Fisher Investments MarketMinder – Recent Articles
New Rules for the Street?By Fisher Investments Editorial Staff
Topic: Politics; US Economy; Market Risks
4/1/2008
Story Highlights: - Treasury Secretary Paulson is promoting a plan to overhaul U.S. financial regulatory bodies.
- The plan is being sold as streamlining existing regulation, and the market responded positively.
- Whatever plan does eventually pass will likely bear little resemblance to the announced plan.
____________________________________________________ As Shakespeare said, “We must take the current when it serves.” Treasury Secretary Henry Paulson may have had a touch of the Elizabethan flu as he took advantage of the intense focus on all things financial to unveil a range of recommendations to overhaul the regulation of U.S. financial markets. Three Cheers for Paulson's Plan
By Paul R. La Monica, CNNMoney.com
http://money.cnn.com/2008/03/31/markets/thebuzz/index.htm?postversion=2008033112 Markets responded positively Monday and there’s been a great deal of reaction to the announcement. As mentioned in our 03/28/08 story, “Goldilocks Government,” governments have attempted to fine-tune economic markets for centuries—usually with unintended negative consequences. So why the cheery response? Paulson’s selling the plan as a streamlining of regulatory burdens. Should we be going all Falstaff and knocking back some mead? (Yes, we realize we’re mixing our Shakespearean metaphors.) Nah. Though we see Paulson’s recommendations as mostly fairly rational, it’s way too early to jump to conclusions. Part of the positive reaction could be tied to the fact this plan might distract legislators. Debating this plan could forestall some of the more rash, short-term measures that have been kicked around of late—and that in itself is indeed a positive. And Paulson’s plan is no knee-jerk reaction. It’s been long in the works—for almost a year—long before liquidity fears made constant front page headlines. The plan itself is a bit of a mixed bag. Though in general we’re leery of regulatory “overhaul” (backwards talk for “lots of new regulation”), some of our existing regulation is, in fact, quite ...
Confidence ConfusionBy Fisher Investments Editorial Staff
Topic: Investor Sentiment
3/31/2008
Story Highlights: - Various surveys show consumer confidence falling to 5-, 16-, and 34-year lows.
- Confidence usually reflects current economic and market perceptions.
- History shows consumer confidence moves with the market, but doesn’t predict future returns.
____________________________________________________________________________________ How do you feel today? It’s hardly breaking news consumers are feeling dour lately. We can see it in headlines and nightly news—and for many, perhaps in their own outlook. But dourness isn’t just a feeling; it’s captured in concrete data—a variety of sources produce widely followed indexes tracking how consumers feel. Not surprisingly, the official numbers reflect consumers’ bleak psyches. The first article details the University of Michigan/Reuters consumer sentiment index hitting its lowest level in 16 years. That’s a long time ago! Must mean disaster’s around the corner, right? Maybe, maybe not. What exactly was happening in 1992, the last time consumer sentiment was this low? The US was emerging from a recession then. Seems quite natural people would be gloomy—recessions can be trying. The second article uses a different measurement showing a five-year low in consumer confidence. (Another problem—which index should you believe? There are lots of ways to measure sentiment, but none are particularly better or more precise). Five years ago, we just suffered through a mild recession but a horrendous bear market, the worst since the Great Depression! And the US was on the edge of war with Iraq. Uncertain times? You bet! But you should ask yourself, what happened afterwards? Did all that dour sentiment kill the market and signal recession? Not at all! The economy was recovering in 1992—not heading into recession—and stocks did fine. And quite ... Goldilocks GovernmentBy Fisher Investments Editorial Staff Topic: Politics; Investor Sentiment; Market Risks 3/28/2008 Story highlights: - All sorts of “solutions” (i.e. government intervention and regulation) are being proposed to prevent future financial and economic troubles.
- History shows aggressive government actions typically have unintended, often negative, consequences.
- Economic troubles are usually identified in hindsight, and future problems are hard to foresee—making market-driven solutions far more preferable.
