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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...

Bulls Turn Into Bears

 April 11 2013     David Templeton
Today's release of the American Association of Individual Investors sentiment reading saw an enormous drop in bullish sentiment by individual investors. Bullish investor sentiment dropped 16.2 percentage points and saw the bull/bear spread reported at -35.2%. This is the most negative spread since it was reported at -36.1% on July 8, 2010. The bullish sentiment was last at this level on March 5, 2...

Dow Dogs Are Outperforming This Year

 April 8 2013     David Templeton
An investment strategy some investors follow at the beginning of each year is investing in the Dogs of the Dow. As noted in prior posts, the Dow Dog strategy consists of selecting the ten stocks that have the highest dividend yield from the stocks in the Dow Jones Industrial Index (DJIA) after the close of business on the last trading day of the year. Once the ten stocks are determined, an invest...

Higher Tax Rates Not Sequestration More Justifiable Reason For Weak Jobs Report

 April 7 2013     David Templeton
The weak jobs report was cited as a reason investors sold stocks on Friday. More importantly though is answering the question why the jobs report was so weak. Expectations for the employment report were for payrolls to increase in excess of 190,000 and the employment report from BLS reported only 88,000 jobs were created in March.As soon as the number was reported, nearly all commentators cited se...

Inflation And Its Influence On Investment Classes

 April 6 2013     David Templeton
One aspect influencing the economy and the markets is the Federal Reserve's stimulative monetary policy via its Quantitative Easing (QE) programs. A concern for market participants is the impact on inflation resulting from the QE programs. Current CPI data shows little inflationary impact; however, is there a point in the future where inflation takes hold? If so, how should investors position thei...

Defensive Equity Sectors Outperforming Year To Date

 April 4 2013     David Templeton
At HORAN Capital Advisors, we do believe the market ultimately trades on fundamentals. One difficult part with today's market is the Fed's seemly unlimited intervention with its ongoing Quantitative Easing (QE) programs. This QE activity is anything but a fundamental factor. Global central banks have also jumped on the QE bandwagon with Japan being the latest to announce their QE program. For inve...

Buybacks And Dividends A Mixed Picture In Fourth Quarter

 April 3 2013     David Templeton
Standard and Poor's reports preliminary buyback activity for the fourth quarter of 2012 fell 4.4%. On a year over year basis, buybacks are up 13.2%; however, for the year 2012 buybacks declined 1.5%. On the other hand, dividends in Q4 increased nearly 15% compared to the third quarter and were higher by 21% on a year over year basis. Howard Silverblatt, Senior Index Analyst for S&P Dow Jones Indic...

Monday Market Blues

 April 1 2013     David Templeton
I just returned from a well rested week's vacation. It is always good to step away from the market from time to time in order to refocus one's perspective. A tough part of taking the week off is giving up the view of the sunset I had each day. The fishing off the dock was good, but shrimp bait was in tight supply as the water temperature was on the cold side. Some of my younger relatives were not ...

A Retirement Crisis: Sound the Alarm

 March 28 2013     Michael Napier
The Employee Benefit Research Institute recently released their 2013 “Retirement Confidence Survey.” The results are not positive – Americans are not doing a good job preparing for their future. The percentage of workers confident about having enough money for a comfortable retirement is essentially unchanged from the record low numbers of 2011.  13% Are very confident 38% Are somew...
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