HORAN Capital Advisors has released its Summer 2014 Investor Letter. The markets have seen synchronized returns in 2014 with almost all major equity classes generating positive returns. Many investors are questioning the ability of the equity markets to display continued strength in light of not having a 10+% correction in over two years. The economy was very weak in the first quarter as measured by the final GDP number, which showed the economy contracting at a 2.9% annual rate. Yet, we believe the first quarter weakness can be mostly related to the extreme winter weather across much of the U.S. The magnitude of the decline surprised many economic forecasters with weakness in the GDP report largely attributable to a weaker inventory build. Our investor letter discuss our views on interest rates as well as economic and corporate financial fundamentals for the balance of 2014.
|From The Blog of HORAN Capital Advisors|