# Bull Sessions (7/5/2022)

We continue to debrief following the NAIC national convention with some favorite moments. We'll also visit the current wave of Stock Screen feature enhanceme...

Canonical: https://www.manifestinvesting.com/community/events/735

We continue to debrief following the NAIC national convention with some favorite moments. We'll also visit the current wave of Stock Screen feature enhancements at Manifest Investing -- including the venerable Triple Play.

Mark Robertson, Ken Kavula, and Kim Butcher hosted the Tuesday afternoon Bull Sessions on July 5, 2022, focusing on market performance in the first half of 2022 and expectations for the second half. The session opened with a review of challenging market conditions, noting that the S&P 500's 6-month return was among the worst in decades. Robertson and Kavula emphasized the importance of staying invested during downturns by referencing historical market recoveries, including examples from 1998 (Long-Term Capital Management crisis), 2008-2009 (financial crisis), and the 1974-1975 inflationary period. The speakers highlighted that markets have consistently recovered rapidly after significant declines, with recovery often occurring within 3-5 quarters, and stressed the value of finding quality companies at reasonable prices rather than attempting to time the market.

The discussion included detailed analysis of how market recoveries can occur surprisingly quickly, even amid challenging conditions like inflation. Ken Kavula shared historical perspective on high inflation in the 1970s, recounting how Michigan school districts projected 10% inflation during bond proposals, only to experience inflation reaching into the 18-20% range. Robertson illustrated how even during inflationary periods, the stock market has delivered strong returns, noting a 50% gain in less than six months starting from late 1974. The speakers also referenced Goldman Sachs' selections for the second half of the year in a humorous reference to their 'Muppet' comment about retail investors. Throughout the session, the presenters advocated for the Manifest Method of identifying quality companies at reasonable prices and maintaining a long-term, buy-and-hold approach.