As we noted in our fourth quarter Investor Letter, we cautioned investors about looking at past returns and projecting those into the future. The first quarter of this year was a perfect example where returns in 2013 did not carry over into the first quarter. Our Spring 2014 Investor Letter provides commentary on the rotation that has occurred in the market during the first quarter. What makes the economic assessment more difficult at the moment is the fact this winter's weather was some of the worst in recorded history, not only in the Midwest, but across the entire U.S. The Southeast even experienced snow this winter. Below is the link to our Spring Investor Letter that provides our review of the quarter and insight in to the year ahead. For our clients and readers, we appreciate the confidence you have placed in us and always welcome your comments.
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| From The Blog of HORAN Capital Advisors |
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