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
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.
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.
Fundamentally cheap stocks are often held in low regard by market participants. Something may be tainting their perception in investors' minds.
China's stock market is inextricably tied to politics.
Global stocks bottomed in June 1921, but global economies didn't hit bottom for fully two more years.
Italians have always had a high savings rate. They love putting their money into their own government bonds - even more than in houses, stocks and gold. The higher rates climb, the happier they are to invest. So if austerity plans drive rates up, it's music to Italian ears.
If some stock categories get too hot-and-pricey, mass supply is created via stock offerings to tap that cheap money - and, when overdone, drives it all down.
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.
Buying only what you know can end in disaster. Just think about Enron's employees and business partners, the 'locals' who bought lots of its stock because they thought they were in the know.
Generally, variations in earnings aren't nearly as impactful on glamour growth stocks as are changes in image and, well, sexiness. I often think of glamour stocks as though they are attractive women dressing to the nines.
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.
In history, the evidence is overwhelming: Stock market bottoms happen, and then stocks jolt upwards while the economy keeps getting worse - sometimes by a lot and for a long time.
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.