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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Market Is In An Uptrend And Trends Tend To Persist
Market valuations do seem elevated, but in a low interest rate environment, these valuations levels do not seem out of line. And as I have noted in earlier posts, valuations alone do not cause corrections.
Stocks Need Some Healthy Competition
It seems a day does not go by where various strategists lament the market's valuation and lack of any significant pullback in over a year and a half.
The Risk Of De-Risking The Equity Portfolio
The unique aspect of the current U.S equity market has been the market's desire to move higher without any significant pullback. Multiple pullbacks occur in most years, yet 2017 is proving to be the exception.
Spike Higher In Bullish Sentiment
Bullish sentiment jumped twelve percentage points to 41.3%.
S&P And MSCI May Change The Composition Of The Telecommunications Sector
In July of this year S&P Dow Jones Indices and MSCI announced they were considering making changes to the current GICS Telecommunications Sector. Any changes would be announced in November and go into effect in 2018.
Growth Outperforming Value And The Economic Cycle
In 2016 value outperformed growth with a value outperformance burst subsequent to the election. Value's outperformance essentially ended at the beginning of this year.
Equity Market Nears Record High And Investors Become Less Bullish
As the equity market nears a record high, both institutional and individual investors continue to indicate they are less bullish.
DowDupont Will Be Included In Dow Jones Industrial Average Index
Effective September 1, Dow Chemical and DuPont will merge into one company, DowDupont (DWDP). Effective that same day, S&P Dow Jones Indices will replace DuPont.
Large Decline In Bullish Investor Sentiment
This week's AAII Sentiment Survey reported a 6.1% decline in bullish investor sentiment to 28.1%. The bullish sentiment level is now near one standard deviation below the long term average.
Dr. KOSPI's Protocol For Global Growth Diagnosis
Market sentiment seems to have quickly turned decidedly bearish. A couple of reasons for the increased bearishness might be that the market has gone a year without a pullback of more than 5% and stock valuations appear elevated on an absolute basis.
No Slowdown In The Growth Of E-Commerce Sales
Due to the success of e-commerce broadly, many of the related stocks have been pushed to valuation levels far above the market's valuation.
The Economy May Not Be At Full Employment
From a positive perspective, wages have been growing faster than the rate of inflation for most of the last four years. Additionally, the differential wage growth and inflation in this cycle is on par with prior economic expansions.
Investor Fund Flows Favoring Bonds And Not Equities
The equity market has gone over a year without a pullback of at least 5% or more. The last 5% decline occurred in mid-June 2016 when, over a two week period, the market fell 5.5%.
The S&P 500 Index Is Expensive And Has Mostly Been So Since The Early 1990s
In this environment one might conclude stocks are priced for perfection with little margin for error. Of course this might certainly be the case, but is this an uncommon position for the equity market?
Dividend Payers Are Underperforming
A year ago dividend paying stocks were significantly outperforming the non-payers in the S&P 500 Index and the S&P 500 Index itself. If investors were chasing performance back then and loading up on the payers, today they would be disappointed.
Equity Valuations No Longer Matter?
One benefit to writing blog content is it serves as a record of ones past thinking and the results of any decisions made from the prior analysis. With that in mind I reviewed some of the topics written over a year ago, that is, in June/July of 2016.
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