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HORAN Capital Advisors Investment Letter & Market Review

HORAN Capital Advisors has published its Summer 2018 Investor Letter as well as the June Market Review. The US economy is now in its second longest economic expansion on record, surpassed only by the expansion of the 1990s. With the aging expansion, market pundits continue to debate when the next recession and bear market will occur. As they say, predictions are a funny thing, especially if they are about the future.

The second quarter was filled with many negative news headlines. Despite the noise, the S&P 500 gained 3.43%. The hard economic data continues to point to a reasonably strong economy and corporate profits have impressed this year. We do believe the economy is likely in the last third stage of the business cycle and therefore may require some different thinking in regard to where investment returns are generated for the amount of risk taken. 

Please read our latest Investor Letter and the June Market Review for more thoughts related to the past and the future.