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
Normally, if you have a huge category that leads a bear market all the way down to the bottom - like tech after 2000, or energy in the '80-'82 bear market - you get one quick pop, and then years of lag as we fight the old war.
The upward move at the beginning of a bull market is almost always huge compared with the vacillations late in the bear market. If you try to pick a bottom, you will miss a good part of the action.
Over rolling long periods, U.S. and non-U.S. stocks tend to equalize.
Many follow a rule of thumb - no more than 5% in one stock. But that's not the entrepreneurial road to riches.
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.
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.
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.
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.
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!
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.
When I was a young man in the 1970s, tech firms were scattered across the developed world. Since then, America has come to dominate tech almost totally.
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.