Kenneth Fisher
Encyclopedia
Kenneth Lawrence Fisher (born 1950) is a widely published American
investment analyst, and the founder
, chairman, and CEO of Fisher Investments, a money management
firm headquartered in Woodside
, California
. Fisher writes the monthly “Portfolio Strategy” column in Forbes
magazine, contributes to other financial and news magazines, has written seven books, and has written research papers in the field of behavioral finance
. Fisher is on the 2010 Forbes 400
list of richest Americans and Forbes list of world billionaire
s, and as of 2010 was worth $1.6 billion. In 2010, he was named to Investment Advisor
magazine's "30 for 30" list of the 30 most influential people on the investment advisory
business over the last 30 years. As of 2010, Fisher’s firm manages $41.3 billion in 38,521 customer accounts and has been called the largest wealth manager in the United States.
, California
, the third and youngest son of Dorothy (née Whyte) and Philip A. Fisher
, an investor and author of three books, most notably Common Stocks and Uncommon Profits.
Fisher was raised in San Mateo, California
. He went to Humboldt State University
to study forestry
, but graduated with a degree in economics
in 1972. Citing contributions to the finance world and the ongoing study of redwood
ecology
, Humboldt State recognized Fisher with its Distinguished Alumni Award in 2007.
After graduating, Fisher worked for his father, Philip Fisher, who was a noted money manager and author. Fisher started his own company, Fisher Investments, in 1979.
Fisher has three sons, Nathan, Jesse and Clayton (the eldest).
In 2003, Fisher started to collaborate with Thomas Grüner, a German moneymanager. In 2007, Fisher and Grüner founded "Grüner Fisher Investments".
In 2009, Fisher received the inaugural Tiburon CEO Summit award for Challenging Conventional Wisdom. Charles Schwab
received the inaugural award for Maintaining a Focus on Consumer Needs. Fisher also has a Bernstein Fabozzi/Jacobs Levy Award for published research.
In 2010, Forbes published an accounting of Fisher’s stock pick performance, as made in his columns, over the last 14 years. His stock picks beat the S&P 500
overall on average, and have beat the S&P in 11 years out of 14 (as measured by Forbes).
In 2011, Fisher was ranked as one of the top 25 most influential figures in the financial industry by Investment Advisor Magazine.
(PSR) is detailed in his 1984 Dow Jones book, Super Stocks. James O'Shaughnessy
credits Fisher with being the first to define and use the PSR as a forecasting tool. In Fisher’s 2006 book, The Only Three Questions That Count
, he states the PSR is widely used and known, and no longer as useful as an indicator for undervalued stock
s. However, the PSR is still frequently included as required curriculum for the Chartered Financial Analyst
exam and has allowed Mr. Fisher to successfully miss significant portions of several bear markets over his career.
Small-cap value
was not defined as an investing category until the late 1980s. Fisher Investments was among the institutional money managers offering small-cap value investing to clients in the late 1980s.
Fisher does research in the study of behavioral finance
. He has coauthored several research papers on the topic in collaboration with Meir Statman, the Glenn Klimek Professor of Finance at the Leavey School of Business
at Santa Clara University
.
Specifically, some of Fisher's research has been on the supposed link between stock market P/E ratio
s and stock prices. In a paper published in 2000, Fisher jointly with Statman found there to be no meaningful link between a stock's P/E or its dividend yield
and its future return.
Fisher also studied the relationship between consumer confidence
and stock returns. Their research shows there to be no statistically significant link, meaning consumer confidence doesn't seem to predict future stock returns.
As of 2009, Fisher has authored over 18 research papers on topics ranging from stock markets to consumer confidence to behavioral finance.
, 1987), 100 Minds that Made the Market (McGraw-Hill, 1993), The Only Three Questions That Count (John Wiley & Sons
, 2006), The Ten Roads to Riches (John Wiley & Sons, 2008), How To Smell A Rat (John Wiley & Sons, 2009), and Debunkery (John Wiley & Sons, 2010). The Only Three Questions That Count, The Ten Roads to Riches, How to Smell a Rat and Debunkery were all bestsellers.
Fisher wrote the introductions to the Wiley Classics Series re-publications of Common Stocks and Uncommon Profits, Paths to Wealth Through Common Stocks, both by Philip A. Fisher, and The Battle for Investment Survival by Gerald M. Loeb
. Fisher also wrote the introduction to The Warren Buffett
Way by Robert Hagstrom. Fisher's books have been translated to German
, Spanish
, Portuguese, Korean
, Japanese
, Chinese
, and Italian
.
Fisher has also authored investment-related articles appearing in Research Magazine, Financial Planning, Journal of Portfolio Management
, The Financial Analyst’s Journal, The Journal of Investing, The Journal of Psychology
, and The Journal of Behavioral Finance, among others. Fisher's "Portfolio Strategy" column in Forbes has appeared monthly for over 25 years. In the UK, Fisher has written for Bloomberg Money, Investment Week
, and The Financial Times. He currently writes monthly columns for UK investment blog
Interactive Investor International
,http://www.iii.co.uk/articles/article_overview.jsp and a weekly column in a major German newspaper Focus Money.
Fisher has launched a publishing imprint in partnership with John Wiley & Sons, Fisher Investments Press.http://www.wiley.com/WileyCDA/Section/id-352072.html Books published under the imprint so far include Own the World, 20/20 Money, and a series of sector investing guides.http://www.wiley.com/WileyCDA/WileyTitle/productCd-0470285397.html
In 2010, John Wiley & Sons published The Making of a Market Guru: Forbes Presents 25 Years of Ken Fisher by Aaron Anderson, commemorating Fisher's over 25 years of writing a regular column for Forbes.
Kenneth Lawrence Fisher (born 1950) is a widely published American
investment analyst, and the founder
, chairman, and CEO of Fisher Investments, a money management
firm headquartered in Woodside
, California
. Fisher writes the monthly “Portfolio Strategy” column in Forbes
magazine, contributes to other financial and news magazines, has written seven books, and has written research papers in the field of behavioral finance
. Fisher is on the 2010 Forbes 400
list of richest Americans and Forbes list of world billionaire
s, and as of 2010 was worth $1.6 billion. In 2010, he was named to Investment Advisor
magazine's "30 for 30" list of the 30 most influential people on the investment advisory
business over the last 30 years.http://www.investmentadvisor.com/Issues/2010/May-2010/Pages/30-for-30.aspx As of 2010, Fisher’s firm manages $41.3 billion in 38,521 customer accounts and has been called the largest wealth manager in the United States.
, California
, the third and youngest son of Dorothy (née Whyte) and Philip A. Fisher
, an investor and author of three books, most notably Common Stocks and Uncommon Profits.http://books.google.ca/books?id=TkR299cE7-IC&pg=PA5&lpg=PA5&dq=philip+fisher+%22WHYTe%22&source=bl&ots=rb7Y1rfOhv&sig=xFheiXvoGbhnX86w0DAu-GNGgok&hl=en#v=onepage&q&f=false
Fisher was raised in San Mateo, California
. He went to Humboldt State University
to study forestry
, but graduated with a degree in economics
in 1972."Shaking it Up," but Vernon Felton, Humboldt Stater, Fall, 2006. Citing contributions to the finance world and the ongoing study of redwood
ecology
, Humboldt State recognized Fisher with its Distinguished Alumni Award in 2007.http://alumni.humboldt.edu/s/857/index.aspx?sid=857&gid=1&pgid=305#DA07
After graduating, Fisher worked for his father, Philip Fisher, who was a noted money manager and author. Fisher started his own company, Fisher Investments, in 1979.See "Bay Area Billionaires" by Jennifer Roberts, San Jose Magazine, February, 2007
Fisher has three sons, Nathan, Jesse and Clayton (the eldest).http://books.google.com/books?id=ChC3Y0rn7zMC&pg=PR13&lpg=PR13&dq=%22kenneth+l.+fisher%22++sherrilyn++sons&source=bl&ots=au9yrqfbBS&sig=GpkkcoN925-hG7GxR8miH4OOoUw&hl=en&ei=ctExTaKjAo_egQe5yK2RCw&sa=X&oi=book_result&ct=result&resnum=1&ved=0CBgQ6AEwAA#v=onepage&q&f=false
In 2003, Fisher started to collaborate with Thomas Grüner, a German moneymanager. In 2007, Fisher and Grüner founded "Grüner Fisher Investments".http://www.gruener-fisher.de/Wir-Ueber-Uns/Firmengeschichte.209.html
In 2009, Fisher received the inaugural Tiburon CEO Summit award for Challenging Conventional Wisdom. Charles Schwab
received the inaugural award for Maintaining a Focus on Consumer Needs. Fisher also has a Bernstein Fabozzi/Jacobs Levy Award for published research.
In 2010, Forbes published an accounting of Fisher’s stock pick performance, as made in his columns, over the last 14 years. His stock picks beat the S&P 500
overall on average, and have beat the S&P in 11 years out of 14 (as measured by Forbes).
In 2011, Fisher was ranked as one of the top 25 most influential figures in the financial industry by Investment Advisor Magazine.
(PSR) is detailed in his 1984 Dow Jones book, Super Stocks. James O'Shaughnessy
credits Fisher with being the first to define and use the PSR as a forecasting tool.What Works on Wall Street by James O'Shaughnessy
. McGraw-Hill
, 2005. In Fisher’s 2006 book, The Only Three Questions That Count
, he states the PSR is widely used and known, and no longer as useful as an indicator for undervalued stock
s.The Only Three Questions that Count: Investing by Knowing what Others Don’t. Kenneth Fisher with Jennifer Chou and Lara Hoffmans. John Wiley & Sons
. 2006 However, the PSR is still frequently included as required curriculum for the Chartered Financial Analyst
exam and has allowed Mr. Fisher to successfully miss significant portions of several bear markets over his career. http://www.cfapubs.org/ CFA Institute publications website
Small-cap value
was not defined as an investing category until the late 1980s. Fisher Investments was among the institutional money managers offering small-cap value investing to clients in the late 1980s.The Heretic
Fisher does research in the study of behavioral finance
. He has coauthored several research papers on the topic in collaboration with Meir Statman, the Glenn Klimek Professor of Finance at the Leavey School of Business
at Santa Clara University
.
