Kenneth Fisher Quotes:
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.
Kenneth Fisher
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.
Kenneth Fisher
Environmentalists should like fracking for its relative cleanliness. But they don’t. They have made a bugaboo out of the chemicals in fracking fluids, which supposedly can leach into groundwater sources. I’m convinced they’re dead wrong. Ultimately, good technology with a cost advantage will win out over paranoia.
Kenneth Fisher
If you’re 35, 45, or even 55 – you have a very long time horizon – 40 years or vastly more. That is you, and/or your spouse, are likely to live about that long, and you’ll be investing the whole way.
Kenneth Fisher
I never liked quantitative easing. It’s misunderstood by almost everybody. Flattening the yield curve is not stimulative; flattening the yield curve is anti-stimulative.
Kenneth Fisher
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.
Kenneth Fisher
If you can predict where the market’s going, just do what you can predict. If you can’t, which is the presumption of dollar cost averaging or time cost averaging, either one, then you’re trying to ease in. But if the market rises more than it falls most of the time, easing in is, by definition, a loser’s game.
Kenneth Fisher
You may have seen my firm’s ads screaming, ‘I Hate Annuities.’ Folks ask why we run them. Simple: Because I do.
Kenneth Fisher
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.
Kenneth Fisher
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.
Kenneth Fisher
Anyone can see how if a feared tax hike doesn’t happen, that’s a positive factor. But even if tax hikes happen as feared, vast history tells me it doesn’t have to have the big bad impact folks fear. And fear of a false factor is always bullish.
Kenneth Fisher
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.
Kenneth Fisher
Both cheap value stocks and more glamorous growth stocks can work well in a portfolio – if done right.
Kenneth Fisher
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.
Kenneth Fisher
Long before folks fretted the demise of ‘quantitative easing,’ I fretted its existence. It proved the reverse of its image, an antistimulus, and we’ve done okay not because of it, but despite it.
Kenneth Fisher
China’s stock market is inextricably tied to politics.
Kenneth Fisher
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.
Kenneth Fisher
If you’ve taken Econ 101, you know that the quantity of money rises only when the banking system makes a net loan.
Kenneth Fisher
Buy into good, well-researched companies and then wait. Let’s call it a sit-on-your-hands investment strategy.
Kenneth Fisher
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.
Kenneth Fisher
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.
Kenneth Fisher
The stock market is a discounter of all known information.
Kenneth Fisher
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.
Kenneth Fisher
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.
Kenneth Fisher
People do dollar cost averaging because they have regret of making one big mistake. But the fact of the matter is that, mathematically, the market rises more of the time than it falls. It falls, but it rises more of the time than it falls.
Kenneth Fisher
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.
Kenneth Fisher