HORAN Capital Advisors

Entries for 2011

Moderate Inflation Benefits Equities

 December 31 2011     David Templeton
During moderate periods of inflation, equities tend to generate decent performance results. I posted the below chart in a post, Where To Invest In An Inflationary Environment, in mid 2010 that details the performance of various investment categories based on different inflation ranges going back to 1972.From The Blog of HORAN Capital AdvisorsSince mid year 2010 inflation has been trending higher w...

Equity Performance in 2011

 December 30 2011     David Templeton
With the close of trading today, following is a quick look at the 2011 price performance of a few select equity markets around the globe.From The Blog of HORAN Capital AdvisorsSource: Reuters

Watching The Valuation Of Dividend Payers

 December 26 2011     David Templeton
The investment mantra this year has been to focus on dividend paying stocks. Over the long run, payers have had a tendency to outperform the non payers and this has certainly been the case this year. On the other hand though, valuations do matter and the below chart provides investors with a cautionary view of simply buying "any" investment that has yield.From The Blog of HORAN Capital AdvisorsSou...

Investors Favoring Bond Funds

 December 17 2011     David Templeton
Recent mutual fund flow data shows investors continue to favor bonds over equities.From The Blog of HORAN Capital AdvisorsFrom The Blog of HORAN Capital AdvisorsSource: ICIWith the sovereign debt issues in Europe top of mind for investors, they continue to bet the best of the worst fixed income investments are U.S. Treasuries. One risk investors face with fixed income investments is the negative i...

Fragile Employment Market

 December 15 2011     David Templeton
The improvement in the unemployment rate earlier this month was certainly positive on the surface. The rate declined to 8.6% from the previously reported 9%. The improvement though came largely from the 300,000 individuals that simply stopped looking for a job. As a result, these additional people are not counted among the unemployed. As the below chart shows, the number individuals not in the lab...

Dividend Aristocrat Changes For 2012

 December 11 2011     David Templeton
Going forward S&P has changed the methodology on how they determine which companies qualify as Dividend Aristocrats. S&P notes they will only count regular dividend payments when determining the calendar year total dividend payments of a company. Special cash dividends will no longer be considered.The table below contains a list of Standard & Poor's Dividend Aristocrats for 2012. The rebalance wil...

The Need For Cutting Spending In Washington

 December 11 2011     David Templeton
Much of the rhetoric coming out of Washington is focused on the need for more revenue, specifically from individual tax payers. The millionaire tax discussion is emblematic of this focus. As the below chart shows though, individual tax receipts into the U.S. Treasury are up 22% on a year over year basis through the end of September with overall receipts up nearly 7%.From The Blog of HORAN Capital ...

Future Strength In Retail Sales?

 December 4 2011     David Templeton
A common view from pundits on the strength in retail sales on Black Friday and Cyber Monday is much of the increase represented consumers buying forward. In other words, the common take on the strong sales report was it likely won't continue into December. If history is any guide, the below chart might indicate additional retail sales growth is likely for the balance of the weeks leading up to Chr...

Many Corporate And Consumer Positives

 December 4 2011     David Templeton
I noted in a post a few weeks ago about the positive trend in the JOLTS (Job Openings and Labor Turnover Survey) report which was released by the US Department of Labor and indicated job openings, as of the end of September, were at their highest level since 2008. Additionally, jobless claims, a key leading indicator, have now moved below 400,000 on a four-week moving average basis, which signifie...

Market Driven By Emotions Versus Fundamentals

 December 2 2011     David Templeton
I write this shortly after the Dow Jones Industrial Average rockets higher by nearly 500 points, or 4+%, in just one day, I think back to the concerns raised in recent interactions with some investors expressing concern about the market’s volatility. In August and September, 40% of the trading days in the S&P 500 Index saw daily price swings of plus or minus 2%. This level of volatility was last s...
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