ESGB - HORAN Capital Advisors Fall 2023 Investor Letter

2023-10-20 04:15:00 ET

Summary

• The third quarter market performance started strong as companies reported stronger second quarter earnings due to subsiding input costs.
• The market took a breather in August and September resulting in small declines across many indices in the quarter.
• Many forecasters were calling for a recession by the middle of this year; however, now many strategists are moving away from the recession call.
• With an improved earnings outlook, as noted earlier, and looking back historically, a negative 3rd quarter tends to lead to a positive comeback for the market as the year comes to an end.

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