HORAN Capital Advisors

The Dogs Catch A Bid

 February 6 2016     David Templeton
The Dogs of the Dow theory suggests investors select the ten stocks that have the highest dividend yield from the stocks in the Dow Jones Industrial Index (DJIA) after the close of business on the last trading day of the year. Once the ten stocks are determined, an investor invests an equal dollar amount in each of the ten stocks and holds them for the entire next year. Below is the 2016 Dogs of t...

Economic Weakness Centered In Energy/Materials Sector: Not A Recession Yet

 February 1 2016     David Templeton
A significant issue facing investors is determining whether the world is entering into a global recession. Certainly, economic activity in emerging markets has been challenged due in part to the strength of the U.S. Dollar. Global economies are also dealing with the collapse of energy prices and the negative impact energy weakness is having on the broader industrial sectors as energy capital expen...

Understanding The Disconnect In The Correlation Between Oil And Stock Prices

 January 31 2016     David Templeton
Recently a number of commentators on the weekly business shows have commented oil prices and the stock market have been moving in the same direction during the month of January. On the few days oil and stocks moved in opposite directions, the conclusion was this would be a good thing for the overall market. Not wanting to single out any one specfic strategist, but this past Monday, Bill Stone, chi...

Sentiment Supportive Of Further Equity Gains

 January 24 2016     David Templeton
Two Fridays ago (1/15/2016) I highlighted sentiment readings often associated with an oversold equity market. Two days later, Wednesday of this past week, the S&P 500 index bottomed and staged a turnaround, generating its first weekly gain of the year, up 1.4%. A number of the sentiment measures improved with this turnaround, yet two positive return days does not qualify as a new bull market. Belo...

Ed Hyman And Dennis Stattman On Their International Outlook

 January 17 2016     David Templeton
Earlier this week Consuelo Mack of WealthTrack conducted Part II  of her interview (Part I highlighted last week) with legendary economist Ed Hyman, Chairman of Evercore ISI, and Dennis Stattman, fund manager on BlackRock's Global Allocation Fund. This interview occurred after the market weakness experienced during the first week of January so both guests were aware of the early year market contra...

Maximum Fear May Be Near

 January 15 2016     David Templeton
To say the least it has not been a rewarding start for investors in the equity markets so far in 2016. After the volatile downside move in equities today, the S&P 500 Index closed at 1,880, down 8% year to date. Intraday today the S&P 500 Index was down 3.3% and pierced the August low of 1,867 and finally closed down 2.1%. The market action has raised the investor fear level to near oversold level...

The Clarion Call On The Market

 January 13 2016     David Templeton
On Tuesday The Royal Bank of Scotland's credit chief, Andrew Roberts, made the clarion call to 'sell everything.' He predicts a cataclysmic year faces investors in 2016. A day earlier, a J.P Morgan equity strategist advised investors to sell any rally.Investors are grappling with an increase in market volatility at the start of the New Year. After celebrating the end of a flat to mostly negative y...

Winter 2015 Investor Letter: Narrow Leadership And Heightened Volatility

 January 12 2016     David Templeton
In our recently published Winter 2015 Investor Letter we discuss the challenging year faced by investors in 2015. A number of notable events occurred in 2015, the market succumbed to a 10% correction after going nearly four years without one, the Federal Reserve raised interest rates for the first time in over nine years, and 2015 equity market returns were concentrated in a handful of names, tho...

Ed Hyman: Halfway Through Current Expansion Cycle

 January 10 2016     David Templeton
Ed Hyman, Chairman of Evercore ISI, and rated the number one economist for 35 consecutive years by Institutional Investor, recently sat for Part One of a two part interview with Conseulo Mack of WealthTrack, which was aired a few days ago. Also participating in the interview was Dennis Stattman, the Portfolio Manager of Blackrock Global Allocation Fund.Hyman pointed out many positives he has witne...

A Difficult Beginning For The Market To Start The New Year And What Investors Might Now Expect

 January 9 2016     David Templeton
For stock investors, the poor market performance to start the new year was not what market participants expected. Most readers have seen the statistic that the 5.96% decline in the S&P 500 Index so far this year is the worst market performance to begin a year on record. In an effort to keep things somewhat in perspective,since 1928 there have been 421 worse 5-day periods for the S&P 500 Index. (h/...
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