HORAN Capital Advisors

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 ...

Fourth Quarter 2011 Investor Letter

 January 27 2012     David Templeton
Fortunately for investors, the calendar has turned to a new year and 2012 has gotten off to a strong start in January. As our 4th Quarter Investor Letter notes, 2011 was a flat but volatile year for the market (S&P 500 Index); however, as of 12/31/2011, the 3-year annualized return for the S&P is 14%. Not bad for a 3-year time period. The disparity in valuations between stocks and bonds is near re...

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 ...
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