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Another Record In Food Stamp Usage

 December 10 2012     David Templeton
The United Stated Department of Agriculture reported individuals receiving food stamps (Supplemental Nutrition Assistance Program) increased by 607,559 to 47,710,324 individuals in September versus August's enrollment. The number of households receiving food stamps increased just under 300,000 to 22,973,698. These are record levels of usage for the program with monthly cost totaling over $6.4 bill...

Fiscal Cliff Creating A Spike In Extra Dividends

 December 9 2012     David Templeton
An outcome of going over the fiscal cliff is the tax rate on dividends would increase to as high as 43.4% versus the current rate of 15%. In response to this higher dividend tax rate companies are initiating special dividends to be paid before year end. As the below chart shows, in the month of November, 228 companies have announced their intention of paying a special dividend as compared to the 9...

Not So Golden Retirement Years Is Fallout From Weak Friday Employment Report

 December 8 2012     David Templeton
Although Friday's Employment Situation Report (PDF) indicated non farm payrolls rose 146,000, not much else was positive about this report.those not in the labor force rose 542,000the civilian labor force fell by 350,000the number of employed declined 122,000discouraged workers rose 166,000, andthe participation rate fell two tenths of a percent to 63.6%From The Blog of HORAN Capital AdvisorsFor t...

Implications Of An Elevated Equity Risk Premium For Asset Allocation

 December 2 2012     David Templeton
Assessing the equity risk premium (ERP) is an important factor for investment professionals and corporate finance officers. I will forgo discussing the importance to a CFO in assessing the ERP and focus on investment professionals. Given the importance of the ERP one will find a surprising amount of disagreement around how to determine the appropriate ERP level. One can perform a "Google search"...

Dogs Of The Dow Performance Update

 December 1 2012     David Templeton
For the first eleven months of the year, the Dow Dogs price only performance has matched the Dow Index return with both returning about 6.6%. The S&P 500 Index return of 12.6% is nearly double the Dow Jones Industrial Average return. The Dow Dogs do have a yield higher than the index which results in slight outperformance for the Dow Dogs.As noted in prior posts, the Dow Dog strategy consists of s...

Retailers Open Thanksgiving To Counteract E-commerce Sales

 November 25 2012     David Templeton
A significant reason retailers opened their doors on Thanksgiving was an attempt to limit the impact of online sales on that day. ComScore reported e-commerce sales increased 32% YOY to $633 million on Thanksgiving. E-commerce sales on Black Friday increased 26% YOY to $1.042 billion, the first time surpassing the one billion dollar mark.From The Blog of HORAN Capital AdvisorsBricks and mortar ret...

A Buyback Strategy Does Outperform

 November 24 2012     David Templeton
In this week's Barron's an article, Beware the Buyback ETF Strategy ($), appears stating "there's precious little evidence that share repurchases do much for long-term investors." In fact, this could not be further from the truth. One of the more popular buyback ETFs is the PowerShares Buyback Achievers Portfolio (ticker-PKW.) I have written articles on this index as recently as October of last ye...

The Challenge: Finding A Balanced Solution To The Fiscal Cliff

 November 23 2012     David Templeton
Since November 15th the S&P 500 Index has managed to gain over 4% in spite of the rhetoric surrounding the consequences of going over the fiscal cliff. Finding a "balanced" solution to the budget issues in Washington is more than a near term issue. As the below chart shows, total credit market debt to GDP has been on an increasingly higher growth trajectory. A contributor to this debt increase is ...

U. S. Government Spending Growth Nearly Always Positive (Updated)

 November 22 2012     David Templeton
It goes without saying the most cited market topic every day of late, but I will mention it anyway, is the discussion about the fiscal cliff. The anticipated negative impact on the economy, and hence the market, of going over the cliff is significant. At the end of the day Congress and the administration in Washington, D.C. need to address the mismatch between revenue and expenses of the federal g...

The Fiscal Cliff: What is Scheduled to Happen?

 November 20 2012     Michael Napier
As the Thanksgiving holiday approaches, the majority of us are focusing on spending time with our families and finding the best shopping deals for Black Friday. While lawmakers are in their home districts this week, their staff is working in Washington laying out the parameters for a deal on the Fiscal Cliff. Will they be able to offer us a holiday recipe to avoid higher taxes and major spending ...
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