The market’s pattern YTD in 2012 resembles the market’s action in 2011 while a number of key issues continue to hang over the financial markets. In our second quarter 2011 Investor Letter, we discussed the debt ceiling debate in Washington and Standard & Poor’s subsequent negative outlook and downgrade of U.S. government debt. We also wrote about serious weather related issues that greatly influenced the commodity markets. As was the case last summer, the Euro Zone crisis continues to be an issue as many of the southern European countries attempt to get their fiscal houses in order. As Yankee great, Yogi Berra, once said, “It’s déjà vu all over again.” The most pressing current policy issue is the need for Congress to address raising the U.S. debt ceiling. Similar to last year, the debt ceiling is expected to be reached in early September. It’s not surprising that investor confidence is fragile and waning with multiple unresolved issues.
Our newsletter covers recent impacting the the investment markets.
The Letter can be accessed directly from our website at the following link: 2nd Quarter 2012 Investor Letter
|From The Blog of HORAN Capital Advisors|
We hope you find the content of our letter insightful as 2012 continues to unfold.