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
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.
Originally, I thought Republican. Now I'm an equal opportunity politician-hater.
Readers regularly ask what can go wrong but almost never what could positively surprise.
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.
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.
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.
In a bubble, anyone who argues pessimistically is seen as crazy.
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.
Normally, the market peaks before bad news emerges. That's what happened in 1929, and that's what happened in 2000.
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.
The world is filled with successful small businesses that stay small.
Many follow a rule of thumb - no more than 5% in one stock. But that's not the entrepreneurial road to riches.
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.