Bull Sessions (12/27/2022)

"A Few Moments With ..." our final session of calendar 2022 will include a look back at highlights, lessons learned, memorable takeaways. Did you have a takeaway or a moment that you think we should emphasize and celebrate? Consider sharing notable and quotable moments by sending suggestion to markr@manifestinvesting.com and we continue to explore and experience investing epiphanies together. Happy New Year!

Mark Robertson and Ken Kavula host a Bull Sessions webinar on December 27, 2022, offering perspective on market conditions and investment strategy as the year closes. The speakers emphasize the importance of long-term conviction and fundamental analysis, defending individual investors against media criticism that dismisses retail investor capability. They highlight that despite 2022's challenging market environment, their core holdings have performed reasonably well, demonstrating the value of patience and disciplined stock selection at reasonable prices—a core tenet of the Manifest Method taught through Modern Investment Club movement principles dating back eight decades.

The discussion covers several significant market themes from 2022, including inflation's impact on the economy and energy sector dynamics following geopolitical tensions in Ukraine. Ken Kavula shares personal holdings in energy stocks, specifically ExxonMobil and Devon Energy, which have performed well despite his traditional hesitation around energy investments. Mark Robertson acknowledges his long-term position in Schlumberger, which has underperformed. The speakers also address EPAM Systems, a community favorite that was significantly impacted by the Ukraine conflict but demonstrated strong management commitment to honoring contracts and supporting employees, rewarding investors who maintained conviction during the downturn.

The webinar emphasizes that finding excellent companies and waiting for them to trade at reasonable prices is the path to rewarding long-term returns, encouraging investors to maintain perspective during volatile markets and media-driven fear cycles.