Thank You To Our Clients, Prospects And Readers Of Our Content

As 2012 comes to a close, all of us at HORAN want to thank our clients for allowing us to work with them this past year. We wish all of our clients, prospects and readers of our content a Happy, Healthy and Prosperous New Year!

The past 12-months were certainly volatile with the S&P 500 Index up 13% through early April, then up only 2% by the end of May. As the market closes out the year today, the S&P will be higher by more than 15%. Not a bad year for equity investors. Fixed income investors enjoyed good returns due to our exposure to high yield, floating rate and global bonds.

At HORAN, all of our investment categories generated a positive return over the course of the year. I suppose one could say it seemed like a rising tide lifted all market segments: equity, fixed and alternatives. We did steer clear of commodities and that seemed to be a winning decision. Soft commodities had a difficult year while Gold and Silver did generate positive returns, but less than the market and with higher volatility. Our lowest returning investment was our absolute return investment. More detail on 2012 and more importantly, our outlook for 2013, will be forthcoming in our fourth Quarterly Investment Letter.

Again, thank you and Happy New Year to our clients and to the readers of our content.