Different Makes a Difference

On June 13, 2022, the S&P 500 Index entered bear market territory, defined as a decline of at least 20%. As of today, the index is still down 20% from its peak on January 3. As with all bear markets, there are plenty of bleak headlines foretelling further doom and gloom. We don’t know when or at what level the S&P 500 will bottom. However, some recent research by Miller Value Partners is an encouraging reminder that patience is a virtue when it comes to owning stocks.