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Kenneth Fisher

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Kenneth Fisher
Born
Kenneth Lawrence Fisher

(1950-11-29) November 29, 1950 (age 73)[1]
San Francisco, California, U.S.
Alma materCalifornia State Polytechnic University, Humboldt
Occupation(s)Founder and executive chairman of Fisher Investments
SpouseSherrilyn Fisher
Children3
FatherPhilip A. Fisher
Websitewww.fisherinvestments.com

Kenneth Lawrence Fisher (born November 29, 1950) is an American billionaire investment analyst, author, and the founder and executive chairman of Fisher Investments, a fee-only financial adviser. Fisher's Forbes "Portfolio Strategy" column ran from 1984 to 2017, making him the longest continuously-running columnist in the magazine's history.[2] Fisher is now known for writing monthly, native language columns in international outlets.[3][4] Fisher has authored eleven books on investing, and research papers in the field of behavioral finance. In 2010, he was included in Investment Advisor magazine's "30 for 30" list of the 30 most influential people in the investment advisory business over the last 30 years.[5] As of August 2024, his net worth was estimated at $11.2 billion.[6]

Life and work

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Kenneth Fisher was born in San Francisco, California, the son of influential stock investor Philip A. Fisher. Fisher was raised in San Mateo, California. As a 13-year-old, he earned $1.20 an hour picking fruit, sawing and fertilizing.[1] He dropped out of high school and went to Cal Poly Humboldt to study forestry, and graduated with an associate degree in economics in 1972.[7][1] Humboldt State recognized Fisher with its Distinguished Alumni Award in 2007.[8] In 2015, Fisher was appointed to the board of advisors of the Forbes School of Business at Ashford University.[9]

Over the past few decades, Fisher helped Fisher Investments become one of the largest independent money managers in the world.[10]

In 2007, Fisher and Thomas Grüner founded Grüner Fisher Investments in Germany.[11]

Starting Fisher Investments in 1979 with just $250, Ken grew Fisher Investments to over $275 billion in assets under management by 2024.[12][13]

Fisher Investments

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Fisher is founder and chairman of Fisher Investments, an independent money management firm.[14][15] He founded the firm in 1979, incorporated in 1986,[16] and was CEO until July 2016, when he was succeeded by long-time employee Damian Ornani. Fisher remains active as the firm's executive chairman and co-chief investment officer.[17]

In June 2024, Fisher Investments announced Advent International and the Abu Dhabi Investment Authority agreed to purchase a minority stake in the company worth between $2.5 billion and $3 billion.[18] The deal valued Fisher Investments at about $13 billion and was the first outside investment in the company. After the transaction closes, Ken Fisher is reported to retain majority beneficial ownership and more than 70% of the voting shares following the sale, which is expected to be completed in 2024.[19]

Investment research and philosophy

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Fisher's theoretical work identifying and testing the price-to-sales ratio (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.[20] In Fisher's 2006 book, The Only Three Questions That Count, he states that the PSR is widely used and known, and no longer as useful as an indicator for undervalued stocks.[21]

According to The Guru Investor by John P. Reese and Jack M. Forehand, in the late 1990s, Fisher defined his investment philosophy after studying the stock returns and P/E Ratios between January 1976 and June 1995 of six investment categories: large-cap value, mid-cap value, small-cap value, large-cap growth, mid-cap growth, and small-cap growth.[22]

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.[23]

Columns, books and other media

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Fisher is well-known for his investment columns, which currently run in the New York Post and 18 other countries. Fisher's Forbes 'Portfolio Strategy" column ran from 1984 to 2017.[4] Fisher also publishes regular YouTube videos answering common investor questions and appears on major US and international broadcast media, including Bloomberg TV, CNBC, CNBC India, CNBC Asia, CNN International and Fox News.[3]

Fisher has authored eleven investing books, six of which were national best sellers:[1]

  • Super Stocks (1984)
  • The Wall Street Waltz (1987)
  • 100 Minds that Made the Market (1993)
  • The Only Three Questions That Count (2006)
  • The Ten Roads to Riches (2008)
  • How To Smell A Rat (2009)
  • Debunkery (2010)
  • Markets Never Forget (2011)
  • Plan Your Prosperity (2012)
  • The Little Book of Market Myths (2013)
  • Beat The Crowd (2015).