Specifically, some of Fisher's research has been on the supposed link between stock market P/E ratio
s and stock prices. In a paper published in 2000, Fisher jointly with Statman found there to be no meaningful link between a stock's P/E or its dividend yield
and its future return.“Cognitive Biases in Market Forecasts.” Fisher, Kenneth L., and Meir Statman. The Journal of Portfolio Management, Fall 2000: 72-81. http://faculty.darden.virginia.edu/boebelr/EquityWeb/sessions/Sess13/Bias%20JPM01.pdf
Fisher also studied the relationship between consumer confidence
and stock returns. Their research shows there to be no statistically significant link, meaning consumer confidence doesn't seem to predict future stock returns.“Consumer Confidence and Stock Returns.” Fisher, Kenneth L., and Meir Statman. The Journal of Portfolio Management, Fall 2003. http://zonecours.hec.ca/documents/E2005-1-395037.Texte12-30-253-00-E05-ConsumerConfidence....pdf
As of 2009, Fisher has authored over 18 research papers on topics ranging from stock markets to consumer confidence to behavioral finance.http://scholar.google.com/scholar?q=kenneth+fisher&hl=en&as_sdt=2001&as_sdtp=on
, 1987), 100 Minds that Made the Market (McGraw-Hill, 1993), The Only Three Questions That Count (John Wiley & Sons
, 2006), The Ten Roads to Riches (John Wiley & Sons, 2008), How To Smell A Rat (John Wiley & Sons, 2009), and Debunkery (John Wiley & Sons, 2010). The Only Three Questions That Count, The Ten Roads to Riches, How to Smell a Rat and Debunkery were all bestsellers.
Fisher wrote the introductions to the Wiley Classics Series re-publications of Common Stocks and Uncommon Profits,Common Stocks and Uncommon Profits and Other Writings. Phillip A. Fisher. John Wiley & Sons. 2003. Paths to Wealth Through Common Stocks,Paths to Wealth through Common Stocks. Phillip A. Fisher. John Wiley & Sons. 2007. both by Philip A. Fisher, and The Battle for Investment SurvivalThe Battle for Investment Survival. Gerald M. Loeb. John Wiley & Sons. 2007. by Gerald M. Loeb
. Fisher also wrote the introduction to The Warren Buffett
Way by Robert Hagstrom.The Warren Buffett Way, Second Edition. Robert G. Hagstrom. John Wiley & Sons. 2005. Fisher's books have been translated to German
, Spanish
, Portuguese, Korean
, Japanese
, Chinese
, and Italian
.John Wiley & Sons Inc., 2007 Annual report
Fisher has also authored investment-related articles appearing in Research Magazine,Research : Where Financial Advisors Find Results Financial Planning,We Are the World: Does the current inversion in the U.S. yield curve spell trouble ahead? These days, it's the global yield curve that mattersThe Only Three Questions that Count: How can you discover something the crowd doesn't know? It's not so hard to find patterns that will give a bet-able edge Journal of Portfolio Management
, The Financial Analyst’s Journal, The Journal of Investing, The Journal of Psychology
, and The Journal of Behavioral Finance, among others. Fisher's "Portfolio Strategy" column in Forbes has appeared monthly for over 25 years. In the UK, Fisher has written for Bloomberg Money, Investment Week
, and The Financial Times.FT.com / Markets / Investor's notebook - Insight: History teaches this is just a bull market correctionFT.com / Markets / Investor's notebook - Market insight: Be bullish and watch the bears impale themselves He currently writes monthly columns for UK investment blog
Interactive Investor International
,http://www.iii.co.uk/articles/article_overview.jsp and a weekly column in a major German newspaper Focus Money.
Fisher has launched a publishing imprint in partnership with John Wiley & Sons, Fisher Investments Press.http://www.wiley.com/WileyCDA/Section/id-352072.html Books published under the imprint so far include Own the World, 20/20 Money, and a series of sector investing guides.http://www.wiley.com/WileyCDA/WileyTitle/productCd-0470285397.html
In 2010, John Wiley & Sons published The Making of a Market Guru: Forbes Presents 25 Years of Ken Fisher by Aaron Anderson, commemorating Fisher's over 25 years of writing a regular column for Forbes.
Kenneth Lawrence Fisher (born 1950) is a widely published American
investment analyst, and the founder
, chairman, and CEO of Fisher Investments, a money management
firm headquartered in Woodside
, California
. Fisher writes the monthly “Portfolio Strategy” column in Forbes
magazine, contributes to other financial and news magazines, has written seven books, and has written research papers in the field of behavioral finance
. Fisher is on the 2010 Forbes 400
list of richest Americans and Forbes list of world billionaire
s, and as of 2010 was worth $1.6 billion. In 2010, he was named to Investment Advisor
magazine's "30 for 30" list of the 30 most influential people on the investment advisory
business over the last 30 years.http://www.investmentadvisor.com/Issues/2010/May-2010/Pages/30-for-30.aspx As of 2010, Fisher’s firm manages $41.3 billion in 38,521 customer accounts and has been called the largest wealth manager in the United States.
, California
, the third and youngest son of Dorothy (née Whyte) and Philip A. Fisher
, an investor and author of three books, most notably Common Stocks and Uncommon Profits.http://books.google.ca/books?id=TkR299cE7-IC&pg=PA5&lpg=PA5&dq=philip+fisher+%22WHYTe%22&source=bl&ots=rb7Y1rfOhv&sig=xFheiXvoGbhnX86w0DAu-GNGgok&hl=en#v=onepage&q&f=false
Fisher was raised in San Mateo, California
. He went to Humboldt State University
to study forestry
, but graduated with a degree in economics
in 1972."Shaking it Up," but Vernon Felton, Humboldt Stater, Fall, 2006. Citing contributions to the finance world and the ongoing study of redwood
ecology
, Humboldt State recognized Fisher with its Distinguished Alumni Award in 2007.http://alumni.humboldt.edu/s/857/index.aspx?sid=857&gid=1&pgid=305#DA07
After graduating, Fisher worked for his father, Philip Fisher, who was a noted money manager and author. Fisher started his own company, Fisher Investments, in 1979.See "Bay Area Billionaires" by Jennifer Roberts, San Jose Magazine, February, 2007
Fisher has three sons, Nathan, Jesse and Clayton (the eldest).http://books.google.com/books?id=ChC3Y0rn7zMC&pg=PR13&lpg=PR13&dq=%22kenneth+l.+fisher%22++sherrilyn++sons&source=bl&ots=au9yrqfbBS&sig=GpkkcoN925-hG7GxR8miH4OOoUw&hl=en&ei=ctExTaKjAo_egQe5yK2RCw&sa=X&oi=book_result&ct=result&resnum=1&ved=0CBgQ6AEwAA#v=onepage&q&f=false
In 2003, Fisher started to collaborate with Thomas Grüner, a German moneymanager. In 2007, Fisher and Grüner founded "Grüner Fisher Investments".http://www.gruener-fisher.de/Wir-Ueber-Uns/Firmengeschichte.209.html
In 2009, Fisher received the inaugural Tiburon CEO Summit award for Challenging Conventional Wisdom. Charles Schwab
received the inaugural award for Maintaining a Focus on Consumer Needs. Fisher also has a Bernstein Fabozzi/Jacobs Levy Award for published research.
In 2010, Forbes published an accounting of Fisher’s stock pick performance, as made in his columns, over the last 14 years. His stock picks beat the S&P 500
overall on average, and have beat the S&P in 11 years out of 14 (as measured by Forbes).
In 2011, Fisher was ranked as one of the top 25 most influential figures in the financial industry by Investment Advisor Magazine.
(PSR) is detailed in his 1984 Dow Jones book, Super Stocks. James O'Shaughnessy
credits Fisher with being the first to define and use the PSR as a forecasting tool.What Works on Wall Street by James O'Shaughnessy
. McGraw-Hill
, 2005. In Fisher’s 2006 book, The Only Three Questions That Count
, he states the PSR is widely used and known, and no longer as useful as an indicator for undervalued stock
s.The Only Three Questions that Count: Investing by Knowing what Others Don’t. Kenneth Fisher with Jennifer Chou and Lara Hoffmans. John Wiley & Sons
. 2006 However, the PSR is still frequently included as required curriculum for the Chartered Financial Analyst
exam and has allowed Mr. Fisher to successfully miss significant portions of several bear markets over his career. http://www.cfapubs.org/ CFA Institute publications website
Small-cap value
was not defined as an investing category until the late 1980s. Fisher Investments was among the institutional money managers offering small-cap value investing to clients in the late 1980s.The Heretic
Fisher does research in the study of behavioral finance
. He has coauthored several research papers on the topic in collaboration with Meir Statman, the Glenn Klimek Professor of Finance at the Leavey School of Business
at Santa Clara University
.
Specifically, some of Fisher's research has been on the supposed link between stock market P/E ratio
s and stock prices. In a paper published in 2000, Fisher jointly with Statman found there to be no meaningful link between a stock's P/E or its dividend yield
and its future return.“Cognitive Biases in Market Forecasts.” Fisher, Kenneth L., and Meir Statman. The Journal of Portfolio Management, Fall 2000: 72-81. http://faculty.darden.virginia.edu/boebelr/EquityWeb/sessions/Sess13/Bias%20JPM01.pdf
Fisher also studied the relationship between consumer confidence
and stock returns. Their research shows there to be no statistically significant link, meaning consumer confidence doesn't seem to predict future stock returns.“Consumer Confidence and Stock Returns.” Fisher, Kenneth L., and Meir Statman. The Journal of Portfolio Management, Fall 2003. http://zonecours.hec.ca/documents/E2005-1-395037.Texte12-30-253-00-E05-ConsumerConfidence....pdf
As of 2009, Fisher has authored over 18 research papers on topics ranging from stock markets to consumer confidence to behavioral finance.http://scholar.google.com/scholar?q=kenneth+fisher&hl=en&as_sdt=2001&as_sdtp=on
, 1987), 100 Minds that Made the Market (McGraw-Hill, 1993), The Only Three Questions That Count (John Wiley & Sons
, 2006), The Ten Roads to Riches (John Wiley & Sons, 2008), How To Smell A Rat (John Wiley & Sons, 2009), and Debunkery (John Wiley & Sons, 2010). The Only Three Questions That Count, The Ten Roads to Riches, How to Smell a Rat and Debunkery were all bestsellers.
Fisher wrote the introductions to the Wiley Classics Series re-publications of Common Stocks and Uncommon Profits,Common Stocks and Uncommon Profits and Other Writings. Phillip A. Fisher. John Wiley & Sons. 2003. Paths to Wealth Through Common Stocks,Paths to Wealth through Common Stocks. Phillip A. Fisher. John Wiley & Sons. 2007. both by Philip A. Fisher, and The Battle for Investment SurvivalThe Battle for Investment Survival. Gerald M. Loeb. John Wiley & Sons. 2007. by Gerald M. Loeb
. Fisher also wrote the introduction to The Warren Buffett
Way by Robert Hagstrom.The Warren Buffett Way, Second Edition. Robert G. Hagstrom. John Wiley & Sons. 2005. Fisher's books have been translated to German
, Spanish
, Portuguese, Korean
, Japanese
, Chinese
, and Italian
.John Wiley & Sons Inc., 2007 Annual report
Fisher has also authored investment-related articles appearing in Research Magazine,Research : Where Financial Advisors Find Results Financial Planning,We Are the World: Does the current inversion in the U.S. yield curve spell trouble ahead? These days, it's the global yield curve that mattersThe Only Three Questions that Count: How can you discover something the crowd doesn't know? It's not so hard to find patterns that will give a bet-able edge Journal of Portfolio Management
, The Financial Analyst’s Journal, The Journal of Investing, The Journal of Psychology
, and The Journal of Behavioral Finance, among others. Fisher's "Portfolio Strategy" column in Forbes has appeared monthly for over 25 years. In the UK, Fisher has written for Bloomberg Money, Investment Week
, and The Financial Times.FT.com / Markets / Investor's notebook - Insight: History teaches this is just a bull market correctionFT.com / Markets / Investor's notebook - Market insight: Be bullish and watch the bears impale themselves He currently writes monthly columns for UK investment blog
Interactive Investor International
,http://www.iii.co.uk/articles/article_overview.jsp and a weekly column in a major German newspaper Focus Money.