________________________________________________________________________________ The quest for perfection is a recurring literary theme, but as Goldilocks exemplified in the children’s fairytale, the search may have unpleasant consequences. For centuries, governments have attempted to fine-tune their role in economic markets, and frequently, results aren’t just “too little” or “too much”—they’re fraught with unintended consequences. There’s no “Goldilocks” government solution—there’s just a wolf in Grandma’s bed clothes—the only difference is how big his teeth are. When economies and markets get rough, many naturally hope for a “greater power”—i.e., the government—to right things again. With a troubled Financials sector and shaky housing markets currently weighing on folks, all sorts of “solutions” (i.e., government intervention and regulation) are being proposed to “calm” markets, right current financial troubles, and even proactively prevent future ones. More Government Bailouts May Be on Way
By Tom Raum, IBTimes.com
http://www.ibtimes.com/articles/20080327/more-government-bailouts-may-way.htm Fed May Gain Influence From Crisis at SEC's Expense
By Craig Torres and Jesse Westbrook, Bloomberg
http://www.bloomberg.com/apps/news?pid=20601068&sid=arSZbp8CA_JE&refer=economy Unfortunately, history shows aggressive government “solutions” during economic times frequently exacerbate economic problems or lead to new ones. For example, the Great Depression wasn’t just a US phenomenon—it was a global depression. But Congress didn’t help by signing into law the Smoot-Hawley Tariff Act to “protect” US exports, and thereby restricting international trade and causing retaliatory tariffs. Now, beyond demanding a government “fix” to current woes, weary investors are demanding the government intervene to prevent unforeseen crises in the future! Wanted: A New Policy for Bubbles
By Jon Hilsenrath, The ...
Not Quite to the NinesBy Fisher Investments Editorial Staff
3/27/2008
Story Highlights: - Recent stock volatility has many comparing today’s markets to the 1970s and the Great Depression.
- Cumulative stock performance over the past nine years has been below long-term averages.
- But this analysis assigns undue weight to short, arbitrary intervals and assumes past performance is a good indication of future results.
- Stock performance over any past time period, no matter the length, provides no guidance as to future stock performance.
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It’s been a tough few months in the market. Sentiment is decidedly dour—and there are undoubtedly reasons for people to feel gloomy. Housing prices are depressed and subprime’s fallout has whacked Financials. It’s been a wearying time for stock investors, as the following article confirms.
This article suggests it’s not just recent months. In fact, it states over the last decade US stocks have been mired in sludge as bad as the gloomy 1970s, even reminiscent of the Great Depression. The article purports that great share booms like the 1920s, 1960s, and 1990s all produce a decade-long hangover—implying we’re currently hung over. Supporting this argument is an analysis of cumulative stock returns over the last nine years. Why nine? Why not ten? Humans like nice round numbers, right? Well, nine years ago the S&P 500 closed at about the same level it did on Tuesday. And according to the article, over those nine years US stocks have averaged an inflation-adjusted total return of -0.4% a year. That doesn’t seem so great. Call it the (almost) decade of drudgery. Except, if you start picking apart the analysis, you discover it’s not quite right, nor in any way useful going forward. The article’s analysis is done on a “real,” i.e., inflation-adjusted ... Positively IgnoredBy Fisher Investments Editorial Staff 3/26/2008 Story Highlights: - While it’s undeniable there are real problems today, this bull market correction is based on overwrought fears of those problems instead of reality.
- Fears can hold markets back short-term, but fundamentals win out over time.
- As investors focus evermore on the slowing US economy, the global economy continues to be prosperous.
