Kenneth Fisher
Kenneth Fisher
Kenneth Lawrence Fisheris an American investment analyst and the founder and chairman of Fisher Investments, a money management firm with offices in Woodside, California, San Mateo, California, and Camas, Washington. Fisher writes a monthly column in Forbes magazine, contributes to other financial and news magazines, has written eleven books, and has written research papers in the field of behavioral finance. He is on the 2014 Forbes 400 list of richest Americans and Forbes list of world billionaires, and as of...
NationalityAmerican
ProfessionBusinessman
Date of Birth29 November 1950
CountryUnited States of America
Most investors give too much credence to the theory that prices are rational; they presume that a market collapse must have been justified by serious economic trouble.
Plenty of funds have fine long-term returns despite being tax-inefficient and generally costly. But a dirty secret is this: Average, no-load fund investors do much worse than the funds - or the market.
To me 'The Big Easy' is shorthand for owning big stocks that are easy for wary investors to buy into. These stocks tend to outperform during the back half of bull markets.
Investors covet past improvements but also always believe pricing unimaginable future creativity and efficiency gains is Pollyannaish. And they're always wrong. Bet on it.
Hundreds of investors ask me questions each year about the dilemmas they confront. Their worst problem? Uncertainty. They are traumatized and become emotional or confused to the state of inaction. Even worse, they try to solve a short-term problem in a way that hurts them financially in the long run.
One component of the leading economic indicators is the yield curve. Bond investors keep a close eye on this, as it illustrates the spread or difference between long-term interest rates and short-term ones.
In the early days, I promoted the idea of spending time in libraries to gain facts that other investors didn't have. Not many people did that kind of research, so it worked.
Readers regularly ask what can go wrong but almost never what could positively surprise.
Originally, I thought Republican. Now I'm an equal opportunity politician-hater.
I've long loved emerging markets airlines because they usually sell at bargain prices. The troubled history of developed market airlines unfairly taints these stocks. In the emerging world, they're growth stocks.
Fracking opens up vast tracts of the U.S. to exploitation by gas drillers. There's enough energy under our feet to last us for decades, maybe centuries.
My firm has 25,000 high-net-worth clients. A typical account would be that of a couple aged 65 and 60 who need their money to last the rest of their lives, 25 to 35 years.
My father, Philip Fisher, was the toughest guy I ever knew. An example: He had terrible teeth, yet he got his fillings done without ever using a painkiller. Now, that's tough!
China frequently confounds stock market prognosticators because it has a penchant for straying markedly from other broad global indexes year-by-year over the decades - even from emerging markets. It's hit or miss.