Fisher has launched a publishing imprint in partnership with John Wiley & Sons, Fisher Investments Press.http://www.wiley.com/WileyCDA/Section/id-352072.html Books published under the imprint so far include Own the World, 20/20 Money, and a series of sector investing guides.http://www.wiley.com/WileyCDA/WileyTitle/productCd-0470285397.html
In 2010, John Wiley & Sons published The Making of a Market Guru: Forbes Presents 25 Years of Ken Fisher by Aaron Anderson, commemorating Fisher's over 25 years of writing a regular column for Forbes.
Forest Ecology for the Department of Biological Sciences at Humboldt State University
, currently held by Stephen Sillett,Kenneth L. Fisher • HSU Fisher Chair in Redwood Forest Ecology the biologist who's featured, along with Sillett's brother and his wife, in Richard Preston's
2007 book The Wild Trees
.
A grant from Mr. Fisher made it possible for the Save-the-Redwoods League
to begin using LiDar
to measure redwood heights and measure biodiversity of the California North Coast redwood forest. The League feels this can be useful in reforestation efforts, and also in finding trees that may surpass the Hyperion
in height.http://www.savetheredwoods.org/newsroom/pr/pr_lidar.pdf
Fisher also contributes frequently to historical research for San Mateo County, writing most frequently on King's Mountain redwood logging and settlement history and other historical San Mateo events.Ken Fisher. "The Crash of ’53: Our Country’s Worst Aviation Tragedy". La Peninsula: The Journal of the San Mateo County Historical Association. Volume XXVII, No. 2.Ken Fisher. "Kings Mountain’s Colorful History". La Peninsula: The Journal of the San Mateo County Historical Association. Volume XXVI, No. 3. Based on his expertise in California Redwoods and Redwood logging history, Fisher provided a peer review of chapters five and six of Coast Redwood: A Natural and Cultural History.Coast Redwood: A Natural and Cultural History. Cachuma Press. Los Olivos, Californai.
Fisher has also helped launch and fund the Save-the-Redwoods League
climate change initiative, which aims to study the impact of climate change on coastal Redwoods.http://www.savetheredwoods.org/protecting/climate_change.shtml
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
investment analyst, and the founder
Founder
Founder may refer to:* the starter of a private or public company, see Entrepreneur* 'Founder', a hoof ailment. See Laminitis#Founder* Founder , management status for Internet Relay Chat...
, chairman, and CEO of Fisher Investments, a money management
Money management
Money management is the process of managing money which includes investment, budgeting, banking and taxes. It is also called investment management....
firm headquartered in Woodside
Woodside, California
Woodside is a small incorporated town in San Mateo County, California, United States, on the San Francisco Peninsula. It uses a council-manager system of government. The U.S. Census estimated the population of the town to be 5,287 in 2010....
, California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
. Fisher writes the monthly “Portfolio Strategy” column in Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
magazine, contributes to other financial and news magazines, has written seven books, and has written research papers in the field of behavioral finance
Behavioral finance
Behavioral economics and its related area of study, behavioral finance, use social, cognitive and emotional factors in understanding the economic decisions of individuals and institutions performing economic functions, including consumers, borrowers and investors, and their effects on market...
. Fisher is on the 2010 Forbes 400
Forbes 400
The Forbes 400 or 400 Richest Americans is a list published by Forbes Magazine magazine of the wealthiest 400 Americans, ranked by net worth. The list is published annually in September, and 2010 marks the 29th issue. The 400 was started by Malcom Forbes in 1982 and treats those in the list like...
list of richest Americans and Forbes list of world billionaire
Billionaire
A billionaire, in countries that use the short scale number naming system, is a person who has a net worth of at least one billion units of a given currency, usually the United States dollar, Euro, or Pound sterling. Forbes magazine updates a complete list of U.S. dollar billionaires around the...
s, and as of 2010 was worth $1.6 billion. In 2010, he was named to Investment Advisor
Investment Advisor (magazine)
Investment Advisor magazine is a U.S. based monthly business-to-business publication reaching independent financial advisors, registered investment advisors as well as insurance based broker-dealers...
magazine's "30 for 30" list of the 30 most influential people on the investment advisory
Investment advisory
An Investment advisory, in financial/investment organizations, is the unit linking the investment professionals in the central asset management unit to the relationship managers and/or to important clients of the asset management organization.Investment Advisors explain the investment ideas of the...
business over the last 30 years. As of 2010, Fisher’s firm manages $41.3 billion in 38,521 customer accounts and has been called the largest wealth manager in the United States.
Life and work
Kenneth L. Fisher was born in San FranciscoSan Francisco, California
San Francisco , officially the City and County of San Francisco, is the financial, cultural, and transportation center of the San Francisco Bay Area, a region of 7.15 million people which includes San Jose and Oakland...
, California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
, the third and youngest son of Dorothy (née Whyte) and Philip A. Fisher
Philip Arthur Fisher
Philip Arthur Fisher was an American stock investor best known as the author of Common Stocks and Uncommon Profits, a guide to investing that has remained in print ever since it was first published in 1958. Fisher studied business at Stanford University...
, an investor and author of three books, most notably Common Stocks and Uncommon Profits.
Fisher was raised in San Mateo, California
San Mateo, California
San Mateo is a city in San Mateo County, California, United States, in the San Francisco Bay Area. With a population of approximately 100,000 , it is one of the larger suburbs on the San Francisco Peninsula, located between Burlingame to the north, Foster City to the east, Belmont to the south,...
. He went to Humboldt State University
Humboldt State University
Humboldt State University is the northernmost campus of the California State University system, located in Arcata within Humboldt County, California, USA. The main campus, nestled at the edge of a coast redwood forest, is situated on Preston hill overlooking Arcata and with commanding views of...
to study forestry
Forestry
Forestry is the interdisciplinary profession embracing the science, art, and craft of creating, managing, using, and conserving forests and associated resources in a sustainable manner to meet desired goals, needs, and values for human benefit. Forestry is practiced in plantations and natural stands...
, but graduated with a degree in economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
in 1972. Citing contributions to the finance world and the ongoing study of redwood
Redwood
-Trees:Conifers* Family Cupressaceae *** Sequoia sempervirens - coast redwood**** Albino redwood*** Sequoiadendron giganteum - giant sequoia*** Metasequoia glyptostroboides - dawn redwood* Family Pinaceae...
ecology
Ecology
Ecology is the scientific study of the relations that living organisms have with respect to each other and their natural environment. Variables of interest to ecologists include the composition, distribution, amount , number, and changing states of organisms within and among ecosystems...
, Humboldt State recognized Fisher with its Distinguished Alumni Award in 2007.
After graduating, Fisher worked for his father, Philip Fisher, who was a noted money manager and author. Fisher started his own company, Fisher Investments, in 1979.
Fisher has three sons, Nathan, Jesse and Clayton (the eldest).
In 2003, Fisher started to collaborate with Thomas Grüner, a German moneymanager. In 2007, Fisher and Grüner founded "Grüner Fisher Investments".
In 2009, Fisher received the inaugural Tiburon CEO Summit award for Challenging Conventional Wisdom. Charles Schwab
Charles Schwab
Charles Schwab may refer to:*Charles M. Schwab , American steel magnate*Charles R. Schwab , founder of the eponymous brokerage*Charles Schwab Corp., an American based brokerage firm...
received the inaugural award for Maintaining a Focus on Consumer Needs. Fisher also has a Bernstein Fabozzi/Jacobs Levy Award for published research.
In 2010, Forbes published an accounting of Fisher’s stock pick performance, as made in his columns, over the last 14 years. His stock picks beat the S&P 500
S&P 500
The S&P 500 is a free-float capitalization-weighted index published since 1957 of the prices of 500 large-cap common stocks actively traded in the United States. The stocks included in the S&P 500 are those of large publicly held companies that trade on either of the two largest American stock...
overall on average, and have beat the S&P in 11 years out of 14 (as measured by Forbes).
In 2011, Fisher was ranked as one of the top 25 most influential figures in the financial industry by Investment Advisor Magazine.
Published research
Fisher’s theoretical work identifying and testing the price-to-sales ratioPrice/sales ratio
Price-to-sales ratio, P/S ratio, or PSR, is a valuation metric for stocks. It is calculated by dividing the company's market cap by the company's revenue in the most recent year; or, equivalently, divide the per-share stock price by the per-share revenue.Unless otherwise stated, P/S is "trailing...
(PSR) is detailed in his 1984 Dow Jones book, Super Stocks. James O'Shaughnessy
James O'Shaughnessy
James P. O'Shaughnessy is an American investor and the founder, chairman, and CEO of O'Shaughnessy Asset Management, LLC , an asset management firm headquartered in Stamford, Connecticut....
credits Fisher with being the first to define and use the PSR as a forecasting tool. In Fisher’s 2006 book, The Only Three Questions That Count
The Only Three Questions That Count
The Only Three Questions that Count: Investing by Knowing What Others Don't is a book on investment advice. It was released in December 2006 and spent three months on The New York Times list of "Hardcover business bestsellers"...
, he states the PSR is widely used and known, and no longer as useful as an indicator for undervalued stock
Undervalued stock
An undervalued stock is defined as a stock that is selling at a price significantly below what is assumed to be its intrinsic value. For example, if a stock is selling for $50, but can be determined to be worth $100 based on predictable future cash flows, then it is an undervalued stock. Numerous...
s. However, the PSR is still frequently included as required curriculum for the Chartered Financial Analyst
Chartered Financial Analyst
The Chartered Financial Analyst Program is a graduate level self-study program offered by the CFA Institute to investment and financial professionals...
exam and has allowed Mr. Fisher to successfully miss significant portions of several bear markets over his career.
Small-cap value
Value investing
Value investing is an investment paradigm that derives from the ideas on investment and speculation that Ben Graham and David Dodd began teaching at Columbia Business School in 1928 and subsequently developed in their 1934 text Security Analysis...
was not defined as an investing category until the late 1980s. Fisher Investments was among the institutional money managers offering small-cap value investing to clients in the late 1980s.
