Latest Commentary: -
Latest Blog: -
  • Michael Rosen Michael Rosen
  • 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.


Published: 04-07-2016

The first quarter began with a bang and ended with a whimper. At least, that’s the message from the VIX (volatility index—see below). Bouncing around an elevated level of around 28 for much of January and February, the VIX fell 50% to 14 by the end of March.


At a high level, we have maintained a pretty neutral stance in our portfolios. I didn’t think the sell-off in the beginning of the year was the beginning of a new bear market, so we held our ground. The March rally brought global equities all the way back to flat for the year, but I don’t see cause to celebrate much. The global economy is sputtering along, and I haven’t seen any serious discussion, much less action, toward addressing the long-term declines in productivity and growth rates.

Valuations are fine, generally in-line with where they “should” be (see table below, courtesy of J.P. Morgan). I suppose oil and (US) homes look a bit cheap, and government bonds expensive, but take valuation measures as the blunt instruments they are. Equities, broadly, are close to fair value, in my opinion.


So, our models, at the high level, are in-line. There are some interesting, idiosyncratic ideas we are seeing around the world, but I don’t (yet) feel compelled to add risk broadly, or to bury gold in the backyard. Still in neutral.

友情链: im电竞APP(电竞体育手机版入口)|im电竞app官网 | im电竞在线登录(电竞游戏竞猜软件手机版)|im电竞下载地址 | im电竞APP网址(电竞直播竞猜平台下载)|im电竞app官网入口 | im电竞app官方网站(正规的电竞竞猜app)|im电竞app最新版 | im电竞app注册(电竞体育彩票竞猜网站下载)|im电竞平台app下载 | im电竞app下载(体育电竞盘app)|亚博IM电竞App | im电竞平台app(最新电竞竞猜app)|im电竞客户端官网app |