______________________________________________________________________________ Today’s bull market correction is predominantly based on overwrought fear. Fears can hold markets back in the short-term, but fundamentals inevitably, inexorably win over time. While there are real problems today in certain sectors such as housing and Financials, global economic and market fundamentals are better than most believe. In the midst of today’s turmoil, it’s worth taking a step back and recognizing a few of the positives in the bigger picture. Long-term interest rates remain low and inflation is not rampant—globally Access to capital is necessary for companies to grow. Liquidity remains plentiful for healthy borrowers. Further, many with good credit can actually borrow at rates lower than they could a year ago. Look for larger companies to thrive in this environment (they tend to have the better credit ratings) as smaller companies with lesser credit ratings struggle. Also, the 10-year Treasury yield at roughly 3.5% is the market’s way of saying inflation is not a long-term concern. Think back to the ‘70s—a time with true inflationary pressures. Government bond yields bounced around from 7% to just over 10% by the end of the decade. It’s true today inflation has ticked slightly above the Fed’s “comfort level” of a couple percent, but these are far from runaway levels. Euphoric investor sentiment is nowhere to be found—globally We all can probably agree on this one: There’s a lot of anxiety out there today. Believe it or not, pessimistic masses ... Best Credit Crunch Ever!By Fisher Investments Editorial Staff Topic: US Economy; Investor Sentiment 8/23/2007 If this is what a true credit crunch is supposed to look like, then sign us up for more of the same. When catastrophe was expected to rule headlines, instead deal chatter has once again come to the fore of investors’ minds. We’ve spilled much digital ink on the current market correction, the Fed’s tactics, and credit fears in general. (See our archived August and July commentaries for more.) It’s getting tougher to argue global liquidity has run dry given recent news. For example: Rio Tinto successfully raised $40 billion for its takeover of Alcan. This represented the largest loan ever made to a United Kingdom company and the 4th largest ever worldwide. Rio executives said the debt offering was “comfortably subscribed to” and they would not have to pay any more than previously planned. In fact, the last couple months haven’t even been particularly bad for deal terminations. July featured a total of 39 terminated deals (including private and public), and August’s total (around 18 deals terminated so far) is still below the average monthly number of 51 terminated deals per month going back to 1997. Folks forget that today’s M&A boom is fueled mostly by corporations buying each other, not private equity (though that gets all the press). Nothing has changed on that front—corporations are utilizing cash-rich balance sheets to fund deals in addition to debt. We’ve said time and again that today’s merger activity isn’t a function of risky speculation so much as it’s the result of very attractive asset prices. Other forms of lending remain at healthy levels too. Commercial paper (short-term corporate debt securities) sits at more than $2 ... The Only Dollar StoryBy Fisher Investments Editorial Staff Topic: Currencies 7/9/2007 You thought the dollar was going to tank this year, didn’t you? Admit it. We’re not going to name any names or single you out, but you know who you are. Dollar-doomsdayers and greenback-naysayers have been unusually mum so far this year, despite their fire and brimstone predictions at 2007’s outset. Dollar worries generally stem from a two-pronged pitchfork of disharmonic worry. First, the inane belief the US is in dire financial trouble. Whether it’s trade deficits, current account deficits, or whatever, the US is continually said to be in peril of collapsing in on itself. (These fears are sheer fabrications. See our past commentary, “Trade Deficits Pop Quiz” for more.) Second, a number of weird theories abound on dollar weakness and the so-called Asian carry trade. (Again, hogwash. See our past commentary, “Carry Trade Tirade” for more.) Here’s how things are playing out with half 2007 behind us: Name 2007 (YTD)
Canadian Dollar 11.2%
Australian Dollar 9.0%
Norwegian Krone 7.4%
Euro 3.2%
UK Pound Sterling 2.9%
Swedish Krona 1.6%
Swiss Franc 0.2%