Fisher does research in the study of behavioral finance
Behavioral finance
Behavioral economics and its related area of study, behavioral finance, use social, cognitive and emotional factors in understanding the economic decisions of individuals and institutions performing economic functions, including consumers, borrowers and investors, and their effects on market...
. He has coauthored several research papers on the topic in collaboration with Meir Statman, the Glenn Klimek Professor of Finance at the Leavey School of Business
Leavey School of Business
The SCU Leavey School of Business is a private academic institution at Santa Clara University. It is one of the professional schools of Santa Clara University. The School of Business was founded in 1923 and accredited by the Association to Advance Collegiate Schools of Business thirty years later...
at Santa Clara University
Santa Clara University
Santa Clara University is a private, not-for-profit, Jesuit-affiliated university located in Santa Clara, California, United States. Chartered by the state of California and accredited by the Western Association of Schools and Colleges, it operates in collaboration with the Society of Jesus , whose...
.
Specifically, some of Fisher's research has been on the supposed link between stock market P/E ratio
P/E ratio
The P/E ratio of a stock is a measure of the price paid for a share relative to the annual net income or profit earned by the firm per share...
s and stock prices. In a paper published in 2000, Fisher jointly with Statman found there to be no meaningful link between a stock's P/E or its dividend yield
Dividend yield
The dividend yield or the dividend-price ratio on a company stock is the company's total annual dividend payments divided by its market capitalization, or the dividend per share, divided by the price per share. It is often expressed as a percentage...
and its future return.
Fisher also studied the relationship between consumer confidence
Consumer confidence
Consumer confidence is an economic indicator which measures the degree of optimism that consumers feel about the overall state of the economy and their personal financial situation. How confident people feel about stability of their incomes determines their spending activity and therefore serves as...
and stock returns. Their research shows there to be no statistically significant link, meaning consumer confidence doesn't seem to predict future stock returns.
As of 2009, Fisher has authored over 18 research papers on topics ranging from stock markets to consumer confidence to behavioral finance.
Books and other authorship
Fisher has authored seven investing books including Super Stocks (Dow Jones, 1984), The Wall Street Waltz (McGraw-HillMcGraw-Hill
The McGraw-Hill Companies, Inc., is a publicly traded corporation headquartered in Rockefeller Center in New York City. Its primary areas of business are financial, education, publishing, broadcasting, and business services...
, 1987), 100 Minds that Made the Market (McGraw-Hill, 1993), The Only Three Questions That Count (John Wiley & Sons
John Wiley & Sons
John Wiley & Sons, Inc., also referred to as Wiley, is a global publishing company that specializes in academic publishing and markets its products to professionals and consumers, students and instructors in higher education, and researchers and practitioners in scientific, technical, medical, and...
, 2006), The Ten Roads to Riches (John Wiley & Sons, 2008), How To Smell A Rat (John Wiley & Sons, 2009), and Debunkery (John Wiley & Sons, 2010). The Only Three Questions That Count, The Ten Roads to Riches, How to Smell a Rat and Debunkery were all bestsellers.
Fisher wrote the introductions to the Wiley Classics Series re-publications of Common Stocks and Uncommon Profits, Paths to Wealth Through Common Stocks, both by Philip A. Fisher, and The Battle for Investment Survival by Gerald M. Loeb
Gerald M. Loeb
Gerald Loeb was a founding partner of E.F. Hutton & Co., a renowned Wall Street trader, and the author of the books The Battle For Investment Survival and The Battle For Stock Market Profits. Loeb promoted a view of the market as too risky to hold stocks for the long term in contrast to well...
. Fisher also wrote the introduction to The Warren Buffett
Warren Buffett
Warren Edward Buffett is an American business magnate, investor, and philanthropist. He is widely regarded as one of the most successful investors in the world. Often introduced as "legendary investor, Warren Buffett", he is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is...
Way by Robert Hagstrom. Fisher's books have been translated to German
German language
German is a West Germanic language, related to and classified alongside English and Dutch. With an estimated 90 – 98 million native speakers, German is one of the world's major languages and is the most widely-spoken first language in the European Union....
, Spanish
Spanish language
Spanish , also known as Castilian , is a Romance language in the Ibero-Romance group that evolved from several languages and dialects in central-northern Iberia around the 9th century and gradually spread with the expansion of the Kingdom of Castile into central and southern Iberia during the...
, Portuguese, Korean
Korean language
Korean is the official language of the country Korea, in both South and North. It is also one of the two official languages in the Yanbian Korean Autonomous Prefecture in People's Republic of China. There are about 78 million Korean speakers worldwide. In the 15th century, a national writing...
, Japanese
Japanese language
is a language spoken by over 130 million people in Japan and in Japanese emigrant communities. It is a member of the Japonic language family, which has a number of proposed relationships with other languages, none of which has gained wide acceptance among historical linguists .Japanese is an...
, Chinese
Chinese language
The Chinese language is a language or language family consisting of varieties which are mutually intelligible to varying degrees. Originally the indigenous languages spoken by the Han Chinese in China, it forms one of the branches of Sino-Tibetan family of languages...
, and Italian
Italian language
Italian is a Romance language spoken mainly in Europe: Italy, Switzerland, San Marino, Vatican City, by minorities in Malta, Monaco, Croatia, Slovenia, France, Libya, Eritrea, and Somalia, and by immigrant communities in the Americas and Australia...
.
Fisher has also authored investment-related articles appearing in Research Magazine, Financial Planning, Journal of Portfolio Management
Journal of Portfolio Management
The Journal of Portfolio Management is a quarterly academic journal covering asset allocation, performance measurement, market trends, risk management, and portfolio optimization. The journal was established in 1974 by Peter L. Bernstein. The current editor-in-chief is Frank J...
, The Financial Analyst’s Journal, The Journal of Investing, The Journal of Psychology
The Journal of Psychology
The Journal of Psychology: Interdisciplinary and Applied is a bimonthly double-blind, peer-review psychology journal published by Taylor & Francis. The Journal of Psychology was founded in 1935 by Carl Murchison, an American psychologist, organizer, publisher, and editor...
, and The Journal of Behavioral Finance, among others. Fisher's "Portfolio Strategy" column in Forbes has appeared monthly for over 25 years. In the UK, Fisher has written for Bloomberg Money, Investment Week
Investment Week
Investment Week is an investments magazine that covers news, fund performance and sector analysis for investment professionals....
, and The Financial Times. He currently writes monthly columns for UK investment blog
Blog
A blog is a type of website or part of a website supposed to be updated with new content from time to time. Blogs are usually maintained by an individual with regular entries of commentary, descriptions of events, or other material such as graphics or video. Entries are commonly displayed in...
Interactive Investor International
Interactive Investor International
Interactive Investor is a UK based commercial online financial services provider concerning stocks, investing and personal finance.Founded in August 1995 as "Interactive Investor International" the site was redesigned and the name was changed to Interactive Investor following its withdrawal from...
,http://www.iii.co.uk/articles/article_overview.jsp and a weekly column in a major German newspaper Focus Money.
Fisher has launched a publishing imprint in partnership with John Wiley & Sons, Fisher Investments Press.http://www.wiley.com/WileyCDA/Section/id-352072.html Books published under the imprint so far include Own the World, 20/20 Money, and a series of sector investing guides.http://www.wiley.com/WileyCDA/WileyTitle/productCd-0470285397.html
In 2010, John Wiley & Sons published The Making of a Market Guru: Forbes Presents 25 Years of Ken Fisher by Aaron Anderson, commemorating Fisher's over 25 years of writing a regular column for Forbes.
Redwood ecology
Fisher supports ongoing study of redwood ecology, particularly the emerging field of study of redwood canopies.Kenneth Lawrence Fisher (born 1950) is a widely published American
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
investment analyst, and the founder
Founder
Founder may refer to:* the starter of a private or public company, see Entrepreneur* 'Founder', a hoof ailment. See Laminitis#Founder* Founder , management status for Internet Relay Chat...
, chairman, and CEO of Fisher Investments, a money management
Money management
Money management is the process of managing money which includes investment, budgeting, banking and taxes. It is also called investment management....
firm headquartered in Woodside
Woodside, California
Woodside is a small incorporated town in San Mateo County, California, United States, on the San Francisco Peninsula. It uses a council-manager system of government. The U.S. Census estimated the population of the town to be 5,287 in 2010....
, California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
. Fisher writes the monthly “Portfolio Strategy” column in Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
magazine, contributes to other financial and news magazines, has written seven books, and has written research papers in the field of behavioral finance
Behavioral finance
Behavioral economics and its related area of study, behavioral finance, use social, cognitive and emotional factors in understanding the economic decisions of individuals and institutions performing economic functions, including consumers, borrowers and investors, and their effects on market...
. Fisher is on the 2010 Forbes 400
Forbes 400
The Forbes 400 or 400 Richest Americans is a list published by Forbes Magazine magazine of the wealthiest 400 Americans, ranked by net worth. The list is published annually in September, and 2010 marks the 29th issue. The 400 was started by Malcom Forbes in 1982 and treats those in the list like...
list of richest Americans and Forbes list of world billionaire
Billionaire
A billionaire, in countries that use the short scale number naming system, is a person who has a net worth of at least one billion units of a given currency, usually the United States dollar, Euro, or Pound sterling. Forbes magazine updates a complete list of U.S. dollar billionaires around the...
s, and as of 2010 was worth $1.6 billion. In 2010, he was named to Investment Advisor
Investment Advisor (magazine)
Investment Advisor magazine is a U.S. based monthly business-to-business publication reaching independent financial advisors, registered investment advisors as well as insurance based broker-dealers...
magazine's "30 for 30" list of the 30 most influential people on the investment advisory
Investment advisory
An Investment advisory, in financial/investment organizations, is the unit linking the investment professionals in the central asset management unit to the relationship managers and/or to important clients of the asset management organization.Investment Advisors explain the investment ideas of the...
business over the last 30 years.http://www.investmentadvisor.com/Issues/2010/May-2010/Pages/30-for-30.aspx As of 2010, Fisher’s firm manages $41.3 billion in 38,521 customer accounts and has been called the largest wealth manager in the United States.
Life and work
Kenneth L. Fisher was born in San FranciscoSan Francisco, California
San Francisco , officially the City and County of San Francisco, is the financial, cultural, and transportation center of the San Francisco Bay Area, a region of 7.15 million people which includes San Jose and Oakland...
, California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
, the third and youngest son of Dorothy (née Whyte) and Philip A. Fisher
Philip Arthur Fisher
Philip Arthur Fisher was an American stock investor best known as the author of Common Stocks and Uncommon Profits, a guide to investing that has remained in print ever since it was first published in 1958. Fisher studied business at Stanford University...
