HORAN Capital Advisors

Investors' Continued Search For Yield

 May 4 2013     David Templeton
In this low interest rate environment, investor search parameters on Google indicate investors have a propensity for dividend paying stocks at this point in time. Last week we noted in our post, Sector Rotation May Be Underway, that the defensive sectors in the S&P 500 Index generated strong outperformance versus the more cyclical sectors this year. A common characteristic of these defensive secto...

Economic Growth A Larger Influence Than Inflation For Future Stock Performance

 April 28 2013     David Templeton
We have written a number of articles on the impact of inflation on future bond and stock returns. Our recent article from earlier this month, Inflation And Its Influence On Investment Classes, pointed to the fact that stocks are a good hedge against higher inflation rates versus bonds. At very high levels of inflation though, commodities are the better performing asset class.The more significant f...

Sector Rotation May Be Underway

 April 27 2013     David Templeton
One aspect of the strong performance for the S&P 500 Index so far this year has been the outperformance of the defensive market sectors. As the below chart details, the top performing sectors this year are health care (20.5%), utilities (18.8%), consumer staples (17.8%) and telecommunications (15.3%). A notable characteristic of the defensive sectors is their higher dividend yields. With the near ...

Better Investing Members Favored Stocks

 April 23 2013     David Templeton
Better Investing Magazine publishes the most active stocks reported by its membership. The list is based on an informal sampling of Better Investing members. Below is the list of most active stocks as of April 23, 2013.Full View

Contrarian Cover

 April 22 2013     David Templeton
If one is a bull at the moment, Barron's cover for this week's magazine is not one you wanted to see. These types of headlines tend to serve as contrarian market indicators. Admittedly, this market's rise since November has been littered with mixed signals.From The Blog of HORAN Capital Advisors

Investor Letter: Focusing On Variables We Can Control

 April 22 2013     David Templeton
Our firm's First Quarter 2013 Investor Letter provides a review of Q1 with thoughts on the outlook ahead. One factor we touch on in the Investor Letter is the fact the defensive sectors of the market have been contributing the most to the market's advance this year.  One factor we believe is contributing to this strength is investors search for yield in dividend paying stocks. Also included in the...

Equity Put/Call Ratio At Level Last Seen In November

 April 20 2013     David Templeton
The equity put/call ratio is above .80 once again and is at a level last seen in early November of last year. We noted the elevated ratio in November last year when it equaled .82 and the S&P 500 Index was trading at 1,379. Since that November 9th report, the S&P 500 Index is up 12.5%. Could the current ratio of .85 be suggesting excessive market bearishness again? As we noted then, the market doe...

Cost Cutting Is Driving Earnings Beats In Q1

 April 20 2013     David Templeton
With about 20% of companies in the S&P 500 Index reporting earnings, 70% have reported earnings exceeding analyst expectations. This is above the long term average beat rate of 63%. However, only 44% have reported revenue above analyst expectations, which is below the long term average of 62%. This suggests the EPS beat rate is being driven by cost cutting versus higher demand. As the below chart ...

Expect An Equity Market Correction

 April 18 2013     David Templeton
We are wrapping up our quarterly Investor Letter and one item we discuss in the Letter is the magnitude of intra-year market corrections. As the below chart shows, since 1980 the market has experienced an intra-year correction averaging 14.7%. In spite of these corrections, the market has generated positive returns in 25 of the 33 years that are shown.From The Blog of HORAN Capital AdvisorsSource:...

Stronger U.S. Dollar Attracting Investment Flows To U.S. Assets

 April 16 2013     David Templeton
The impact of central banks around the globe instituting quantitative easing (QE) programs has resulted in a race to the bottom for country currencies. Japan is the latest country to announce and implement an expanded QE program. Earlier this year the Bank of Japan (BoJ) announced  that it would spend an additional $155 billion on stimulus projects a month on top of a of the current stimulus of $4...
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