HORAN Capital Advisors

High Ratio Of Public Debt To GDP Constrains Economic Growth

 January 15 2012     David Templeton
Approximately two years ago Carmen M. Reinhart and Kenneth S. Rogoff completed a comprehensive study, “Growth in a Time of Debt”, which looked at public debt levels around the globe and the resultant impact on economic growth for the respective economies. The study noted the historical consequences of various debt levels relative to an economy's GDP growth with the impact of increasing public debt...

The Dangers Of Leveraged ETFs

 January 15 2012     David Templeton
From time to time questions arise about using leveraged ETFs in one's portfolio strategy. We caution longer term oriented investors to not use these type of ETF investments. For example, if an investor believes the market will rise in the near term, why not consider a two or three times ultra bull ETF. In this case an investor would expect the ETF to generated two or three times the return of the ...

Forecast For 2012 By Ed Hyman And Bob Doll

 January 7 2012     David Templeton
The recent WealthTrack interview conducted by Consuelo Mack features Ed Hyman, Chairman and Founder of ISI Group, and Bob Doll of BlackRock. Ed Hyman has been rated the #1 economist by Institutional Investor for 32 years running. Both strategist see the U.S. as the best house in a bad neighborhood for investors. Hyman notes the US economic data has been better, but not great, every week for the pa...

Equity Risk Premium Near An Extreme

 January 2 2012     David Templeton
The equity risk premium recently reached levels last seen at the height of the financial crisis in 2008. The high risk premium level suggests equities are attractive at this point in the market cycle. One key is whether corporate earnings can continue to make new record highs in 2012. Earnings growth is expected albeit at a slower rate than achieved in 2011. Given the level of stock buybacks and m...

Dogs Of The Dow For 2012

 January 1 2012     David Templeton
The Dogs of the Dow in 2011 significantly outperformed the Dow Jones Industrial Average Index (DJIA) and the S&P 500 Index on a price only basis in 2011. The Dow Dogs returned 12.2% versus the DJIA return of 5.5%. The S&P 500 Index was essentially flat on the year.The Dow Dog strategy consists of selecting the ten stocks that have the highest dividend yield from the stocks in the Dow Jones Indust...

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...
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