia ...
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![Beach Reading]()
10 Aug, 2023Beach Reading
There's still a lot of summer left, so I have five nonfiction and five fiction recommendations for your beach reading.NonfictionThe Half-Known Life: In Search of Paradise, Pico IyerWhat is Paradise? ...
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![Satisfaction]()
7 Aug, 2023Satisfaction
Why does the Fed insist that low unemployment drives higher inflation? Policymakers' imagination is being fired by useless information, and they just can't get no.And I'm tryin' to make some girl, who ...
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![Giving]()
27 Jul, 2023Giving "Foxy" a Voice - A Discussion with Michael Rosen on Q2-2023 Commentary
In this discussion, Angeles CIO Michael Rosen & Managing Director Garry Duncan delve into the core themes of Michael's Q2 Commentary, "Foxy". The conversation touches on the advantages of being a fox, risk of recession, inflation & monetary policy.
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![2nd Quarter 2023 - Foxy]()
6 Jul, 20232nd Quarter 2023 - Foxy
A famous 20th century philosopher finds wisdom in an ancient Greek poet, and in so doing, shows us the path to successful investing. Please enjoy this quarter's letter, Foxy.
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![Beach Reading]()
20 Jun, 2023Beach Reading
Most of you know that I don't favor romance novels for reading on the beach (or anywhere else, for that matter, although that's not a judgment about people who like them!), and I apologize that this ...
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![1st Quarter 2023 - Dam(n)]()
11 Apr, 20231st Quarter 2023 - Dam(n)
Western Pennsylvania is home of the Allegheny Mountains, part of the vast Appalachian chain that runs 1,500 miles from Alabama to Newfoundland. It is some of the most scenic landscape in eastern North America, which verdant mountains and deep...
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![Fireside Reading]()
30 Mar, 2023Fireside Reading
Six fiction and seven nonfiction books to recommend. Happy reading!FictionLessons in Chemistry, Bonnie GarmusElizabeth Zott is a talented chemistry student, pursuing a graduate degree in 1961 when she ...
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![Mismatch]()
20 Mar, 2023Mismatch
Bankers have always had a bad rap. Cicero, writing in De Officiis in 44 BCE, referenced Cato the Elder, the great Roman philosopher, who, when asked his opinion about lending with interest, replied, ...
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![4th Quarter 2022 - Kapitalismus]()
5 Jan, 20234th Quarter 2022 - Kapitalismus
Revolution spread like wildfire throughout Europe and around the globe in 1848, seemingly out of nowhere. There were early uprisings that year in Sicily and elsewhere, but revolutionary fervor arose most dramatically in France. On 22 February...
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![Everything Human is Pathetic]()
18 Nov, 2022Everything Human is Pathetic
This is what comes to my mind as I watch the debacle that is FTX imploding.Most legal documents and court filings are painful to read: verbose, obtuse, repetitive, numbingly boring.An exception is the ...
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