The 2022 bear market has been a sight to behold. The benchmark S&P 500, which is widely viewed as a leading indicator of U.S. stock performance, has dipped by a hefty 14.6% this year. What's more, the Dow Jones Industrial Average, another highly regarded barometer of U.S. stock performance, has slumped by 11.5% year to date. Worse still, the tech-heavy Nasdaq Composite Index has cratered 22% in 2022 thus far, putting this bellwhether growth stock index firmly in bear market territory. 

U.S. stocks, on balance, have steadily moved lower this year in response to a negative feedback loop consisting of rampant inflation, rising interest rates, and growing fears that a recession may be on the horizon. Within the confines of the U.S. stock market, these three key headwinds have put a spotlight on companies with rock solid free cash flow, elite managerial teams, and businesses that are largely recession-proof. Healthcare giant Bristol Myers Squibb (NYSE: BMY) is a prime example of Wall Street's sudden renewed interest in these long-forgotten core tenants of stock picking. 

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Source Fool.com