HORAN Capital Advisors

QE3 Not Positive For "Risk On" Asset Class Performance

 November 10 2012     David Templeton
As the below chart shows, QE3 has not had the positive impact on "risk on" asset price performance since its implementation unlike in prior QEs.From The Blog of HORAN Capital AdvisorsJust looking at prior QE's impact on the S&P 500, the following chart does show the positive impact on the index. However, each successive QE/Twist program has been less effective.From The Blog of HORAN Capital Adviso...

Recession Risk Rising

 November 8 2012     David Templeton
An interesting post has been published by Political Calculations noting the rise in the recession risk indicator. Additionally, the article notes other factors, specifically, dividend cuts, that are signaling increased risk of a recession in the U.S.From The Blog of HORAN Capital AdvisorsAs noted in the post, The Reformed Broker's Joshua Brown states:"Do you see the percentages on the left side of...

Election Is Over But More Uncertainty Ahead

 November 7 2012     David Templeton
What surprises me the most on this day after the election is the outpouring of advice pundits are freely offering to President Obama on how to deal with the current state of our economy. Following are just a few comments from today.Mohamed El-Erian: Congratulations, Mr. President. Here's how to fix the economy.Kiplinger Magazine: 7 Priorities for Obama's Second TermCNBC: Economists' advice for Oba...

Job Creation Versus Growth In Food Stamp Rolls

 November 3 2012     David Templeton
No matter what your political affiliation, the significant growth in food stamp rolls versus little new job creation since January 2009 is an unsettling data point in the weak U.S. economic recovery. From The Blog of HORAN Capital AdvisorsAs noted in a recent Weekly Standard article:"In January 2009, there were 133.56 million Americans with jobs and 31.98 million on food stamps. Today, there are 1...

U.S. Federal Budget At Critical Juncture

 November 1 2012     David Templeton
The title of this post is a little misleading since Congress hasn't passed a federal budget in over three years. Nonetheless, one is able to gain insight into the actual revenue and expenses going into and out of Washington and it is not positive.A recent presentation by Mary Meeker, general partner at Kleiner Perkins Caufield & Byers, at the Ira Sohn Foundation Conference titled USA, Inc, provide...

Apple: Anticipated Future Price Action

 October 28 2012     David Templeton
An article written by Ali Meshkati on his Zenpenny site provides his take on the potential price action for Apple (AAPL) in the coming weeks. He notes:"10-28-12: The best case scenario with AAPL going forward is a period of sideways chop. Those highs at $700 won't be challenged for some time. The low created on Friday will likely be broken within the next few weeks, following a move up to $630 - ...

HORAN Begins Financial Planning Blog

 October 28 2012     David Templeton
A few days ago, HORAN's Director of Financial Planning, Michael Napier, joined the blogosphere by starting HORAN's financial planning blog. As Michael notes in his initial post,"Everybody blogs. In fact, it is estimated that close to 44 million blogs are created each year. Doing the math, that is nearly one new blog per second! So why am I jumping into the blogosphere? To help you get one step clo...

P/E Level For S&P 500 Index At Level Not Seen Since 1990s

 October 28 2012     David Templeton
The Chart of the Day charting service recently noted the valuation or P/E for the S&P 500 Index is at levels last seen in the early 1990s. Importantly for investors though is valuation alone does not make a particular equity attractive. As the below chart notes, valuations can certainly get cheaper. Chart of the Day noted in the commentary to the below chart:"[The] chart illustrates the price to ...

Companies Becoming More Cautious As Fiscal Cliff Nears

 October 27 2012     David Templeton
Much is being made about the impact on the economy in light of the impending "fiscal cliff" in the U.S. Most strategists agree the impact on the economy will be significantly contractionary if the U.S. goes over this so-called cliff. In reality though, the negative impact of the cliff is already being felt and it appears businesses are positioning themselves for a potential worst case outcome.Over...

Investors Continue To Reduce U.S. Equity Exposure

 October 21 2012     David Templeton
Investors continue to shun U.S. equity investments as noted in the below chart. In spite of this data most U.S. equity indexes have continued to move higher this year. As we have noted in several earlier posts, it appears investors are allocating increasingly more of their investment assets to fixed income funds. Then what is driving U.S. equity prices higher?From The Blog of HORAN Capital Advisor...
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