, an investor and author of three books, most notably Common Stocks and Uncommon Profits.http://books.google.ca/books?id=TkR299cE7-IC&pg=PA5&lpg=PA5&dq=philip+fisher+%22WHYTe%22&source=bl&ots=rb7Y1rfOhv&sig=xFheiXvoGbhnX86w0DAu-GNGgok&hl=en#v=onepage&q&f=false
Fisher was raised in San Mateo, California
San Mateo, California
San Mateo is a city in San Mateo County, California, United States, in the San Francisco Bay Area. With a population of approximately 100,000 , it is one of the larger suburbs on the San Francisco Peninsula, located between Burlingame to the north, Foster City to the east, Belmont to the south,...
. He went to Humboldt State University
Humboldt State University
Humboldt State University is the northernmost campus of the California State University system, located in Arcata within Humboldt County, California, USA. The main campus, nestled at the edge of a coast redwood forest, is situated on Preston hill overlooking Arcata and with commanding views of...
to study forestry
Forestry
Forestry is the interdisciplinary profession embracing the science, art, and craft of creating, managing, using, and conserving forests and associated resources in a sustainable manner to meet desired goals, needs, and values for human benefit. Forestry is practiced in plantations and natural stands...
, but graduated with a degree in economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
in 1972."Shaking it Up," but Vernon Felton, Humboldt Stater, Fall, 2006. Citing contributions to the finance world and the ongoing study of redwood
Redwood
-Trees:Conifers* Family Cupressaceae *** Sequoia sempervirens - coast redwood**** Albino redwood*** Sequoiadendron giganteum - giant sequoia*** Metasequoia glyptostroboides - dawn redwood* Family Pinaceae...
ecology
Ecology
Ecology is the scientific study of the relations that living organisms have with respect to each other and their natural environment. Variables of interest to ecologists include the composition, distribution, amount , number, and changing states of organisms within and among ecosystems...
, Humboldt State recognized Fisher with its Distinguished Alumni Award in 2007.http://alumni.humboldt.edu/s/857/index.aspx?sid=857&gid=1&pgid=305#DA07
After graduating, Fisher worked for his father, Philip Fisher, who was a noted money manager and author. Fisher started his own company, Fisher Investments, in 1979.See "Bay Area Billionaires" by Jennifer Roberts, San Jose Magazine, February, 2007
Fisher has three sons, Nathan, Jesse and Clayton (the eldest).http://books.google.com/books?id=ChC3Y0rn7zMC&pg=PR13&lpg=PR13&dq=%22kenneth+l.+fisher%22++sherrilyn++sons&source=bl&ots=au9yrqfbBS&sig=GpkkcoN925-hG7GxR8miH4OOoUw&hl=en&ei=ctExTaKjAo_egQe5yK2RCw&sa=X&oi=book_result&ct=result&resnum=1&ved=0CBgQ6AEwAA#v=onepage&q&f=false
In 2003, Fisher started to collaborate with Thomas Grüner, a German moneymanager. In 2007, Fisher and Grüner founded "Grüner Fisher Investments".http://www.gruener-fisher.de/Wir-Ueber-Uns/Firmengeschichte.209.html
In 2009, Fisher received the inaugural Tiburon CEO Summit award for Challenging Conventional Wisdom. Charles Schwab
Charles Schwab
Charles Schwab may refer to:*Charles M. Schwab , American steel magnate*Charles R. Schwab , founder of the eponymous brokerage*Charles Schwab Corp., an American based brokerage firm...
received the inaugural award for Maintaining a Focus on Consumer Needs. Fisher also has a Bernstein Fabozzi/Jacobs Levy Award for published research.
In 2010, Forbes published an accounting of Fisher’s stock pick performance, as made in his columns, over the last 14 years. His stock picks beat the S&P 500
S&P 500
The S&P 500 is a free-float capitalization-weighted index published since 1957 of the prices of 500 large-cap common stocks actively traded in the United States. The stocks included in the S&P 500 are those of large publicly held companies that trade on either of the two largest American stock...
overall on average, and have beat the S&P in 11 years out of 14 (as measured by Forbes).
In 2011, Fisher was ranked as one of the top 25 most influential figures in the financial industry by Investment Advisor Magazine.
Published research
Fisher’s theoretical work identifying and testing the price-to-sales ratioPrice/sales ratio
Price-to-sales ratio, P/S ratio, or PSR, is a valuation metric for stocks. It is calculated by dividing the company's market cap by the company's revenue in the most recent year; or, equivalently, divide the per-share stock price by the per-share revenue.Unless otherwise stated, P/S is "trailing...
(PSR) is detailed in his 1984 Dow Jones book, Super Stocks. James O'Shaughnessy
James O'Shaughnessy
James P. O'Shaughnessy is an American investor and the founder, chairman, and CEO of O'Shaughnessy Asset Management, LLC , an asset management firm headquartered in Stamford, Connecticut....
credits Fisher with being the first to define and use the PSR as a forecasting tool.What Works on Wall Street by James O'Shaughnessy
James O'Shaughnessy
James P. O'Shaughnessy is an American investor and the founder, chairman, and CEO of O'Shaughnessy Asset Management, LLC , an asset management firm headquartered in Stamford, Connecticut....
. McGraw-Hill
McGraw-Hill
The McGraw-Hill Companies, Inc., is a publicly traded corporation headquartered in Rockefeller Center in New York City. Its primary areas of business are financial, education, publishing, broadcasting, and business services...
, 2005. In Fisher’s 2006 book, The Only Three Questions That Count
The Only Three Questions That Count
The Only Three Questions that Count: Investing by Knowing What Others Don't is a book on investment advice. It was released in December 2006 and spent three months on The New York Times list of "Hardcover business bestsellers"...
, he states the PSR is widely used and known, and no longer as useful as an indicator for undervalued stock
Undervalued stock
An undervalued stock is defined as a stock that is selling at a price significantly below what is assumed to be its intrinsic value. For example, if a stock is selling for $50, but can be determined to be worth $100 based on predictable future cash flows, then it is an undervalued stock. Numerous...
s.The Only Three Questions that Count: Investing by Knowing what Others Don’t. Kenneth Fisher with Jennifer Chou and Lara Hoffmans. John Wiley & Sons
John Wiley & Sons
John Wiley & Sons, Inc., also referred to as Wiley, is a global publishing company that specializes in academic publishing and markets its products to professionals and consumers, students and instructors in higher education, and researchers and practitioners in scientific, technical, medical, and...
. 2006 However, the PSR is still frequently included as required curriculum for the Chartered Financial Analyst
Chartered Financial Analyst
The Chartered Financial Analyst Program is a graduate level self-study program offered by the CFA Institute to investment and financial professionals...
exam and has allowed Mr. Fisher to successfully miss significant portions of several bear markets over his career. http://www.cfapubs.org/ CFA Institute publications website
Small-cap value
Value investing
Value investing is an investment paradigm that derives from the ideas on investment and speculation that Ben Graham and David Dodd began teaching at Columbia Business School in 1928 and subsequently developed in their 1934 text Security Analysis...
was not defined as an investing category until the late 1980s. Fisher Investments was among the institutional money managers offering small-cap value investing to clients in the late 1980s.The Heretic
Fisher does research in the study of behavioral finance
Behavioral finance
Behavioral economics and its related area of study, behavioral finance, use social, cognitive and emotional factors in understanding the economic decisions of individuals and institutions performing economic functions, including consumers, borrowers and investors, and their effects on market...
. He has coauthored several research papers on the topic in collaboration with Meir Statman, the Glenn Klimek Professor of Finance at the Leavey School of Business
Leavey School of Business
The SCU Leavey School of Business is a private academic institution at Santa Clara University. It is one of the professional schools of Santa Clara University. The School of Business was founded in 1923 and accredited by the Association to Advance Collegiate Schools of Business thirty years later...
at Santa Clara University
Santa Clara University
Santa Clara University is a private, not-for-profit, Jesuit-affiliated university located in Santa Clara, California, United States. Chartered by the state of California and accredited by the Western Association of Schools and Colleges, it operates in collaboration with the Society of Jesus , whose...
.
Specifically, some of Fisher's research has been on the supposed link between stock market P/E ratio
P/E ratio
The P/E ratio of a stock is a measure of the price paid for a share relative to the annual net income or profit earned by the firm per share...
s and stock prices. In a paper published in 2000, Fisher jointly with Statman found there to be no meaningful link between a stock's P/E or its dividend yield
Dividend yield
The dividend yield or the dividend-price ratio on a company stock is the company's total annual dividend payments divided by its market capitalization, or the dividend per share, divided by the price per share. It is often expressed as a percentage...
and its future return.“Cognitive Biases in Market Forecasts.” Fisher, Kenneth L., and Meir Statman. The Journal of Portfolio Management, Fall 2000: 72-81. http://faculty.darden.virginia.edu/boebelr/EquityWeb/sessions/Sess13/Bias%20JPM01.pdf
Fisher also studied the relationship between consumer confidence
Consumer confidence
Consumer confidence is an economic indicator which measures the degree of optimism that consumers feel about the overall state of the economy and their personal financial situation. How confident people feel about stability of their incomes determines their spending activity and therefore serves as...
and stock returns. Their research shows there to be no statistically significant link, meaning consumer confidence doesn't seem to predict future stock returns.“Consumer Confidence and Stock Returns.” Fisher, Kenneth L., and Meir Statman. The Journal of Portfolio Management, Fall 2003. http://zonecours.hec.ca/documents/E2005-1-395037.Texte12-30-253-00-E05-ConsumerConfidence....pdf
As of 2009, Fisher has authored over 18 research papers on topics ranging from stock markets to consumer confidence to behavioral finance.http://scholar.google.com/scholar?q=kenneth+fisher&hl=en&as_sdt=2001&as_sdtp=on
Books and other authorship
Fisher has authored seven investing books including Super Stocks (Dow Jones, 1984), The Wall Street Waltz (McGraw-HillMcGraw-Hill
The McGraw-Hill Companies, Inc., is a publicly traded corporation headquartered in Rockefeller Center in New York City. Its primary areas of business are financial, education, publishing, broadcasting, and business services...
, 1987), 100 Minds that Made the Market (McGraw-Hill, 1993), The Only Three Questions That Count (John Wiley & Sons
John Wiley & Sons
John Wiley & Sons, Inc., also referred to as Wiley, is a global publishing company that specializes in academic publishing and markets its products to professionals and consumers, students and instructors in higher education, and researchers and practitioners in scientific, technical, medical, and...
, 2006), The Ten Roads to Riches (John Wiley & Sons, 2008), How To Smell A Rat (John Wiley & Sons, 2009), and Debunkery (John Wiley & Sons, 2010). The Only Three Questions That Count, The Ten Roads to Riches, How to Smell a Rat and Debunkery were all bestsellers.