The Only Three Questions That Still Count, The Ten Roads to Riches, How to Smell a Rat, and Debunkery were all New York Times bestsellers.[24]

In 2015, Fisher released Beat the Crowd: How You Can Out-Invest the Herd by Thinking Differently.[25] In an interview with CNN Money, Fisher discusses how media hype around major economic events have already been priced into stock markets globally, and why investors are better served worrying about factors the market is ignoring.[26] Fisher released the Second Edition of The Only Three Questions That Count in April 2012, and the Second Edition of The Ten Roads to Riches in April 2017.[27]

Philanthropy

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In 2006, Fisher gave $3.5 million to endow the Kenneth L. Fisher Chair in Redwood Forest Ecology at Humboldt State.[28] The gift supports redwood ecology research in perpetuity and provides support for graduate students, laboratories, and field equipment; the research has focused particularly on canopy studies.[29] Fisher's goal in creating the chair was to transform our understanding of trees and forests.[29]

In 2012, Fisher and his wife gave $7.5 million to Johns Hopkins University to fund the new Sherrilyn and Ken Fisher Center for Environmental Infectious Diseases. After much deliberation, the Fishers’ donation was approved.[30]

Political activity

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Together with his spouse, Fisher contributed $250,000 to Donald Trump's 2020 presidential campaign.[31]

In the 2024 presidential campaign cycle, FEC records show Fisher did not contribute to Trump, Joe Biden or Kamala Harris, but gave to others, including Republican and Democratic candidates, and Robert F. Kennedy Jr.[32][33]

Controversy

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In October 2019, Fisher was criticized for references he made during a fireside chat at an industry conference sponsored by Tiburon Strategic Advisors.[34][35] Bloomberg initially reported that Fisher made references to genitalia and likened winning money-management clients to "trying to get into a girls' pants." In a Bloomberg interview at the time, Fisher said he felt his comment were taken out of context.[36] In February 2020, Bloomberg clarified their reporting and wrote that Fisher cautioned against using financial planning as a way to sign up new clients and compared it to approaching a woman at a bar. A recording made at the Tiburon conference, obtained by CNBC and referenced by Bloomberg, captures Fisher saying "you wouldn't go up to a woman in a bar and ask what's in your pants."[37]

On October 11, 2019, it was announced that in response to Fisher's comments, the state of Michigan withdrew its pension fund of $600 million from Fisher Investments.[38] On October 16, 2019, the city of Boston pulled their $248 million pension fund from Fisher Investments due to Fisher's off-color comments.[39]

Other repercussions followed. Fidelity announced it was reviewing the $500 million in assets that it has Fisher's organization manage, and Philadelphia's board of pensions terminated its relationship with Fisher. Within weeks of the incident Fisher Investments lost more than $2.7 billion as several institutional clients, including government pensions, severed their relationship with the firm.[40] The firm Fisher founded is taking action as well. Fisher Investments Chief Executive Damian Ornani wrote a memo to employees stating: “Ken's comments were wrong.” He said the firm was taking steps to address diversity and inclusion within the organization itself.[41] A report from Bloomberg L.P. contended that this behavior was commonplace at Fisher Investments and that Fisher himself had made derogatory remarks a number of times before.[42]

Personal life

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Fisher is married, with three adult sons, Nathan, Jesse and Clayton.[43] He lives in Dallas, Texas.[1] Nathan Fisher is the senior executive vice president of Fisher Investments 401(k) Solutions.[44]

