Bull Sessions (8/9/2022)

Do you believe in Magic? Long term investing -- with an appropriate long term perspective -- could be considered a form of magic. We'll explore the massive success offset of the Round Table's Microsoft position versus a whole bunch of less successful positions. A few moments from Saturday's Back Up The Truck Webcast for Indianapolis ...

In this August 9, 2022 Bull Sessions webinar, Mark Robertson, Ken Kavula, and Kim Butcher discussed market conditions and investment opportunities during a period of robust market recovery. The speakers emphasized the Manifest Investing methodology of identifying excellent companies at reasonable prices, noting that the Value Line Arithmetic Average had tracked back to its long-term trend with current median appreciation projections hovering around 13%. The presenters highlighted the importance of maintaining discipline and patience during market downturns, referencing historical examples of successful investors who capitalized on pessimistic market conditions to build wealth. Kim Butcher discussed her use of Bullish Percent Indicators (BPIs) to gauge market sentiment, explaining how oversold conditions (below 30) historically presented buying opportunities for quality companies.

The speakers addressed several company-specific topics, including clarification on Neogen's merger with a 3M division and the company's substantial investment in campus redevelopment in East Lansing, Michigan. Robertson and Kavula shared perspectives on market psychology and asset allocation, drawing on wisdom from legendary investors like Warren Buffett, Peter Lynch, and Shelby Davis. The discussion emphasized that bear markets, while painful, represent routine opportunities for disciplined investors and typically account for only about one-third of overall market time. The webinar reinforced core Manifest Investing principles: identify quality businesses, wait for attractive prices (using metrics like PAR and Projected Annual Return), and maintain long-term conviction during market volatility.