Fisher wrote the introductions to the Wiley Classics Series re-publications of Common Stocks and Uncommon Profits,Common Stocks and Uncommon Profits and Other Writings. Phillip A. Fisher. John Wiley & Sons. 2003. Paths to Wealth Through Common Stocks,Paths to Wealth through Common Stocks. Phillip A. Fisher. John Wiley & Sons. 2007. both by Philip A. Fisher, and The Battle for Investment SurvivalThe Battle for Investment Survival. Gerald M. Loeb. John Wiley & Sons. 2007. by Gerald M. Loeb
Gerald M. Loeb
Gerald Loeb was a founding partner of E.F. Hutton & Co., a renowned Wall Street trader, and the author of the books The Battle For Investment Survival and The Battle For Stock Market Profits. Loeb promoted a view of the market as too risky to hold stocks for the long term in contrast to well...
. Fisher also wrote the introduction to The Warren Buffett
Warren Buffett
Warren Edward Buffett is an American business magnate, investor, and philanthropist. He is widely regarded as one of the most successful investors in the world. Often introduced as "legendary investor, Warren Buffett", he is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is...
Way by Robert Hagstrom.The Warren Buffett Way, Second Edition. Robert G. Hagstrom. John Wiley & Sons. 2005. Fisher's books have been translated to German
German language
German is a West Germanic language, related to and classified alongside English and Dutch. With an estimated 90 – 98 million native speakers, German is one of the world's major languages and is the most widely-spoken first language in the European Union....
, Spanish
Spanish language
Spanish , also known as Castilian , is a Romance language in the Ibero-Romance group that evolved from several languages and dialects in central-northern Iberia around the 9th century and gradually spread with the expansion of the Kingdom of Castile into central and southern Iberia during the...
, Portuguese, Korean
Korean language
Korean is the official language of the country Korea, in both South and North. It is also one of the two official languages in the Yanbian Korean Autonomous Prefecture in People's Republic of China. There are about 78 million Korean speakers worldwide. In the 15th century, a national writing...
, Japanese
Japanese language
is a language spoken by over 130 million people in Japan and in Japanese emigrant communities. It is a member of the Japonic language family, which has a number of proposed relationships with other languages, none of which has gained wide acceptance among historical linguists .Japanese is an...
, Chinese
Chinese language
The Chinese language is a language or language family consisting of varieties which are mutually intelligible to varying degrees. Originally the indigenous languages spoken by the Han Chinese in China, it forms one of the branches of Sino-Tibetan family of languages...
, and Italian
Italian language
Italian is a Romance language spoken mainly in Europe: Italy, Switzerland, San Marino, Vatican City, by minorities in Malta, Monaco, Croatia, Slovenia, France, Libya, Eritrea, and Somalia, and by immigrant communities in the Americas and Australia...
.John Wiley & Sons Inc., 2007 Annual report
Fisher has also authored investment-related articles appearing in Research Magazine,Research : Where Financial Advisors Find Results Financial Planning,We Are the World: Does the current inversion in the U.S. yield curve spell trouble ahead? These days, it's the global yield curve that mattersThe Only Three Questions that Count: How can you discover something the crowd doesn't know? It's not so hard to find patterns that will give a bet-able edge Journal of Portfolio Management
Journal of Portfolio Management
The Journal of Portfolio Management is a quarterly academic journal covering asset allocation, performance measurement, market trends, risk management, and portfolio optimization. The journal was established in 1974 by Peter L. Bernstein. The current editor-in-chief is Frank J...
, The Financial Analyst’s Journal, The Journal of Investing, The Journal of Psychology
The Journal of Psychology
The Journal of Psychology: Interdisciplinary and Applied is a bimonthly double-blind, peer-review psychology journal published by Taylor & Francis. The Journal of Psychology was founded in 1935 by Carl Murchison, an American psychologist, organizer, publisher, and editor...
, and The Journal of Behavioral Finance, among others. Fisher's "Portfolio Strategy" column in Forbes has appeared monthly for over 25 years. In the UK, Fisher has written for Bloomberg Money, Investment Week
Investment Week
Investment Week is an investments magazine that covers news, fund performance and sector analysis for investment professionals....
, and The Financial Times.FT.com / Markets / Investor's notebook - Insight: History teaches this is just a bull market correctionFT.com / Markets / Investor's notebook - Market insight: Be bullish and watch the bears impale themselves He currently writes monthly columns for UK investment blog
Blog
A blog is a type of website or part of a website supposed to be updated with new content from time to time. Blogs are usually maintained by an individual with regular entries of commentary, descriptions of events, or other material such as graphics or video. Entries are commonly displayed in...
Interactive Investor International
Interactive Investor International
Interactive Investor is a UK based commercial online financial services provider concerning stocks, investing and personal finance.Founded in August 1995 as "Interactive Investor International" the site was redesigned and the name was changed to Interactive Investor following its withdrawal from...
,http://www.iii.co.uk/articles/article_overview.jsp and a weekly column in a major German newspaper Focus Money.
Fisher has launched a publishing imprint in partnership with John Wiley & Sons, Fisher Investments Press.http://www.wiley.com/WileyCDA/Section/id-352072.html Books published under the imprint so far include Own the World, 20/20 Money, and a series of sector investing guides.http://www.wiley.com/WileyCDA/WileyTitle/productCd-0470285397.html
In 2010, John Wiley & Sons published The Making of a Market Guru: Forbes Presents 25 Years of Ken Fisher by Aaron Anderson, commemorating Fisher's over 25 years of writing a regular column for Forbes.
Redwood ecology
Fisher supports ongoing study of redwood ecology, particularly the emerging field of study of redwood canopies.Kenneth Lawrence Fisher (born 1950) is a widely published American
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
investment analyst, and the founder
Founder
Founder may refer to:* the starter of a private or public company, see Entrepreneur* 'Founder', a hoof ailment. See Laminitis#Founder* Founder , management status for Internet Relay Chat...
, chairman, and CEO of Fisher Investments, a money management
Money management
Money management is the process of managing money which includes investment, budgeting, banking and taxes. It is also called investment management....
firm headquartered in Woodside
Woodside, California
Woodside is a small incorporated town in San Mateo County, California, United States, on the San Francisco Peninsula. It uses a council-manager system of government. The U.S. Census estimated the population of the town to be 5,287 in 2010....
, California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
. Fisher writes the monthly “Portfolio Strategy” column in Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
magazine, contributes to other financial and news magazines, has written seven books, and has written research papers in the field of behavioral finance
Behavioral finance
Behavioral economics and its related area of study, behavioral finance, use social, cognitive and emotional factors in understanding the economic decisions of individuals and institutions performing economic functions, including consumers, borrowers and investors, and their effects on market...
. Fisher is on the 2010 Forbes 400
Forbes 400
The Forbes 400 or 400 Richest Americans is a list published by Forbes Magazine magazine of the wealthiest 400 Americans, ranked by net worth. The list is published annually in September, and 2010 marks the 29th issue. The 400 was started by Malcom Forbes in 1982 and treats those in the list like...
list of richest Americans and Forbes list of world billionaire
Billionaire
A billionaire, in countries that use the short scale number naming system, is a person who has a net worth of at least one billion units of a given currency, usually the United States dollar, Euro, or Pound sterling. Forbes magazine updates a complete list of U.S. dollar billionaires around the...
s, and as of 2010 was worth $1.6 billion. In 2010, he was named to Investment Advisor
Investment Advisor (magazine)
Investment Advisor magazine is a U.S. based monthly business-to-business publication reaching independent financial advisors, registered investment advisors as well as insurance based broker-dealers...
magazine's "30 for 30" list of the 30 most influential people on the investment advisory
Investment advisory
An Investment advisory, in financial/investment organizations, is the unit linking the investment professionals in the central asset management unit to the relationship managers and/or to important clients of the asset management organization.Investment Advisors explain the investment ideas of the...
business over the last 30 years.http://www.investmentadvisor.com/Issues/2010/May-2010/Pages/30-for-30.aspx As of 2010, Fisher’s firm manages $41.3 billion in 38,521 customer accounts and has been called the largest wealth manager in the United States.
Life and work
Kenneth L. Fisher was born in San FranciscoSan Francisco, California
San Francisco , officially the City and County of San Francisco, is the financial, cultural, and transportation center of the San Francisco Bay Area, a region of 7.15 million people which includes San Jose and Oakland...
, California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
, the third and youngest son of Dorothy (née Whyte) and Philip A. Fisher
Philip Arthur Fisher
Philip Arthur Fisher was an American stock investor best known as the author of Common Stocks and Uncommon Profits, a guide to investing that has remained in print ever since it was first published in 1958. Fisher studied business at Stanford University...
, an investor and author of three books, most notably Common Stocks and Uncommon Profits.http://books.google.ca/books?id=TkR299cE7-IC&pg=PA5&lpg=PA5&dq=philip+fisher+%22WHYTe%22&source=bl&ots=rb7Y1rfOhv&sig=xFheiXvoGbhnX86w0DAu-GNGgok&hl=en#v=onepage&q&f=false
Fisher was raised in San Mateo, California
San Mateo, California
San Mateo is a city in San Mateo County, California, United States, in the San Francisco Bay Area. With a population of approximately 100,000 , it is one of the larger suburbs on the San Francisco Peninsula, located between Burlingame to the north, Foster City to the east, Belmont to the south,...
. He went to Humboldt State University
Humboldt State University
Humboldt State University is the northernmost campus of the California State University system, located in Arcata within Humboldt County, California, USA. The main campus, nestled at the edge of a coast redwood forest, is situated on Preston hill overlooking Arcata and with commanding views of...
to study forestry
Forestry
Forestry is the interdisciplinary profession embracing the science, art, and craft of creating, managing, using, and conserving forests and associated resources in a sustainable manner to meet desired goals, needs, and values for human benefit. Forestry is practiced in plantations and natural stands...
, but graduated with a degree in economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
in 1972."Shaking it Up," but Vernon Felton, Humboldt Stater, Fall, 2006. Citing contributions to the finance world and the ongoing study of redwood
Redwood
-Trees:Conifers* Family Cupressaceae *** Sequoia sempervirens - coast redwood**** Albino redwood*** Sequoiadendron giganteum - giant sequoia*** Metasequoia glyptostroboides - dawn redwood* Family Pinaceae...
ecology
Ecology
Ecology is the scientific study of the relations that living organisms have with respect to each other and their natural environment. Variables of interest to ecologists include the composition, distribution, amount , number, and changing states of organisms within and among ecosystems...