Japanese Yen -3.5% The dollar is downright flattish this year against the “major” currencies. That’s even worse for the financial press than being strong because a flat dollar is a boring dollar—so we get no reporting on it whatsoever. It’s a non-event, non-starter, and non-newsworthy. But the interesting bit that most seem to miss is the US dollar is quite weak versus the Canadian dollar. Most folks focus on the US dollar versus other major currencies. Which is fine but really isn’t all that meaningful unless you’re thinking of taking a summer vacation to Europe. What really matters is how the dollar performs relative to countries we do most of our trade with. Those include Canada and Mexico among others. The Canadian dollar has been strong to the greenback in 2007, which is a bad ... Run Bull! Run!By Fisher Investments Editorial Staff Topic: Market Risks 6/4/2007 As global markets knock new highs, an inevitable question arises: At four and a half years, is this bull done running? Before answering, think if you’ve heard anyone questioning the longevity of this bull market before. We recall cries of "It’s over!" last summer—but it wasn’t. In 2005, we were treated to headlines like "Tired Bull" and "No More Bull." Come to think of it, folks have been forecasting the demise of this bull since, well, the start of it. This is no different from any other bull market. Remember Mr. Greenspan’s famous "irrational exuberance" phrase? Three years too early. Folks fretted the end of the 1990s bull run the entire decade—right up until they were convinced it would never end. Bull markets end for any number of reasons—but age isn’t one of them. The following article strives to delineate how today’s environment is different from the tech bubble in early 2000, and we agree: Getting Dizzy? Stocks May Not Be as High As They First Appear
By Ian McDonald, The Wall Street Journal (*site requires registration)
http://online.wsj.com/article/SB118063928630820364.html?mod=todays_us_the_journal_report But what’s not different is that markets move, have moved, and always will move not on what’s widely known but on the unknown or misperceived. The housing "bubble" has long been fretted, as have the weak dollar and "slowing" earnings growth (though earnings growth is fine, it’s just not record-breaking). These market fears are too well canvassed to have any impact—and aren’t the market negatives everyone assumes, anyway! But is the market too high? Consider this: If the S&P 500 were selling at the same P/E it did at the peak of the last bull, it would be at about 2600, not 1500 (based on trailing 12-month operating earnings). Does that mean the American bull has to run to 2600? Heck no! It ...
Pound of FleshBy Fisher Investments Editorial Staff Topic: Currencies 4/17/2007 Tough luck for any American planning a visit to Ye Olde England—as of today, one pound sterling costs two American dollars. Yikes. The dollar hasn’t been this feeble on Oxford Street since 1992! British Pound Breaks Through $2
By Jane Wardell, Chicago Tribune
http://www.chicagotribune.com/business/ats-ap_business14apr17,0,2867638.story?coll=sns-business-headlines How can we stop the pound from ravaging the dollar? Last time, it took the collective effort of speculators (led, famously, by George Soros) to take the pound down. Such a market event doesn’t look likely today—what are we to do? Here’s another question: Should we even care? We play a game around here called "And What Happened Then?" (Try it anytime you read a scary story about XYZ not being thus-and-such since this point in time.) Let’s play now: The pound hasn’t been this strong against the dollar since 1992! And what happened then? Eight years of above-average economic growth and stellar market returns, even counting a fairly puny 1994. This is absolutely not to say a two-dollar pound is the trigger for non-stop economic sublimity. However, it does nicely counter a punditocracy that insists a weak dollar must lead to ruin. It didn’t before—why should it now? No one is presenting an argument why this time is different. They just report a weak dollar and a strong pound and imply horrors ahead. Of course, a weak dollar is generally blamed on our massive trade deficit (or sometimes—the reverse). In turn, the trade deficit is blamed for a host of other economic ills. This otherwise optimistic article piles on: The IMF Reports on a Wonderful World (April 12, 2007)
By the Editorial Board, Financial Times
http://www.ft.com/cms/s/65691ff0-e892-11db-b2c3-000b5df10621.html The world economy will also do better if the large US trade deficit and corresponding surpluses around the world deflate gently rather than blow up. Et tu, ...