References

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  1. ^ a b c d e "Forbes profile: Ken Fisher". Forbes. Retrieved 12 March 2022.
  2. ^ Fisher, Ken (September 14, 2016). "My Best Advice - 32 Years in the Making". Forbes.
  3. ^ a b Marking, Marion (2022-08-12). "At Fisher Investments, the Chairman as Localization Champion". Slator. Retrieved 2022-08-26.
  4. ^ a b Benguhe, Chris; Marsh, RaeAnne (2022-09-02). "Information As An Economic Power". International Business Times. Retrieved 2022-11-08.
  5. ^ "Thirty for Thirty". Think Advisor. 1 May 2000. Retrieved 20 January 2014.
  6. ^ "Ken Fisher". Forbes. Retrieved 2024-08-23.
  7. ^ "Shaking it Up," but Vernon Felton, Humboldt Stater, Fall, 2006.
  8. ^ "Distinguished Alumni Hailed, Honored". Humboldt State University. Retrieved 30 April 2007.
  9. ^ "Forbes School of Business at Ashford University Appoints Eight Members to Its Board of Advisors". Forbes School of Business. Retrieved 2015-08-28.
  10. ^ "The P&I/Towers Watson World 500: World's largest money managers". 2014-11-10. Retrieved 2015-08-05.
  11. ^ "OTS: Gruner Fisher Investments / Gruner Fisher Investments verhalten". Finanzen (in German). 5 August 2013. Retrieved 20 January 2014.
  12. ^ Daugherty, Robert. "LeBron James, Ken Fisher And The Art Of Multigenerational Success". Forbes. Retrieved 2024-08-23.
  13. ^ "Fisher Investments Strikes Deal With Advent". The Wall Street Journal. June 16, 2024.
  14. ^ Corvin, Aaron (21 June 2012). "Fisher Investments CEO heralds the singularity". The Columbian. Retrieved 20 January 2014.
  15. ^ Margaret Brennan & Ken Fisher (7 September 2010). Fisher Investments Ken Fisher Interview Expert (Television). Bloomberg Television.
  16. ^ Franey, James (2024-06-17). "Fisher Investments valued at nearly $13B after selling stake to Advent, Abu Dhabi". Retrieved 2024-09-26.
  17. ^ "Fisher Investments names Damian Ornani CEO as Ken Fisher relinquishes role". Investment News. March 22, 2016. Retrieved November 4, 2016.
  18. ^ Filipkowski, Leah (2024-06-17). "Fisher Investments Selects Advent International and ADIA as Strategic Partners in Minority Common Stock Investment". Advent International. Retrieved 2024-08-01.
  19. ^ "Ken Fisher's Fortune to More Than Double on Private Equity Sale". Bloomberg.com. 2024-06-17. Retrieved 2024-08-01.
  20. ^ O'Shaughnessy, James (2005). What Works On Wallstreet. McGraw Hill Professional. ISBN 9780071452250.
  21. ^ Fisher, Kenneth L. (2012). The Only Three Questions That Still Count: Investing By Knowing What Others Don't. John Wiley & Sons. ISBN 978-0-470-07499-2.
  22. ^ Reese, John P.; Forehand, Jack M. (2009). The Guru Investor: How to Beat the Market Using History's Best Investment Strategies.
  23. ^ Munk, Chelyl Winokur (1 November 2006). "The Heretic". Wealth Management. Retrieved 20 January 2014.
  24. ^ "The Ken Fisher Classics Collection | Wiley". Wiley.com. Retrieved 2024-09-26.
  25. ^ "Beat the Crowd | By Ken Fisher". beat-the-crowd.com. Retrieved 2015-08-05.
  26. ^ Gillespie, Patrick (2015-04-22). "Billionaire investor Ken Fisher's advice". CNNMoney. Retrieved 2015-08-05.
  27. ^ "The Ten Roads to Riches, 2nd Edition[Book]". www.oreilly.com. Retrieved 2024-09-26.
  28. ^ "Humboldt State University". CalState.edu. Archived from the original on 21 April 2015. Retrieved 7 March 2016.
  29. ^ a b "The Kenneth L. Fisher Chair in Redwood Forest Ecology". Humboldt State University. Archived from the original on 6 November 2013. Retrieved 23 February 2014.
  30. ^ "Ken and Sherrilyn Fisher - Wall Street Donors Guide". Inside Philanthropy. Retrieved 22 March 2019.
  31. ^ "Here Are The Billionaires Who Donated To Donald Trump's 2020 Presidential Campaign". Forbes. Retrieved 27 March 2024.
  32. ^ "Browse Individual contributions". FEC.gov. Retrieved 2024-09-16.
  33. ^ "Beursgoeroe Ken Fisher: 'De politieke patstelling in de VS is geweldig voor beleggers'". FD.nl (in Dutch). Retrieved 2024-09-16.
  34. ^ Forbes, "Billionaire Ken Fisher Blasted Online After Offensive Comments At Closed-Door Fireside Chat", 9 Oct 2019 [1]
  35. ^ Huffington Post, "CEO Calls Out Billionaire Ken Fisher's Remarks About Jeffrey Epstein, Genitalia" Oct 9, 2019 [2]
  36. ^ "Billionaire Fisher Shocks With Sexual Remarks, Wonders Why". Bloomberg.com. 2019-10-09. Retrieved 2021-02-12.
  37. ^ "A Sexist Joke Cost Ken Fisher $4 Billion in Assets. He Still Runs $121 Billion". Bloomberg.com. 2020-02-07. Retrieved 2021-02-12.
  38. ^ Washington Post, "Investment Firm whose Chairman made crude comments at summit loses $600 million in assets," 11 October 2019 [3]
  39. ^ Leung, Shirley (2019-10-16). "City pulls $248m in pension money from firm after CEO's off-color comments on women". The Boston Globe. Retrieved 2019-10-17.
  40. ^ CBS, "Goldman Sachs is latest firm to pull money from Fisher Investments, total is now $2.7 billion," Oct, 24, 2019 [4]
  41. ^ CNBC "Fidelity criticizes money manager Ken Fisher, who loses Philadelphia as a client", October 16, 2019 [5] Accessed October 17, 2019
  42. ^ Willmer, Sabrina (21 October 2019). "Inside Ken Fisher's Private Kingdom, Where Hardball Culture Reels in Billions". bloomberg.com. Bloomberg. Retrieved 21 October 2019.
  43. ^ Fisher, Kenneth L. (2008). The Wall Street Waltz. John Wiley & Sons. ISBN 9780470267967.
  44. ^ Iacurci, Greg (3 April 2018). "Fisher Investments growing fast in 401(k) market". Crain Communications. Retrieved 2 September 2018.

Further reading

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  • "Never Enough Fisher", by Anthony W. Haddad and Jonathan Bernard. Equities. September 2007.
  • "Uber-Fisher", by Anthony W. Haddad and Jonathan Bernard. Equities. May 2008.
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