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Investment Insights are written by
Angeles' CIO Michael Rosen
Michael has more than 30 years experience as an institutional portfolio manager, investment strategist, trader and academic.
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Published: 04-14-2015The Ancient Mariner violated Nature by killing an albatross for sport, thus condemning his boat and crew to the purgatory of the open sea where, one by one, each of crew dies. Lamenting his fate, the Mariner cries, “Water, Water, everywhere, Nor any drop to drink.”
The Mariner realizes his sin, and wears the albatross around his neck as penance (hence the origin of the phrase “albatross around one’s neck”). His boat eventually returns to England, but the Ancient Mariner is condemned to wander the earth, recounting his tale (“rime” in the old English of Coleridge’s day) as a precaution against violating God’s will by taking a life unnecessarily.
There is a drought in California, with snowpack levels about 12% of “normal” (whatever “normal” is). Perhaps it will break next year (it’s too late now as we enter the dry season), or the next, or perhaps we are entering a multi-decade, or even century-long drought (both have ample precedents).
At the moment, it is a mild inconvenience to most of us, but it will certainly soon get more than inconvenient. For the rest of the country, drowning in record rains and snow this past winter, it may be tempting to scorn (or perhaps covet?) our mild, dry weather here. But it cannot be ignored: California feeds you. The chart below shows the percentage of US crops grown in California. Start hoarding now.
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How The Mighty Fall 11-11-2014
Between March 2000 and October 2002, the NASDAQ Index fell 75%, from over 5,000 to under 1,300. Of course, valuations ...
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Beginning's End 06-23-2015
In November 1942, with the Battle for Egypt under way, Winston Churchill addressed his nation with these words:Now this ...
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THE G.O.A.T. 08-01-2022
John Harris owned a skating rink in Pittsburgh. In 1940, he invited Olympic star Sonja Henie to skate between periods of ...
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