Author: David I. Templeton, CFA, Principal and portfolio Manager

The first half of 2022 has been a series of near records for both the economy and the investment markets. Inflation is at a level last seen in 1982, the S&P 500 return this year is its worst start to a year since 1970 and it is the worst start for the Dow Jones Industrial Average Index since 1962. With all of this behind us, the best that can be said about this market is “good riddance.” On the positive front, returns for the equity markets have historically been higher in the 12-month period following declines of the magnitude we have experienced. Additionally, the time period after a midterm election has historically resulted in market moves higher as well, regardless of election outcomes. We discuss these events and more in the Summer 2022 Investor Letter.

HORAN Capital Advisors, LLC is an SEC registered investment advisor. The information herein has been obtained from sources believed to be reliable but we cannot assure its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Any reference to past performance is not to be implied or construed as a guarantee of future results. Market conditions can vary widely over time and there is always the potential of losing money when investing in securities. HCA and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.