I ♥ InvestingBy Fisher Investments Editorial Staff Topic: Behavioral Finance 2/14/2007 Around here we always say "your brain can trick you." The main task of scientific discipline is to create a framework blocking our natural subjectivity in favor of verifiable, testable facts. Nothing is more expedient in investing—brains simply weren’t made to do capital markets so we desperately need a system of objectivity to help us make the right choices. But emotions are not something to be gotten rid of. Famous sociologist Marvin Minsky says emotions define precisely what it is to be human. Emotions encompass meaning and the drives of life. Without them we’re zombies. (For more, Minksy’s new book The Emotion Machine is full of excellent insights about the brain and emotions.) But most people don’t understand what an emotion is. It’s not just something you "feel," and it’s not just a psychological thing churning in your consciousness. Emotions are the drivers of human motivation and activity and they take scores of forms biologically. For instance, hunger and Love are both emotions—and they’re actually pretty similar. (Maybe that’s why love and chocolate are always so closely associated.) When your body needs food the brain and stomach communicate via a feedback loop of nerves and neurons. The brain receives the message and puts out orders to release a hormone that makes you hungry. When you "feel" that hunger, your consciousness knows you need to eat. Well… just about the exact same thing is true for love. If you encounter your significant other (or a potential candidate for such lofty status) your brain initiates a feedback loop with the rest of your body, where a wide range of hormones are sent out…all of it telling you to be with this person. Thus, you "feel" the emotion of love. Emotions, then, all have a biological and neurological ... The Sweetest YearBy Fisher Investments Editorial Staff Topic: Forecasting 1/25/2007 We like anomalies, especially anomalies that few know about. Finding a big, fat, unknown anomaly in stock markets is a great way to know something others don’t and make a big bet. Well… …2007 is a third year of a Presidential term: the sweetest for stocks. And no one is talking about it. The State of the Union speech is one of the biggest days of the year in the US for political rhetoric. The President sets his agenda for the year and everything abounds with pomp, ceremony, and tradition. Politicians smile and tell us all about how much they’re going to do for us in the coming year. For full coverage on all things said and promised, including the text of the speech: Complete Coverage: The State of the Union But we don’t think of anything will get done. Currently, Congress is controlled by the Democrats: the Senate is almost dead even, the House is divided by just a handful of seats, we have a lame duck President with low job approval ratings, and an upcoming Presidential Election in 2008. All this adds up to what we call "nap time" in Congress. Sure, they’ll be a great deal of talk, but not much will happen. Big legislation is polarizing—and that’s the last thing Congress wants to do to voters heading into the 2008 elections. Mostly, they’ll play nice with each other and not try anything too drastic. This was made abundantly evident in President Bush’s speech last night, which opened with profuse congratulations to Speaker Pelosi and the Democratic mid-term victory, and proceeded to address a number of issues important to the Democratic party. The hard line GOP policies were nowhere to be found. ... A Balance Sheet to Die ForBy Fisher Investments Editorial Staff Topic: Investor Sentiment 1/23/2007 Have a look at the balance sheet below. Looks pretty good, right? Debt is less than 20% of total assets, and liquid assets are over 60% of total assets. This is a balance sheet most corporations would die for—a tremendously healthy capital structure that’s clearly generated substantial assets over time while maintaining a near optimal, if not under-leveraged, amount of debt. (See our past commentary, "Are You Optimal?") Certainly, if you were an investor and saw a balance sheet like this, you’d be impressed, right? This balance sheet tells a story of an entity with big potential for further investment and growth with excess capital to deploy and could easily service more debt.
This not a company’s balance sheet. This is the balance sheet of the US Consumer. With over $67 trillion in assets compared to just $13 trillion in debt, the US consumer has a net worth of over $54 trillion and growing.
If this is "broke," then we have no idea what it means to be rich.
