HORAN Capital Advisors

Entries for 2012

Thank You To Our Clients, Prospects And Readers Of Our Content

 December 31 2012     David Templeton
As 2012 comes to a close, all of us at HORAN want to thank our clients for allowing us to work with them this past year. We wish all of our clients, prospects and readers of our content a Happy, Healthy and Prosperous New Year!The past 12-months were certainly volatile with the S&P 500 Index up 13% through early April, then up only 2% by the end of May. As the market closes out the year today, the...

Volumes Near Ten Year Low

 December 31 2012     David Templeton
Equity volume for the NYSE is closing out 2012 at near a ten year low.  Investors seem to be giving up on the equity markets if this volume data is any indication.From The Blog of HORAN Capital AdvisorsData Source: NYSERelated to this low equity volume is the continued flow of funds out of equity mutual funds. The equity outflows appear to be finding their way into fixed income mutual funds.From T...

Dividend Strategies Underperform In 2012

 December 30 2012     David Templeton
One of the hot investment topics of 2012 has centered around dividend paying stocks. With the Federal Reserve pursuing a near zero interest rate policy, the yield on treasury bonds as well as cash have been pegged at a very low level. For investors relying on income, some investment strategists have extolled the virtues of dividend paying stocks with many of the dividend strategies generating yiel...

Dividend Growth More Consistent Than Buybacks In Q3 2012

 December 30 2012     David Templeton
Late last week Standard and Poor's reported dividend and buyback data for S&P 500 companies through the third quarter of 2012. Year over year and quarter over quarter dividend growth was reported at 17.4% and 3.2% respectively. Buyback activity was actually lower on a year over year and quarter over quarter basis. YOY buybacks declined 12.4% and QOQ buybacks fell 7.2%.Howard Silverblatt, Senior In...

A Look At The Top 1% Of Taxpayers, Government Revenues/Expenses And The Deficit

 December 29 2012     David Templeton
Politicians have just a few days remaining to come up with some resolution to the fiscal cliff facing the country. It appears the resolution will be another "can kick" that mostly increases taxes. The President's income break point is often stated to by $250,000 while House Speaker John Boehner's Plan B had higher taxes for those with incomes above $1 million. The problem with focusing only on inc...

A Need To Focus On Government Outlays

 December 26 2012     David Templeton
It would be hard to envision that the public has not heard about the fast approaching fiscal cliff. What seems lost in the narrative of the media and their focus on raising tax rates, is the fact government spending continues to consume a larger share of the government's budget.As the below chart indicates, the CBO is forecasting social security and medicare payments to account for a larger and la...

Fiscal Cliff Not Resulting In Dividend Cliff

 December 22 2012     David Templeton
One of the most popular investment topics in the fourth quarter has to do with the impending fiscal cliff discussion taking place in Washington, DC as can be seen in the Google Trends graph below. One area of interest for investors is the impact on the taxation of dividends if Washington policy succumbs to going over the cliff. Going over the cliff would result in the tax rate on dividend income i...

Technology Sector Largest Contributor To S&P 500 Yield

 December 16 2012     David Templeton
As of December 11, 2012, the dividend yield for the S&P 500 Index equaled 2.27%. The largest contributor to the index's yield is now the technology sector, contributing 14.6% of the index's dividend income. This compares to the technology sector's income contribution at the end of 2011 of 10.29%. The sector experiencing the largest decline in contribution to the index yield is the consumer staples...

The Arithmetic Of Equities

 December 10 2012     David Templeton
The research paper noted below, a good read, has been making the rounds over the weekend. The report discusses bond valuations relative to stocks and when one asset class appears more attractive than the other. The paper's author, Andrew J. Redleaf of The White Box Advisor, states he is really a "bond guy" but notes the following:"Basically I am a bond guy. I like fat coupons. And I like return of...

Another Record In Food Stamp Usage

 December 10 2012     David Templeton
The United Stated Department of Agriculture reported individuals receiving food stamps (Supplemental Nutrition Assistance Program) increased by 607,559 to 47,710,324 individuals in September versus August's enrollment. The number of households receiving food stamps increased just under 300,000 to 22,973,698. These are record levels of usage for the program with monthly cost totaling over $6.4 bill...
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