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HORAN Capital Advisors

Investor Letter from HORAN Capital Advisors - Spring 2016

 April 18 2016
The extent of the first quarter market decline was surprising to us given our view the U.S. economy was stronger than markets suggested. The S&P 500 Index fell by 10.51% in the first six weeks to begin the year. This decline followed a 10% correction and subsequent rebound in 2015, which was the first in four years. In fact, at the peak of the pessimism, all major stock indexes were down 10% o...

Investor Letter from HORAN Capital Advisors - Summer 2015

 July 1 2015
The market was influenced by significant global events during the second quarter of 2015. The overseas story was one of volatility created by fiscal and social unrest in Greece, the meteoric rise and rapid decline of Chinese equities and a Puerto Rican debt debacle. The domestic story, although maybe less interesting for news anchors, was one of investor skepticism surrounding the positive econ...

Investor Letter from HORAN Capital Advisors - Spring 2015

 May 1 2015
The first quarter of 2015 once again was a period that saw data suggesting a mixed economic picture for the global economy. Interest rates declined slightly leading to positive returns for nearly all U.S. bond market segments. This was once again influenced by lower yields outside the U.S. and the strengthening Dollar. Worries about an economic slowdown have resulted in Europe, Japan and China ...

Investor Letter from HORAN Capital Advisors - Winter 2014

 December 1 2014
An important component of investment counseling is to regularly meet with clients to frame expectations based on the investment outlook. Client expectations can vary widely based on historical experiences, media buzz and general life experiences and viewpoints. We believe it is our responsibility to identify and communicate historical market perspective, the future drivers of market returns and...

Investor Letter from HORAN Capital Advisors - Fall 2014

 October 1 2014
The sailing analogy noted in our opening quote seems appropriate as we write about the third quarter and provide perspective on the balance of 2014. A sailing fact: in order to make progress into the wind, one must tack back and forth into the face of the wind. This headwind of sorts enables a sailboat to make progress “up wind.” As in sailing, a certainty for investors is there wil...

Investor Letter from HORAN Capital Advisors - Summer 2014

 July 1 2014
On April 11th the S&P 500 Index closed at 1815.69 which left it down 1.8% for the year and had many investors wondering if it was too late to “sell in May, and go away.” However, from that day forward, the S&P 500 has been up almost 8% and as we write, continues to trade at a near record high with 25 consecutive months without a 10% correction. It is often said, we say it fr...

Investor Letter from HORAN Capital Advisors - Spring 2014

 April 1 2014
This paragraph is being added on Tax Day, Tuesday, April 15th as we complete this letter and ready it for you our valued clients and friends. Those of us in Cincinnati awoke to a slight dusting of snow on the ground this morning where two days ago we were raking our yards and cleaning out the garage in shorts. The quote above came from a speech by Mark Twain in 1876 and is believed to be the so...

Investor Letter from HORAN Capital Advisors - Fourth Quarter 2013

 October 1 2013
A recent report from Charles Schwab highlighted that the previous five year cumulative return of the S&P 500 Index at the end of 2012 was 9%. Just one year later, the previous five year cumulative return is a whopping 126%. Given the recent strong U.S. equity market returns, some investors are assessing whether the market has entered “bubble” territory. Historically, equity mark...

Investor Letter from HORAN Capital Advisors - Third Quarter 2013

 July 1 2013
The third quarter of 2013 delivered another period of positive equity returns. The S&P 500 Index was up 5.2% for the quarter. In fact, most asset classes were positive excluding U.S. Real Estate Investment Trusts and long-term bonds. Eight of the ten economic sectors in the S&P 500 posted positive returns while top-performing sectors included materials, industrials and consumer disc...

Investor Letter from HORAN Capital Advisors - Second Quarter 2013

 April 1 2013
The investment markets are extremely dynamic. There is no shortage of data points or available information that enables one to draw any number of conclusions relative to a particular investment. Although we don’t believe there are specific macro-economic data points that have repeatedly lead to a successful investment, we do believe identifying trends and analyzing valuation criteria can ...
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