Baht Were They Thinking!?By Fisher Investments Editorial Staff Topic: Geopolitics 12/19/2006 Since the coup earlier this year (see our past commentary: "Could a Thai Coup Overthrow the Markets?"), Thailand’s new military-installed government has made a major economic policy gaffe. Effectively a hefty tax on foreign investors, Thailand instituted a new policy to slow the rapid appreciation of its currency (the baht) to support the country’s exporters. But the experiment went horribly wrong and the Thai markets closed over 15% lower for the day. Baht were they thinking!? Here are the facts: - Yesterday, Thailand’s regulators said they will require banks to lock up 30% of new foreign exchange deposits for a year to curb currency speculation
- Under the controls, overseas investors buying the baht currency would only be able to invest 70% of what they transfer, and only recoup all of their funds if they keep the money in Thailand for more than a year
- Those who withdraw the reserved amount in less than a year will be penalized 33% of that 30% portion
- The rule applies to transactions worth more than $20,000
- The 30% locked up won’t earn any interest
- The rule exempts currency transactions related to trade in goods and services, or repatriation of investments abroad by residents
- Thailand’s SET stock Index fell 15% on the news. The Thai Baht fell 1.6%
- Following the decline in the stock market, the Thai government said it would lift controls on foreign investment in stocks
- The controls will remain on foreign investments in bonds and commercial paper as part of central bank's measures to stem the surge of speculative investment in the baht
- The sell off in the Thai stock market was the biggest since the Asian financial crisis of 1997
The worry is that these events will lead to a "contagion" similar to the 1997 Asian Financial ... Proud to be LiberalBy Fisher Investments Editorial Staff Topic: Capitalism 11/23/2006 Milton Friedman, the recently deceased economist and Nobel Laureate, once asked the public this simple question: "How do you make a pencil?" By appearance it’s a simple object. Yet, no single person on Earth could possibly make one. Amazing? Not at all. The lead (or graphite) is produced from a factory; the wood is felled and cut; an eraser is made from raw materials and rubber; the metal to hold the eraser is manufactured from iron ore mined throughout the world; the yellow paint is produced by a paint factory, and the glue holding the pieces together is made by yet another separate entity. And so on. A pencil is made by literally thousands of people, all operating within a complex network spanning across the world. Even more amazing, no single person controls it—each separate entity is acting of its own volition, and reliant on the systems of market-based trade to bring it all together to create that simple object. Within the course of human history, this is a truly radical idea. Adam Smith, widely considered to be the father of economics, was a contemporary of the founders of America. His book, The Wealth of Nations, was published in 1776 and widely read by Franklin, Jefferson, Washington, and myriad other American founders. Smith’s contention that market forces drive the mutually beneficent (and efficient) creation of wealth for a society (he called "the invisible hand") was a provocative new idea, and clearly influenced the Declaration of Independence, the Constitution, and the Bill of Rights as they were penned. These men were rogues and these ideas upended traditions of autocracy and monarchy. These were true liberals. To be liberal today is not the same as being liberal a hundred or even two hundred years ago. It is a ... I'm OK, You're OK (and We're Both US Consumers)By Fisher Investments Editorial Staff Topic: US Economy; Investor Sentiment; Alternative Investments 9/29/2006 Psychologist Thomas Harris wrote a book called I’m OK, You’re OK in 1976 explaining his theory on how we perceive ourselves and others. Most of the time we either think of ourselves as "Not OK" and the rest of the world as "OK," or we see ourselves as "OK" and the rest of the world as "Not OK." In both cases we have anxiety—centered on either ourselves or on the world outside ourselves. This is a natural psychological proclivity. But does it make sense economically?
Think about your personal economic standing for a moment. Are you better off today than 5 or 10 years ago? How about your family? Your friends and neighbors? Things are pretty much OK in most cases, aren’t they? Yet, we continue our worries about the strength of the US consumer in spite of evidence to the contrary. A lot of people feel "Not OK" about it despite the fact they, and most people they know, are doing quite well. Consider the following:
• Personal income rose 0.4% in August to $11.1 trillion, up 9.4% from a year ago.
• Real disposable income is up 5.4% from a year ago.
• Wages and salaries is $6.1 trillion, up 7.7% from a year ago.
• Personal consumption is up 6.0% from a year ago.
• Savings is $1.7 trillion, up 32.6% from a year ago.
So, if you’re OK, and I’m OK, and the US Consumer is OK…then who’s in trouble?
