HORAN Capital Advisors

Investor Equity Fund Flows Indicate They May Be Late To The Rally

 March 3 2012     David Templeton
Mutual fund flow data appears to indicate investors have been late to allocate additional funds to equities in spite of the strong equity market advance since the end of September last year. As the blue bar in the below chart indicates, monthly net flows into equity mutual funds has been negative in spite of the continued advance in the market.From The Blog of HORAN Capital AdvisorsThe below chart...

$4 Gasoline Has Negative Impact On Confidence And Retail Sales

 February 19 2012     David Templeton
The recent rise in oil prices and subsequent increase to near $4 per gallon for regular unleaded gasoline is likely to negatively impact consumer confidence and retail sales. The below chart shows the negative influence increasing gasoline prices (inverted on chart) has on consumer confidence.From The Blog of HORAN Capital AdvisorsThe negative impact on confidence also negatively impacts retail sa...

Volatile Equity Market Returns

 February 11 2012     David Templeton
Absent the significant market contraction in 2008/2009, both the Dow and S&P 500 Index have generated decent returns. For investors though, the equity market pullback during the financial crisis period of '08/'09 remains top of mind. As the below tables show, the year over year returns for these two indices have been pretty strong resulting in 3-year annualized returns in the mid-teens. Unfortunat...

Pick Your Strategist/Advisor Carefully

 February 10 2012     David Templeton
The below chart was provided by the Wall Street Journal courtesy of Doug Kass.

Congress Desires To Eliminate Tax Deferral Option Of Inherited IRAs

 February 8 2012     David Templeton
In Congress' effort to continue transportation funding, Senate Finance Chairman Max Baucus (D., Mont.) has recommended the bill include a provision limiting the tax deferral options of inherited IRAs unless the IRAs have been converted to a Roth. In simple terms, currently, inherited IRA beneficiaries are able to withdrawal funds over the beneficiary's life expectancy. Beginning in 2013, the propo...

January A Risk On Month

 February 7 2012     David Templeton
As we noted in our fourth quarter investor letter, the new phrase repeated throughout 2011 was “risk on/risk off,” simply defined as buying riskier investments during positive market moves and selling riskier investments during downward moving equity markets. “Risk on” assets include stocks, commodities and high-yield bonds; whereas “risk off” assets include cash, U.S. treasuries and gold. Specifi...

Presidential Election Year Stock Market Return

 February 5 2012     David Templeton
More times than not, in a presidential election year the stock market has had better performance when the incumbent party wins. As noted in a recent T. Rowe Price report, "the S&P 500 Index has risen in 12 of the 16 election years since World War II. While that’s about the same percentage of all up years in that time, the index had an average gain of 9.2% when the incumbent party won and just 2.2%...

Milton Friedman On Capitalism 32 Years Ago

 February 4 2012     David Templeton
A two minute excerpt from a 1979 Phil Donahue show where Milton Friedman talks about capitalism and socialism.

Labor Market Only Marginally Better

 February 3 2012     David Templeton
Although the equity market liked the employment report this morning, the labor market is far from where it needs to be to absorb the jobs lost since the last recession. The 243,000 jobs that were added was the highest in the last nine months; however, the number of employed is far below the level prior to the recession--5.6 million below.From The Blog of HORAN Capital AdvisorsCertainly the additio...

Stock Buybacks Do Not Benefit Future Stock Performance

 January 29 2012     David Templeton
In a recent research report by Thomson Reuters they note that a company's stock buyback activity generally does not add value subsequent to the buyback. A reason cited is the fact companies generally have more cash on hand in good economic environments and this tends to be after the stock price has already reflected a more positive operating environment. The report concluded:"...most companies in ...
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