2017 ANGELES FOUNDATION SYMPOSIUM: MULTIPOLARITY

Thank you to the 29 foundations and endowments that participated in the Angeles Foundation Symposium.

迈克尔 Rosen, Angeles CIO set the stage for discussion providing a historical comparison between global populism at the turn of the 19th century and the high levels of polarization today. The election was just another signal that we are entering a transition period from one world to another. The analysis of geopolitical affairs which used to be relegated to theorists has now become necessary for investors to consider and integrate into their investment process. Preceding the world wars unprecedented levels of wealth and prosperity were coupled with rising social unrest, growth of the labor unions, and an increase in social upheaval. Rise in populism today mirrors this period preceding WWI, the most devastating war the world had ever seen. This environment has in the past led to increased instability, volatility, uncertainty and violence. 矛盾的是，这种环境恰恰是美国做得相对较好的地方. 迈克尔 uses fascinating data in presenting his thesis.

充分利用2017年及以后的低回报环境

Foundations’ long term investment objective of preserving purchasing power after inflation and spending may be especially challenging in the coming decade. Our distinguished speakers, 丽莎 Mazzocco, 南加州大学首席投资官和约书亚·弗里德曼, Founding Partner and Co-CEO of Canyon Partners, LLC为未来的投资组合定位提供了一些想法. 约书亚 agreed with 迈克尔’s assessment that ‘you have to do macro or macro will do you’ while conceding that at Canyon Partners they are micro-value oriented and prefer to prepare for the future rather than to predict certain outcomes. Discussing five pockets of industry with disruption Josh spoke about the wide dispersion of returns in healthcare, the disemboweled retail industry, the transforming energy business and the media sector for which the equation of content and distribution is rapidly changing. The home mortgage market, the fifth pocket of opportunity, has swung wildly in the past and could again change dramatically under the new administration. 丽莎谈到了南加州大学的战略，以及保持领先的机会. Her assiduous focus on GP relationships keeps her in close contact with high performing investment teams all over the world. The panel agreed that transparency, integrity and ethics are paramount for the formation of long term investing partnerships and in meeting a Foundation’s or Endowment’s long term objectives.

PANELISTS

• 约书亚 Friedman

  Canyon Partners, LLC的创始合伙人、联合董事长兼联合首席执行官

  约书亚 S. 他是Canyon Partners, LLC的联合创始人、联合董事长兼联合首席执行官. Mr. Friedman is a graduate of Harvard College (B.A.，优等生，优等生，物理学)，牛津大学(理科硕士).A.，荣誉，政治和经济，马歇尔学者)，哈佛法学院(J.D., magna cum laude), and Harvard Business School (M.B.A., Baker Scholar). Prior to forming Canyon, Mr. Friedman was Director of Capital Markets for High Yield and Private Placements at Drexel Burnham Lambert. Prior to working at Drexel, 他曾在纽约高盛集团的并购部工作. Mr. Friedman is also a director and trustee of a number of nonprofit and charitable organizations.

• 丽莎 Mazzocco

  南加州大学首席投资官

  丽莎 Mazzocco于2011年4月18日被任命为南加州大学首任首席投资官. Reporting directly to the president and working closely with the university’s chief financial officer and the investment committee of the USC Board of Trustees, Mazzocco is charged with building a staff that will bolster the investment function of USC’s endowment in support of the university’s academic aspirations. She also advises the investment and finance committees of the USC Board of Trustees with respect to endowment performance, 他还是大学退休监督委员会的主席. Mazzocco拥有加州州立理工大学的工商管理硕士学位, 波莫纳, and a bachelor’s degree from San Diego State University.

• 迈克尔 Rosen

  Managing Partner & Chief Investment Officer of Angeles Investment Advisors

  迈克尔拥有30年的机构投资组合经理经验, investment strategist, and investment consultant. For years 迈克尔 has been deeply committed to the independent school community having served as advisor, 董事会成员兼多所独立学校的家长.
  
  从1997年到2001年，他是Asset Strategy Consulting及其继任者的合伙人. From 1993 to 1997, 迈克尔是加州蓝十字/WellPoint的投资总监, 公司. Previous to 1993, 他做了8年的债券和外汇交易员, 然后担任第一州际银行的首席市场策略师, 有限公司. 他的职业生涯始于巴克莱银行(Barclays Bank plc)的衍生品交易员.
  
  迈克尔 was an Adjunct Professor of Finance at Pepperdine University from 1991-2000 and at Loyola Marymount University. He earned his Bachelor of Arts, magna cum laude, from Tufts University, and Master of Arts in Law and Diplomacy from The Fletcher School of Law and Diplomacy (Tufts/Harvard). 他是yabo亚博网站登录首页室内乐团的前任主席.

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