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Fisher Investments in the News
Fisher Investments 2008
Calling the fake bear market, Ken Fisher, Interactive Investor, 5/7/2008
Uber-Fisher, Equities Magazine, May 2008
Investment Advisor magazine ranks Ken Fisher among top 25 most influential people in investment advisory universe, The IA Staff, Investment Advisor, May 2008 Issue
Tale of Two Economies, Rich Karlgaard, Forbes, 05/05/2008
Five Stocks Up Ken Fisher’s Alley, John Reese, Forbes via Validea.com, 4/27/2008
Three Growth Stocks Ready to Launch, Nick Kapur, The Motley Fool, 04/14/2008
The great credit grab of 2008, Ken Fisher Interactive Investor, 04/09/2008
New Nationwide Program Provides Investor Education to Fisher Investments Clients and Their Families, Sun Herald, 04/08/2008
Fisher Investments Officially Launches Investment Education Workshops, Yahoo!, 04/08/2008
Fisher Investments Offers New Workshops for Clients, PRNewswire, 04/08/2008
Fisher Investments Continues Expansion, The Earth Times, 4/03/2008
Fisher Investments Opens New Office in Washington State, Yahoo!, 4/03/2008
Vancouver, Washington Location to House Additional Fisher Investments Staff and Operations, PRNewswire, 4/03/2008
Letter to the Editor: A response to Paul B. Farrell comments about Ken Fisher, MarketWatch.com, 04/01/2008
Fisher Investments Announces MarketMinder, The Earth Times, 4/01/2008
Fisher Investments Offers New Web Site to Help Investors Better Understand if Market Events are Bearish or Bullish and Why, Yahoo!, 4/01/2008
Fisher Investments Officially Launches MarketMinder.com, PRNewswire, 4/01/2008
Go large in the markets, Ken Fisher, Interactive Investor, 3/12/2008
Super Stocks For Ken Fisher Fans, John Reese, Forbes, 3/11/2008
Timing Your Way to Retirement, The Motley Fool, 3/6/2008
One Down, How Many to Go?, Investment Advisor, March 2008 Issue
Buy large caps as bull market persists: Fisher, Reuters, February 1, 2008
Buy large caps as bull market persists: Fisher, Reuters, 2/1/2008
Fisher Investments Acquires EconoStrat Advisory Corp. Assets, Reuters, January 23, 2008
Fisher Investments Acquires EconoStrat Advisory Corp. Assets, PR Newswire, January 23, 2008
Fisher Investments buys firm, eyes more takeovers, Reuters, January 22, 2008
Fisher Investments - Woodside, CA, United StatesHoovers
As Seen On TV
GuruFocus Tracks the Stock Picks of Gurus, GuruFocus
Fisher Investments 2007
Holiday Gift List, Rich Karlgaard, Forbes, 12/24/2007
Read between the lines…, Ken Fisher, Interactive Investor, 12/19/2007
Kenneth Fisher: What sales tell us that profits don't, Globes Online, 12/13/2007
Three Bulls Walk Into A Forbes Cruise, Rich Karlgaard, Forbes, 12/12/2007
Fisher Investments Appoints New UK Managing Director, PRNewswire, 12/4/2007
Fisher Investments Appoints New UK Managing Director, PR Newswire, December 4, 2007
Wiley Announces New Investing Imprint, Publishers Weekly, November 28, 2007
Press Release: John Wiley and Sons, Inc. and Fisher Investments Announce the Creation of Fisher Investments Press, 11/27/2007
Fisher Investments enter publishing biz, Investment News, 11/27/2007
John Wiley and Sons, Inc. and Fisher Investments Announce the Creation of Fisher Investments Press, BusinessWire, November 27, 2007
Fisher Investments enters publishing biz, InvestmentNews, November 27, 2007
John Wiley and Sons, Inc. and Fisher Investments Announce the Creation of Fisher Investments Press, Reuters, November 27, 2007
John Wiley & Sons, Inc. and Fisher Investments Announce the Creation of Fisher Investments Press, John Wiley & Sons
John Wiley & Sons, Inc. and Fisher Investments Announce the Creation of Fisher Investments Press, The FreeLibrary, November 27, 2007
Record-setting capital gains taxes expected to hit mutual fund investors hard in 2007, PR Web (Press Release Newswire), 11/16/2007
A Yen for Certainty, The Economist, 11/15/2007
Insight: Forget the falling dollar but fear a rising Yen, Ken Fisher, Financial Times, 11/12/2007
VIDEO LINK: What Earnings Yield Says
VIDEO LINK: Who Is Financing the Bull Market?
