Bull Sessions (6/30/2026)

In this Bull Sessions webinar from June 30, 2026, Mark Robertson and Ken Kavula discuss the current state of the market and investment opportunities as the Dow reaches all-time highs. The speakers emphasize that while the market is trading above historical averages, it remains reasonably priced compared to long-term expectations of 9-11% annual returns. They stress that Manifest Investing's philosophy focuses on buying excellent companies at good prices rather than reacting to aggregate market conditions or media-driven panic narratives. The discussion includes analysis of the top 10 most-followed stocks by their subscribers, which have generated impressive 22% annualized returns over the trailing 10 years, demonstrating the potential of individual stock picking versus index investing.

The team reviews performance metrics and portfolio rankings, highlighting significant winners and concerning underperformers. Notable discussions include Google's strong performance nipping at Apple's heels for the number two position, Fastenal's emergence into the top 10, and persistent underperformance from holdings like Cognizant (down 17.5% over 10 years) and companies in the struggling IT consulting space. Ken raises important questions about why poor performers like Cognizant remain in portfolios, attributing it to investor inertia. The speakers also address concerns about software companies facing AI-related headwinds, acknowledging this as a critical debate topic for investment clubs moving forward.