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
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.
When the economies of emerging markets don't just grow but beat expectations, there's scarcely a mention.
Indeed, bull markets are fueled by successive waves of prior skeptics finally capitulating as their fears fade. Eventually, fear turns to euphoria, and that's the stuff of bubbles.
Back in the '60s and '70s, data were scarce, and while analysts knew that companies with fat gross margins lagged those with thin gross margins early in bull markets - and overachieved in the later phases - they couldn't do much about it.
The bubble, as investing phenomenon, has been well studied ever since the 17th-century tulip bulb frenzy. Its counterpart in bear markets is not well understood.
In the world I've known most of my life, old stories quickly lose their power over capital markets and get replaced by new surprises. That which everyone fixates on gets priced into the stock market quickly and can't drag on.
The latter part of bull markets are typically led by stocks that are seen then as high quality, but the ones that do best are the ones that weren't seen as such high quality before.
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.
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.
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.
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.
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!