Winter 2015 Investor Letter: Narrow Leadership And Heightened Volatility

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Includes: DIA, QQQ, SPY
by: David I. Templeton, CFA

In our recently published Winter 2015 Investor Letter, we discuss the challenging year faced by investors in 2015. A number of notable events occurred in 2015: the market succumbed to a 10% correction after going nearly four years without one, the Federal Reserve raised interest rates for the first time in over nine years, and 2015 equity market returns were concentrated in a handful of names - those names have been referred to as the FANG stocks, Facebook (NASDAQ:FB), Amazon (NASDAQ:AMZN), Netflix (NASDAQ:NFLX) and Google (now called Alphabet) (GOOG, GOOGL) Our Investor Letter contains our thoughts on the coming year. These thoughts include commentary on oil, the US dollar and recent economic activity.

Horan Capital Investors Winter 2015 Investor Letter