The long-forecasted recession predicted in recent years has not materialized and the resiliency of the U.S. economy has played out once again. The strength of the U.S. consumer has continued to be supported by low unemployment and firm housing prices. While we see signs of some downsizing, the unemployment rate continues to be quite low. Corporate America continues to contribute healthy earnings growth and is generally in solid financial shape. The potential of Artificial Intelligence (AI) advancement is providing excitement for future opportunities. The markets continue to keep a keen eye on the economy’s path and the potential interest rate trajectory.

 More of our thoughts on navigating the current environment are contained in the Summer 2025 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.