, Humboldt State recognized Fisher with its Distinguished Alumni Award in 2007.http://alumni.humboldt.edu/s/857/index.aspx?sid=857&gid=1&pgid=305#DA07
After graduating, Fisher worked for his father, Philip Fisher, who was a noted money manager and author. Fisher started his own company, Fisher Investments, in 1979.See "Bay Area Billionaires" by Jennifer Roberts, San Jose Magazine, February, 2007
Fisher has three sons, Nathan, Jesse and Clayton (the eldest).http://books.google.com/books?id=ChC3Y0rn7zMC&pg=PR13&lpg=PR13&dq=%22kenneth+l.+fisher%22++sherrilyn++sons&source=bl&ots=au9yrqfbBS&sig=GpkkcoN925-hG7GxR8miH4OOoUw&hl=en&ei=ctExTaKjAo_egQe5yK2RCw&sa=X&oi=book_result&ct=result&resnum=1&ved=0CBgQ6AEwAA#v=onepage&q&f=false
In 2003, Fisher started to collaborate with Thomas Grüner, a German moneymanager. In 2007, Fisher and Grüner founded "Grüner Fisher Investments".http://www.gruener-fisher.de/Wir-Ueber-Uns/Firmengeschichte.209.html
In 2009, Fisher received the inaugural Tiburon CEO Summit award for Challenging Conventional Wisdom. Charles Schwab
Charles Schwab
Charles Schwab may refer to:*Charles M. Schwab , American steel magnate*Charles R. Schwab , founder of the eponymous brokerage*Charles Schwab Corp., an American based brokerage firm...
received the inaugural award for Maintaining a Focus on Consumer Needs. Fisher also has a Bernstein Fabozzi/Jacobs Levy Award for published research.
In 2010, Forbes published an accounting of Fisher’s stock pick performance, as made in his columns, over the last 14 years. His stock picks beat the S&P 500
S&P 500
The S&P 500 is a free-float capitalization-weighted index published since 1957 of the prices of 500 large-cap common stocks actively traded in the United States. The stocks included in the S&P 500 are those of large publicly held companies that trade on either of the two largest American stock...
overall on average, and have beat the S&P in 11 years out of 14 (as measured by Forbes).
In 2011, Fisher was ranked as one of the top 25 most influential figures in the financial industry by Investment Advisor Magazine.
Published research
Fisher’s theoretical work identifying and testing the price-to-sales ratioPrice/sales ratio
Price-to-sales ratio, P/S ratio, or PSR, is a valuation metric for stocks. It is calculated by dividing the company's market cap by the company's revenue in the most recent year; or, equivalently, divide the per-share stock price by the per-share revenue.Unless otherwise stated, P/S is "trailing...
(PSR) is detailed in his 1984 Dow Jones book, Super Stocks. James O'Shaughnessy
James O'Shaughnessy
James P. O'Shaughnessy is an American investor and the founder, chairman, and CEO of O'Shaughnessy Asset Management, LLC , an asset management firm headquartered in Stamford, Connecticut....
credits Fisher with being the first to define and use the PSR as a forecasting tool.What Works on Wall Street by James O'Shaughnessy
James O'Shaughnessy
James P. O'Shaughnessy is an American investor and the founder, chairman, and CEO of O'Shaughnessy Asset Management, LLC , an asset management firm headquartered in Stamford, Connecticut....
. McGraw-Hill
McGraw-Hill
The McGraw-Hill Companies, Inc., is a publicly traded corporation headquartered in Rockefeller Center in New York City. Its primary areas of business are financial, education, publishing, broadcasting, and business services...
, 2005. In Fisher’s 2006 book, The Only Three Questions That Count
The Only Three Questions That Count
The Only Three Questions that Count: Investing by Knowing What Others Don't is a book on investment advice. It was released in December 2006 and spent three months on The New York Times list of "Hardcover business bestsellers"...
, he states the PSR is widely used and known, and no longer as useful as an indicator for undervalued stock
Undervalued stock
An undervalued stock is defined as a stock that is selling at a price significantly below what is assumed to be its intrinsic value. For example, if a stock is selling for $50, but can be determined to be worth $100 based on predictable future cash flows, then it is an undervalued stock. Numerous...
s.The Only Three Questions that Count: Investing by Knowing what Others Don’t. Kenneth Fisher with Jennifer Chou and Lara Hoffmans. John Wiley & Sons
John Wiley & Sons
John Wiley & Sons, Inc., also referred to as Wiley, is a global publishing company that specializes in academic publishing and markets its products to professionals and consumers, students and instructors in higher education, and researchers and practitioners in scientific, technical, medical, and...
. 2006 However, the PSR is still frequently included as required curriculum for the Chartered Financial Analyst
Chartered Financial Analyst
The Chartered Financial Analyst Program is a graduate level self-study program offered by the CFA Institute to investment and financial professionals...
exam and has allowed Mr. Fisher to successfully miss significant portions of several bear markets over his career. http://www.cfapubs.org/ CFA Institute publications website
Small-cap value
Value investing
Value investing is an investment paradigm that derives from the ideas on investment and speculation that Ben Graham and David Dodd began teaching at Columbia Business School in 1928 and subsequently developed in their 1934 text Security Analysis...
was not defined as an investing category until the late 1980s. Fisher Investments was among the institutional money managers offering small-cap value investing to clients in the late 1980s.The Heretic
Fisher does research in the study of behavioral finance
Behavioral finance
Behavioral economics and its related area of study, behavioral finance, use social, cognitive and emotional factors in understanding the economic decisions of individuals and institutions performing economic functions, including consumers, borrowers and investors, and their effects on market...
. He has coauthored several research papers on the topic in collaboration with Meir Statman, the Glenn Klimek Professor of Finance at the Leavey School of Business
Leavey School of Business
The SCU Leavey School of Business is a private academic institution at Santa Clara University. It is one of the professional schools of Santa Clara University. The School of Business was founded in 1923 and accredited by the Association to Advance Collegiate Schools of Business thirty years later...
at Santa Clara University
Santa Clara University
Santa Clara University is a private, not-for-profit, Jesuit-affiliated university located in Santa Clara, California, United States. Chartered by the state of California and accredited by the Western Association of Schools and Colleges, it operates in collaboration with the Society of Jesus , whose...
.
Specifically, some of Fisher's research has been on the supposed link between stock market P/E ratio
P/E ratio
The P/E ratio of a stock is a measure of the price paid for a share relative to the annual net income or profit earned by the firm per share...
s and stock prices. In a paper published in 2000, Fisher jointly with Statman found there to be no meaningful link between a stock's P/E or its dividend yield
Dividend yield
The dividend yield or the dividend-price ratio on a company stock is the company's total annual dividend payments divided by its market capitalization, or the dividend per share, divided by the price per share. It is often expressed as a percentage...
and its future return.“Cognitive Biases in Market Forecasts.” Fisher, Kenneth L., and Meir Statman. The Journal of Portfolio Management, Fall 2000: 72-81. http://faculty.darden.virginia.edu/boebelr/EquityWeb/sessions/Sess13/Bias%20JPM01.pdf
Fisher also studied the relationship between consumer confidence
Consumer confidence
Consumer confidence is an economic indicator which measures the degree of optimism that consumers feel about the overall state of the economy and their personal financial situation. How confident people feel about stability of their incomes determines their spending activity and therefore serves as...
and stock returns. Their research shows there to be no statistically significant link, meaning consumer confidence doesn't seem to predict future stock returns.“Consumer Confidence and Stock Returns.” Fisher, Kenneth L., and Meir Statman. The Journal of Portfolio Management, Fall 2003. http://zonecours.hec.ca/documents/E2005-1-395037.Texte12-30-253-00-E05-ConsumerConfidence....pdf
As of 2009, Fisher has authored over 18 research papers on topics ranging from stock markets to consumer confidence to behavioral finance.http://scholar.google.com/scholar?q=kenneth+fisher&hl=en&as_sdt=2001&as_sdtp=on
Books and other authorship
Fisher has authored seven investing books including Super Stocks (Dow Jones, 1984), The Wall Street Waltz (McGraw-HillMcGraw-Hill
The McGraw-Hill Companies, Inc., is a publicly traded corporation headquartered in Rockefeller Center in New York City. Its primary areas of business are financial, education, publishing, broadcasting, and business services...
, 1987), 100 Minds that Made the Market (McGraw-Hill, 1993), The Only Three Questions That Count (John Wiley & Sons
John Wiley & Sons
John Wiley & Sons, Inc., also referred to as Wiley, is a global publishing company that specializes in academic publishing and markets its products to professionals and consumers, students and instructors in higher education, and researchers and practitioners in scientific, technical, medical, and...
, 2006), The Ten Roads to Riches (John Wiley & Sons, 2008), How To Smell A Rat (John Wiley & Sons, 2009), and Debunkery (John Wiley & Sons, 2010). The Only Three Questions That Count, The Ten Roads to Riches, How to Smell a Rat and Debunkery were all bestsellers.
Fisher wrote the introductions to the Wiley Classics Series re-publications of Common Stocks and Uncommon Profits,Common Stocks and Uncommon Profits and Other Writings. Phillip A. Fisher. John Wiley & Sons. 2003. Paths to Wealth Through Common Stocks,Paths to Wealth through Common Stocks. Phillip A. Fisher. John Wiley & Sons. 2007. both by Philip A. Fisher, and The Battle for Investment SurvivalThe Battle for Investment Survival. Gerald M. Loeb. John Wiley & Sons. 2007. by Gerald M. Loeb
Gerald M. Loeb
Gerald Loeb was a founding partner of E.F. Hutton & Co., a renowned Wall Street trader, and the author of the books The Battle For Investment Survival and The Battle For Stock Market Profits. Loeb promoted a view of the market as too risky to hold stocks for the long term in contrast to well...
. Fisher also wrote the introduction to The Warren Buffett
Warren Buffett
Warren Edward Buffett is an American business magnate, investor, and philanthropist. He is widely regarded as one of the most successful investors in the world. Often introduced as "legendary investor, Warren Buffett", he is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is...
Way by Robert Hagstrom.The Warren Buffett Way, Second Edition. Robert G. Hagstrom. John Wiley & Sons. 2005. Fisher's books have been translated to German
German language
German is a West Germanic language, related to and classified alongside English and Dutch. With an estimated 90 – 98 million native speakers, German is one of the world's major languages and is the most widely-spoken first language in the European Union....
, Spanish
Spanish language
Spanish , also known as Castilian , is a Romance language in the Ibero-Romance group that evolved from several languages and dialects in central-northern Iberia around the 9th century and gradually spread with the expansion of the Kingdom of Castile into central and southern Iberia during the...
, Portuguese, Korean
Korean language
Korean is the official language of the country Korea, in both South and North. It is also one of the two official languages in the Yanbian Korean Autonomous Prefecture in People's Republic of China. There are about 78 million Korean speakers worldwide. In the 15th century, a national writing...
, Japanese
Japanese language
is a language spoken by over 130 million people in Japan and in Japanese emigrant communities. It is a member of the Japonic language family, which has a number of proposed relationships with other languages, none of which has gained wide acceptance among historical linguists .Japanese is an...
, Chinese
Chinese language
The Chinese language is a language or language family consisting of varieties which are mutually intelligible to varying degrees. Originally the indigenous languages spoken by the Han Chinese in China, it forms one of the branches of Sino-Tibetan family of languages...
, and Italian
Italian language
Italian is a Romance language spoken mainly in Europe: Italy, Switzerland, San Marino, Vatican City, by minorities in Malta, Monaco, Croatia, Slovenia, France, Libya, Eritrea, and Somalia, and by immigrant communities in the Americas and Australia...
