Bull Sessions (3/22/2022)

Join Ken Kavula and Mark Robertson for our weekly confab circling Expectations Investing. Update on our most widely-followed stock, Apple (AAPL).

Mark Robertson and Ken Kavula hosted the Tuesday afternoon Bull Sessions for March 22, 2022, discussing market volatility and the importance of maintaining a long-term investment perspective. The speakers emphasized that despite negative sentiment from financial media, investors who stayed calm and accumulated quality stocks during downturns were being rewarded, with the NASDAQ up nearly 10% since the previous week's session. They highlighted how contrarian thinking—being cautious when sentiment is euphoric and accumulating when sentiment is pessimistic—has historically been successful for disciplined investors.

A significant portion of the session focused on Berkshire Hathaway's surprise $11 billion acquisition of Allegheny, an insurance company that Warren Buffett had apparently been watching for 60 years. The speakers analyzed Allegheny's steady business fundamentals and book value growth, suggesting Berkshire's investment thesis likely involves a return to historical return-on-equity levels. The discussion also covered the performance of various investment clubs and individual investors in their Groundhog Nation leaderboard, noting that disciplined club members and contrarian investors were outperforming as market conditions improved.

Throughout the session, Robertson and Kavula reinforced core Manifest Investing principles: finding excellent companies at reasonable prices, maintaining emotional discipline during market swings, and using fundamental analysis rather than reacting to media narratives. They also previewed upcoming content including a deeper dive into the book Expectations Investing and continued analysis of quality holdings within their portfolios.