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    • IT'S ABOUT TIME

      IT'S ABOUT TIME 09-22-2017

      "Lost Time is never found again," advised Benjamin Franklin in Poor Richard's Almanack. And Dante Alighieri observed, "The wisest ...

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    • FOR WHAT IT'S WORTH

      FOR WHAT IT'S WORTH 08-21-2017

      In the summer of 1966, throngs of young people crowded the Sunset Strip in Los Angeles to hear their favorite bands. Over at the Sunset Tower, Jim ...

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    • 2ND QUARTER 2017 - CINCINNATUS

      2ND QUARTER 2017 - CINCINNATUS 07-27-2017

      Henry Knox was the proprietor of a popular Boston book store, which afforded him time to read up on his favorite topic: military tactics and strategy. ...

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    • TOES IN THE SAND

      TOES IN THE SAND 07-20-2017

      For me, and I think I speak for everyone on the planet, the feeling of warm sand between the toes is one of life's great pleasures. And for ...

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    • NOT DEAD YET

      NOT DEAD YET 07-13-2017

      According to the National Bureau of Economic Research (NBER), the self-acclaimed arbiter of economic debate in this country, the current economic ...

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    • HUMANS! WHAT ARE THEY GOOD FOR?

      HUMANS! WHAT ARE THEY GOOD FOR? 06-29-2017

      It looks like the world is turning against humans. I've talked before about the rise of robots in manufacturing (2016 Angeles Independent School ...

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    • BEWARE PARABOLAS AND POPULISTS

      BEWARE PARABOLAS AND POPULISTS 06-13-2017

      In scouring the world for investment opportunities, the chart above caught my attention. It shows the year-to-date performance of the Caracas stock ...

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    • ECONOMICS IN ACTION

      ECONOMICS IN ACTION 06-12-2017

      The intersection of supply and demand determines price and quantity: there is no more fundamental principle of economics (see graph below). We rarely ...

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    • JOB GROWTH IS FALLING. THE SKY IS NOT.

      JOB GROWTH IS FALLING. THE SKY IS NOT. 06-02-2017

      Today's jobs report was disappointing: only 138,000 net new jobs created in May (the consensus had it pegged at 182,000), another 66,000 lost in ...

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    • 1ST QUARTER 2017 - THE LAST SHOGUN

      1ST QUARTER 2017 - THE LAST SHOGUN 05-08-2017

      Japan has been ruled by the Yamato dynasty for nearly 2,700 years, the longest continuous monarchy in the world. From Jimmu to kihito, 125 emperors ...

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    • HOPE AND REALITY

      HOPE AND REALITY 04-06-2017

      Why is everyone so happy? Well, maybe not everyone, but a lot of people are as optimistic as they've been in a long while. Start by looking at ...

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    • CHASING THE RED BARON

      CHASING THE RED BARON 03-31-2017

      You can't eat relative returns is an old aphorism. It sounds like it could come out of Poor Richard's Almanac (Benjamin Franklin), and I'm ...

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    • NON-ZERO SUM

      NON-ZERO SUM 02-17-2017

      There are prominent voices (and tweets) urging us to pull back, dig in, and lock the gate. This rising chorus of nationalism and protectionism sees a ...

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    • LOVE

      LOVE 02-14-2017

      It's probably no surprise to you that I see offering world-class investment advice as a valuable service for the long-term well-being of our ...

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    • 4TH QUARTER 2016 - FINLAND STATION

      4TH QUARTER 2016 - FINLAND STATION 01-25-2017

      After three years of war, and really, three centuries of Romanov repression, the Russian people had reached their breaking point. The Tsars army ...

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    • SHOCK, PART 4 (DIVIDED WE ARE)

      SHOCK, PART 4 (DIVIDED WE ARE) 12-21-2016

      We began this series with a review of the likely economic policies and their implications of the new Trump administration, and discussed the long-term ...

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    • SHOCK, PART 3 (THE END OF PAX AMERICANA)

      SHOCK, PART 3 (THE END OF PAX AMERICANA) 12-13-2016

      We are all trying to make sense of the election of Donald J. Trump to the presidency, and a few weeks ago I outlined the possible economic agenda and ...

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    • SHOCK, PART 2 (THE ASSET ALLOCATOR'S DILEMMA)

      SHOCK, PART 2 (THE ASSET ALLOCATOR'S DILEMMA) 11-28-2016

      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 ...

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    • SHOCK (PART 1)

      SHOCK (PART 1) 11-22-2016

      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, ...

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    • 3RD QUARTER 2016 - CHANCELLORSVILLE

      3RD QUARTER 2016 - CHANCELLORSVILLE 11-04-2016

      Abraham Lincoln suffered from clinical depression his whole life, but as 1862 drew to a close, even the most cheerful were likely to be losing faith ...

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    • WHAT I LEARNED WHILE ATONING

      WHAT I LEARNED WHILE ATONING 10-17-2016

      Twenty-four hours without food or drink is supposed to help focus the mind on the task at hand: atoning for the sins of the past year in hopes ...

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    • JANET YELLEN IS YOUR FRIEND

      JANET YELLEN IS YOUR FRIEND 09-28-2016

      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 ...

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    • GIVE US YOUR POOR

      GIVE US YOUR POOR 09-16-2016

      A large percentage of energy expended at Angeles is in evaluating, analyzing and judging investment managers. It is a core competency at Angeles, and ...

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    • FALLING BEHIND

      FALLING BEHIND 08-25-2016

      It's good to be tall.Tall people tend to be more highly educated, earn more over their careers, are higher in the social pecking order, and live ...

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