Monday, April 22, 2013

Investor Letter: Focusing On Variables We Can Control

Our firm's First Quarter 2013 Investor Letter provides a review of Q1 with thoughts on the outlook ahead. One factor we touch on in the Investor Letter is the fact the defensive sectors of the market have been contributing the most to the market's advance this year.  One factor we believe is contributing to this strength is investors search for yield in dividend paying stocks. Also included in the letter is a discussion on intra-year market declines. A near-term equity market pullback would not be surprising. However, a protracted U.S. or global economic recession seems unlikely barring an unforeseen shock, like an outbreak of war precipitated by North Korea.

From The Blog of HORAN Capital Advisors

We believe there are variables we can control, such as risk mitigation and the avoidance of euphoric markets, but there are things we cannot control, such as the Fed and North Korea. Our clients ask us to focus on the things we can control and the things that matter most to them. If we execute on that basis, we’ve formed a valued partnership.

The complete Letter can be accessed directly from our website at this link: 1st Quarter 2013 Investor Letter.

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