Amid massive stock declines and high inflation, some investors worry that the market has entered a period of stagnation comparable to the 1966 to 1983 time frame when the Dow Jones Industrial Average could not consistently stay above 1,000. Whether a new bull market is coming or not, investors should hone their investing skills to find these emerging industry leaders. If investors think strategically, stay on top of financials, and understand how competitive advantages evolve, they can prosper regardless of the S&P 500's near-term direction.