VIDEO LINK: The World's View of America Is Wrong!
VIDEO LINK: What Types of Stocks Should You Be Buying?
VIDEO LINK: Two Stocks for Our Current Economy
VIDEO LINK: Almost Perfect Pattern for Stocks and the Election
VIDEO LINK: What Credit Crunch?
VIDEO LINK: Housing History
Wall Street Strategists Ratified as Dow Average Reaches Record, Bloomberg, 10/01/2007
Emerging-Market Short Sales Rise, Entice DWS, Fisher, Bloomberg, 10/01/2007
Ken Fisher: Stay on Offense, The Street.com, 09/27/2007 (video)
Ken Fisher on Bloomberg TV, Clip Syndicate, 09/27/2007 (video)
The Great Bull Market of 2008, Ken Fisher, Interactive Investor, 09/26/2007
Consumer, Drug Shares Fail to Prove Cheap as Fed Ponders Rates, Alexis Xydias and Michael Tsang, Bloomberg, 09/17/2007
Subprime Bust Is No Big Deal; Here's Why, TCS Daily, 09/12/2007
The Doomsters too Can Get it Wrong, Jonathan Davis, The Financial Times, 09/10/2007
More to Come, What Investment, Keiron Root, 08/30/2007
Prepare for an Awesome Autumn, Ken Fisher, Interactive Investor, 08/29/2007
How Much from Ben and When? Nils Pratley, The Guardian, 08/24/2007
History Teaches this Is Just a Bull Market Correction, Ken Fisher, Financial Times, 08/22/2007
Late Rally Falls Just Short, Liz Rappaport, The Street.com, 08/16/2007
When It Comes to the Crunch, It's a Squeeze, Bill Jamieson, Scotland on Sunday, 08/05/2007
Credit Scare is No Crunch, Ken Fisher, Interactive Investor, 08/02/2007
CXO Offers Useful Free Info, WinningInvesting.com, 07/26/2007
Fisher Investments Expands into Germany with Acquisition of Thomas Gruner Vermogensmanagement GmbH, AllBusiness, July 17, 2007
Be Bullish and Watch the Bears Impale Themselves, Ken Fisher, Financial Times, 07/17/2007
Summer Reading for Fools, John Rosevear, The Motley Fool, 07/16/2007
The Ebullient Equity Optimist with a Burning Passion for Financial Markets, Tom Burroughes, The Business, 07/11/2007
What Do Hot Markets and Paris Hilton Have in Common? CNBC.com, 07/04/2007
What do hot markets and Paris Hilton have in common? CNBC, July 4, 2007
Sell Journalists, Buy the Market, Ken Fisher, Interactive Investor, 07/03/2007
Five Ken Fisher Firecracker Picks, Ken Fisher, Forbes, 07/03/2007
Other Private Equity Firms Expected to Launch IPOs, CNBC, June 22, 2007
Other Private Equity Firms Expected to Launch IPOs, Scott Reeves, CNBC.com, 06/22/2007
Victoria Beckham Buy Indicator, Ken Fisher, Interactive Investor, 06/05/2007
What Does He Like? Investment Advisor, 06/04/2007
Doing it Right, James J. Green, Investment Advisor, 06/04/2007
Are You Saved? Ken Fisher, Worth, 06/01/2007
What Does He Like? Investment Advisor, June 2007
Short Sales Break Record on NYSE; Market Bulls Get More Bullish, Bloomberg, May 29, 2007
How to Beat the Index, Fool, May 8, 2007
Fisher Investments 2006
Fisher Investments eyes a centralized roll-up, InvestmentNews, November 6, 2006
Ken Fisher on Market Analysis (From 4/7/06), CXO Advisory, April 7, 2006
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