David Templeton Blog | Talkmarkets | Page 1
Portfolio Manager & Principal, HORAN Capital Advisors
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David Templeton, Portfolio Manager & Principal, is a senior strategist and advisor at HORAN Capital Advisors. David has extensive experience in portfolio construction, security selection,development of investment policies and portfolio allocation strategies for individual and institutional ... more


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Small Business Optimism Turns Decidedly Negative
The NFIB Small Business Optimism Index turned decidedly negative in December. The index fell 5.5 points to 95.9 and is below the index's long run average of 98. NFIB reported 9 of the 10 index components declined.
Broadening Participation In Equity Market Asset Classes
The year of 2020 saw the S&P 500 Index increase a strong 18.4%, and this is on the back of a 31.5% return in 2019. The Index's 2020 return was narrow, though, as the FANGMA stocks accounted for 12.15 percentage points of the 18.4% total return.
Stock Buybacks Increase As Reported Earnings Jump
S&P Dow Jones Indices' report on buyback activity for Q3 shows buyback activity increasing to $101.79 billion from $88.66 billion in Q2. With the economy mostly reopening, companies reported improvement in 'as reported earnings.'
Too Many Individuals On The Sidelines
In October 2019, the unemployed workers per job opening ratio was .81. There were more job openings than unemployed. Fast forward one year later to the October 2020 JOLT survey released last week, that ratio now stands at 1.66.
Small Business Optimism Ticks Lower
The NFIB's November Small Business Optimism Index declined 2.6 points to 101.4. As NFIB notes in their report, the Index level is at a historically high level, with the 47-year average reading equaling 98.
Broadening Equity Market Participation
It seems a broad range of equity indices are hitting new all-time highs every day and some investors question whether this can continue.
Earnings Matter And They Have Improved Significantly
This week the government released the second estimate of third-quarter U.S. GDP at 33.1% growth at an annual rate, unchanged from the earlier advanced estimate.
Shorts Getting Squeezed
The energy sector is far outpacing all the other S&P 500 sectors. Still, though, the energy sector is down nearly 35% on a year to date basis.
Dogs Of The Dow Are Dogs This Year
With less than thirty trading days left in the year, the Dogs of the Dow have a great deal of ground to make up just to be competitive with the return for the Dow Jones Industrial Average Index and the S&P 500 Index.
The Tide Might Be Going Out On Growth
The dominant investment theme since the financial crisis in 2008/2009 has been the outperformance of the growth investment style versus the value style, evident in the large, mid, and small-cap stock space.
Higher Individual Bullish Investor Sentiment, Weaker Forward Equity Returns?
Based on this week's AAII Sentiment Survey, over the course of one week, individual investors are now super bullish.
Equity Market Tends To Perform Well After Election Day
With Joe Biden now leading in the electoral count, some of the uncertainty seems to be behind the market and the S&P 500 Index rallied 7.13% in the week ending 11/6/2020.
EC Dividend Paying Strategies Have Lagged This Year, Now An Opportunity?
One unique aspect of the difficult economic environment that followed the virus mandated shutdown, was the underperformance of high-quality dividend-paying stocks.
Consumer Data Suggests A Continued Strengthening Of The Economy
There is no denying that consumer data has been a bright spot during the pandemic. Government financial support has contributed to favorable consumer sentiment. This positive sentiment is evident in the 1.9% increase in month-over-month retail sales.
Small Business Hiring Plans One Bright Spot In September NFIB Optimism Survey
The National Federation of Independent Business (NFIB) reported a 3.8 point increase in the September Small Business Optimism Index.
EC Significance Of An Index Dividend Yield Greater Than 10-Year Treasury Bond Yield
It probably goes without saying but bond market interest rates have been driven down to unforeseen levels, near-zero, causing investors to search for yield in other places.
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