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From The Blog of HORAN Capital Advisors |
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From The Blog of HORAN Capital Advisors |
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From The Blog of HORAN Capital Advisors |
A Disciplined Approach to Investing
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From The Blog of HORAN Capital Advisors |
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From The Blog of HORAN Capital Advisors |
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From The Blog of HORAN Capital Advisors |
Posted by
David Templeton, CFA
at
12:55 PM
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comments
Labels: Commodities , General Market
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From The Blog of HORAN Capital Advisors |
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From The Blog of HORAN Capital Advisors |
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From The Blog of HORAN Capital Advisors |
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From The Blog of HORAN Capital Advisors |
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From The Blog of HORAN Capital Advisors |
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From The Blog of HORAN Capital Advisors |
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From The Blog of HORAN Capital Advisors |
Posted by
David Templeton, CFA
at
5:40 PM
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Labels: General Market , Sentiment , Technicals
Posted by
David Templeton, CFA
at
10:23 AM
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Labels: Asset Allocation , Economy , International
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From The Blog of HORAN Capital Advisors |
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From The Blog of HORAN Capital Advisors |
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From The Blog of HORAN Capital Advisors |
Posted by
David Templeton, CFA
at
9:17 PM
0
comments
Labels: General Market , Sentiment
Posted by
David Templeton, CFA
at
11:03 PM
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Labels: General Market , Sentiment
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From The Blog of HORAN Capital Advisors |
Posted by
David Templeton, CFA
at
11:55 AM
0
comments
Labels: Newsletter
Posted by
David Templeton, CFA
at
10:22 AM
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comments
Labels: Asset Allocation , Economy , General Market , International
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From The Blog of HORAN Capital Advisors |
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From The Blog of HORAN Capital Advisors |
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From The Blog of HORAN Capital Advisors |
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From The Blog of HORAN Capital Advisors |
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From The Blog of HORAN Capital Advisors |
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From The Blog of HORAN Capital Advisors |
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From The Blog of HORAN Capital Advisors |
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From The Blog of HORAN Capital Advisors |
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From The Blog of HORAN Capital Advisors |
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From The Blog of HORAN Capital Advisors |
"Risks remain, however, as continued declines in energy prices have delayed vital capital investment by a major segment of the U.S. economy, corporate earnings remain muted, and manufacturing remains weighed down by tepid global demand and a stronger dollar. Although the turmoil in the oil markets remains a top concern, the lower prices should help speed up the painful supply adjustment process and may bring about greater stability as the year unfolds. Should the supply-demand imbalance in energy stabilize as we expect, this could be a potential catalyst for additional capital spending and accelerated profit growth as 2016 progresses."
"Volatility has always been a part of investing and always will be. In fact, over the last 15 years, every calendar year has seen at least one pullback of at least 6% and a median correction of 14%. So while volatility is normal (and even expected), it is always nerve-wracking. These short-term market flare-ups are often quick and severe, but fueled by feelings of fear and concern over perceived risks that may not be actual threats. We expect volatility to remain heightened for the remainder of 2016, which is common as the business cycle ages, and in turn, makes sticking to your long-term investment plans even more important to avoid locking in losses and missing out on opportunities. This current pullback...could continue over the short term as fear and concern trump much of the good news coming from the U.S. economy. What remains as the key to weathering these short-term bouts of volatility is a commitment to a well-formulated plan, a long-term focus, and good headphones to tune out the noise of short-term negativity."
Posted by
David Templeton, CFA
at
5:33 PM
0
comments
Labels: General Market , Technicals
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From The Blog of HORAN Capital Advisors |
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From The Blog of HORAN Capital Advisors |
"A Tobin's Q of more than one means that the market value of assets (as reflected in share prices) is greater than their replacement cost. This means it is likely that capex will create wealth for shareholders. This means companies should increase capex, raising more money to do so if necessary, but should not make acquisitions. This should reduce share prices and increase asset prices, pushing Q towards one."
"A Tobin's Q of less than one suggests that the market value of the assets is less than replacement cost, making acquisitions cheaper than capex; buying cheaper than setting up from scratch. This should increase share prices and reduce asset prices, again pushing Q towards one."
Posted by
David Templeton, CFA
at
4:26 PM
0
comments
Labels: Technicals