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Investor Letter Spring 2019

Stocks bounced back in the first quarter with the best quarterly start for the S&P 500 Index since 2009, up 13.5%, after a weak showing at the end of last year. We have said in the past that strength tends to beget more strength. There have been ten other times since 1950 where the S&P 500 Index was up greater than 10% in the first quarter. In 9 out of 10 of those periods, the final three quarters were positive and in all 10 periods returns were positive for the year. The average gain in those final three quarters was 16.1%; however, the path was not straight and the average pullback was 11.7%.

As noted in the Investor Letter, there will likely be a heightened focus on consumer related economic data as the second quarter unfolds. Based on current data it appears the consumer and businesses are operating at a high level. The data and related reports are not giving signs of a near term recession. Issues on the horizon that may impact the market continue to be the China trade and tariff situation. Also, the odds of a hard Brexit are rising; although we believe cooler minds will prevail and a negotiated solution is reached.
 

Click here to read the full Spring 2019 Investor Letter. 

 

 

Horan Securities, Inc. is a Registered Broker/Dealer and a Registered Investment Advisor, member FINRA/SIPC. Horan Securities, Inc. and Horan Wealth Management are part of HORAN. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. The information herein has been obtained from sources believed to be reliable, but we cannot assure its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Any reference to past performance is not to be implied or construed as a guarantee of future results. Market conditions can vary widely over time and there is always the potential of losing money when investing in securities. HORAN Securities, Inc and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.