.John Wiley & Sons Inc., 2007 Annual report
Fisher has also authored investment-related articles appearing in Research Magazine,Research : Where Financial Advisors Find Results Financial Planning,We Are the World: Does the current inversion in the U.S. yield curve spell trouble ahead? These days, it's the global yield curve that mattersThe Only Three Questions that Count: How can you discover something the crowd doesn't know? It's not so hard to find patterns that will give a bet-able edge Journal of Portfolio Management
Journal of Portfolio Management
The Journal of Portfolio Management is a quarterly academic journal covering asset allocation, performance measurement, market trends, risk management, and portfolio optimization. The journal was established in 1974 by Peter L. Bernstein. The current editor-in-chief is Frank J...
, The Financial Analyst’s Journal, The Journal of Investing, The Journal of Psychology
The Journal of Psychology
The Journal of Psychology: Interdisciplinary and Applied is a bimonthly double-blind, peer-review psychology journal published by Taylor & Francis. The Journal of Psychology was founded in 1935 by Carl Murchison, an American psychologist, organizer, publisher, and editor...
, and The Journal of Behavioral Finance, among others. Fisher's "Portfolio Strategy" column in Forbes has appeared monthly for over 25 years. In the UK, Fisher has written for Bloomberg Money, Investment Week
Investment Week
Investment Week is an investments magazine that covers news, fund performance and sector analysis for investment professionals....
, and The Financial Times.FT.com / Markets / Investor's notebook - Insight: History teaches this is just a bull market correctionFT.com / Markets / Investor's notebook - Market insight: Be bullish and watch the bears impale themselves He currently writes monthly columns for UK investment blog
Blog
A blog is a type of website or part of a website supposed to be updated with new content from time to time. Blogs are usually maintained by an individual with regular entries of commentary, descriptions of events, or other material such as graphics or video. Entries are commonly displayed in...
Interactive Investor International
Interactive Investor International
Interactive Investor is a UK based commercial online financial services provider concerning stocks, investing and personal finance.Founded in August 1995 as "Interactive Investor International" the site was redesigned and the name was changed to Interactive Investor following its withdrawal from...
,http://www.iii.co.uk/articles/article_overview.jsp and a weekly column in a major German newspaper Focus Money.
Fisher has launched a publishing imprint in partnership with John Wiley & Sons, Fisher Investments Press.http://www.wiley.com/WileyCDA/Section/id-352072.html Books published under the imprint so far include Own the World, 20/20 Money, and a series of sector investing guides.http://www.wiley.com/WileyCDA/WileyTitle/productCd-0470285397.html
In 2010, John Wiley & Sons published The Making of a Market Guru: Forbes Presents 25 Years of Ken Fisher by Aaron Anderson, commemorating Fisher's over 25 years of writing a regular column for Forbes.
Redwood ecology
Fisher supports ongoing study of redwood ecology, particularly the emerging field of study of redwood canopies.http://www.humboldt.edu/~sillett/Kenneth L. Fisher Chair in Redwood Forest Ecology Fisher wrote the introduction to the second edition of Sawmills in the Redwoods by Frank M. Stanger. In it, Fisher details his own experiences locating, excavating, and cataloging artifacts from 1890’s era steam-powered sawmills on Kings Mountain in San Mateo County, CA.Frank M. Stanger. Sawmills in the Redwoods. San Mateo Historical Society, San Mateo, CA 1992. In 2006, Fisher established the Kenneth L. Fisher Chair in RedwoodRedwood
-Trees:Conifers* Family Cupressaceae *** Sequoia sempervirens - coast redwood**** Albino redwood*** Sequoiadendron giganteum - giant sequoia*** Metasequoia glyptostroboides - dawn redwood* Family Pinaceae...
Forest Ecology for the Department of Biological Sciences at Humboldt State University
Humboldt State University
Humboldt State University is the northernmost campus of the California State University system, located in Arcata within Humboldt County, California, USA. The main campus, nestled at the edge of a coast redwood forest, is situated on Preston hill overlooking Arcata and with commanding views of...
, currently held by Stephen Sillett,Kenneth L. Fisher • HSU Fisher Chair in Redwood Forest Ecology the biologist who's featured, along with Sillett's brother and his wife, in Richard Preston's
Richard Preston
Richard Preston, born August 5, 1954 in Cambridge, Massachusetts, U.S., is a New Yorker writer and bestselling author perhaps best-known for his books about infectious disease epidemics and bioterrorism, although he has written other non-fiction works...
2007 book The Wild Trees
The Wild Trees
The Wild Trees: A Story of Passion and Daring is a non-fiction book by Richard Preston about California's coastal redwoods and the recreational climbers who climbed them. It is a narrative-style collection of stories from climbers who pioneered redwood climbing, including botanist Steve Sillett,...
.
A grant from Mr. Fisher made it possible for the Save-the-Redwoods League
Save-the-Redwoods League
The Save the Redwoods League is an organization dedicated to the protection of the remaining Coast Redwood trees in the state of California. It was founded in 1918 by Frederick Russell Burnham, Madison Grant, John C. Merriam, and Henry Fairfield Osborn....
to begin using LiDar
LIDAR
LIDAR is an optical remote sensing technology that can measure the distance to, or other properties of a target by illuminating the target with light, often using pulses from a laser...
to measure redwood heights and measure biodiversity of the California North Coast redwood forest. The League feels this can be useful in reforestation efforts, and also in finding trees that may surpass the Hyperion
Hyperion (tree)
Hyperion is the name of a Coast Redwood in Northern California that was measured at , which ranks it as the world's tallest known living tree. Despite its great height, Hyperion is not the largest known coast redwood; that distinction belongs to the Lost Monarch tree.Hyperion was discovered August...
in height.http://www.savetheredwoods.org/newsroom/pr/pr_lidar.pdf
Fisher also contributes frequently to historical research for San Mateo County, writing most frequently on King's Mountain redwood logging and settlement history and other historical San Mateo events.Ken Fisher. "The Crash of ’53: Our Country’s Worst Aviation Tragedy". La Peninsula: The Journal of the San Mateo County Historical Association. Volume XXVII, No. 2.Ken Fisher. "Kings Mountain’s Colorful History". La Peninsula: The Journal of the San Mateo County Historical Association. Volume XXVI, No. 3. Based on his expertise in California Redwoods and Redwood logging history, Fisher provided a peer review of chapters five and six of Coast Redwood: A Natural and Cultural History.Coast Redwood: A Natural and Cultural History. Cachuma Press. Los Olivos, Californai.
Fisher has also helped launch and fund the Save-the-Redwoods League
Save-the-Redwoods League
The Save the Redwoods League is an organization dedicated to the protection of the remaining Coast Redwood trees in the state of California. It was founded in 1918 by Frederick Russell Burnham, Madison Grant, John C. Merriam, and Henry Fairfield Osborn....
climate change initiative, which aims to study the impact of climate change on coastal Redwoods.http://www.savetheredwoods.org/protecting/climate_change.shtml
Further reading
- "Never Enough Fisher," by Anthony W. Haddad and Jonathan Bernard. Equities. September 2007.http://www.equitiesmagazine.com/interview_ken_fisher.php
- "Uber-Fisher," by Anthony W. Haddad and Jonathan Bernard. Equities. May 2008.
- Market Gurus: Investing Strategies You Can Use from Wall Street's Best by John P. Reese and Todd O. Glassman. Validea Press. 2005.
- The Money Monarchs: The Secrets of 10 of America's Best Investment Managers by Douglas J. Donnelly. Irwin Professional Pub. 1992.
- Super Stocks by Kenneth L. Fisher. McGraw-Hill. 1990.
- The Guru Investor: How to Beat the Market Using History's Best Investment Strategies (Wiley 2009)
Other research
- “Market Timing in Regressions and Reality.” Fisher, Kenneth L., and Meir Statman. The Journal of Financial Research, Fall 2006: 293-304. http://lsb.scu.edu/finance/faculty/statman/articles/mkt%20timing%20in%20regression%20and%20reality.pdf
- “Market Timing at Home and Abroad.” Fisher, Kenneth L., and Meir Statman. The Journal of Investing, Summer 2006: 19-27. http://lsb.scu.edu/finance/faculty/Statman/articles/market%20timing%20at%20home%20and%20abroad%20031505.pdf
- “Sentiment, Value, and Market-Timing.” Fisher, Kenneth L., and Meir Statman. Financial Analysts Journal, Fall 2004: 10-21. http://lsb.scu.edu/finance/faculty/Statman/articles/sentiment%20and%20market%20timing%20060205.pdf
- “Consumer Confidence and Stock Returns.” Fisher, Kenneth L., and Meir Statman. The Journal of Portfolio Management, Fall 2003. http://zonecours.hec.ca/documents/E2005-1-395037.Texte12-30-253-00-E05-ConsumerConfidence....pdf
- “Bubble Expectations.” Fisher, Kenneth L., and Meir Statman. The Journal of Wealth Management, Fall 2002: 17-22. http://lsb.scu.edu/finance/faculty/Statman/articles/bubble%20expectations.pdf
- “Blowing Bubbles.” Fisher, Kenneth L., and Meir Statman. The Journal of Psychology and Financial Markets, 3.1 (2002): 53-65. http://lsb.scu.edu/finance/faculty/statman/articles/blowing%20bubbles.pdf
- “Cognitive Biases in Market Forecasts.” Fisher, Kenneth L., and Meir Statman. The Journal of Portfolio Management, Fall 2000: 72-81. http://faculty.darden.virginia.edu/boebelr/EquityWeb/sessions/Sess13/Bias%20JPM01.pdf
- “Investor Sentiment and Stock Returns.” Fisher, Kenneth L., and Meir Statman. Financial Analysts Journal, Mar/Apr 2000: 16-23. http://lsb.scu.edu/finance/faculty/Statman/articles/investorsentandstckrtrns.pdf
- “A Behavioral Framework for Time Diversification.” Fisher, Kenneth L., and Meir Statman. Financial Analysts Journal, May/June 1999: 88-97. http://www.acsu.buffalo.edu/~keechung/Collection%20of%20Papers%20for%20courses/A%20Behavioral%20Framework%20for%20Time%20Diversification.pdf
- “Investment Advice from Mutual Fund Companies.” Fisher, Kenneth L., and Meir Statman. The Journal of Portfolio Management, Fall 1997: 9-17. http://lsb.scu.edu/finance/pdfs/investment%20advice%20from%20mutual%20fund%20co.pdf
- “The Mean-Variance-Optimization Puzzle: Security Portfolios and Food Portfolios.” Fisher, Kenneth L., and Meir Statman. Financial Analysts Journal, July/Aug 1997: 41-50. http://lsb.scu.edu/finance/faculty/Statman/articles/the_mean-varience-optimism_puzzle.pdf