Kenneth Fisher

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For other persons of the same name, see Ken Fisher.

Kenneth L. Fisher (born 1950) is an American businessman 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 authored five books including 2008 New York Times best seller The Ten Roads to Riches, and has written research papers in the field of behavioral finance.[1] Fisher is on the 2008 Forbes 400 list of richest Americans[2] and Forbes list of world billionaires.[3] In 2008, he was named to Investment Advisor magazine's IA 25, the list of the 25 most influential people in and around the investment advisory business. [4]

Contents

[edit] Biography

Kenneth L. Fisher was born in San Francisco, California, United States, North America, the third and youngest son of Philip A. Fisher, an investor and author of 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.[5] Stating contributions to the finance world and the ongoing study of redwood ecology, Humboldt State recognized Fisher with its Distinguished Alumni Award in 2007.[6]

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.[7] The firm also has offices in the UK [8] and Germany.[9]

[edit] Redwood Ecology

Fisher supports ongoing study of redwood ecology, particularly the emerging field of study of redwood canopies.[10] 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. [11] In 2006, Fisher established the Kenneth L. Fisher Chair in Redwood Forest Ecology for the Department of Biological Sciences at Humboldt State University, currently held by Stephen Sillett,[12] the biologist who's featured, along with Sillett's brother and his wife, in Richard Preston's 2007 book The Wild Trees..[13]

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.[14]

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. [15][16]


[edit] Published research

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.[17] In Fisher’s most recent book, The Only Three Questions That Count, he states the PSR, being widely used, is no longer an indicator for undervalued stocks.[18] However, the PSR is still frequently included as required curriculum for the chartered financial analyst exam.[19]

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.[20]

Fisher publishes research in the study of behavioral finance. He has co-authored 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.[1]

Specifically, some of Fisher's research has been on the future link between stock market P/E ratio 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.[21]

Fisher and Statman also studied the relationship between consumer confidence and stock returns. Their research shows there to be no statistically significant link, menaing consumer confidence doesn't seem to predict future stock returns.[22]

[edit] Books and other authorship

Fisher has authored five investing books including Super Stocks (Dow Jones, 1984), The Wall Street Waltz (McGraw Hill, 1987), 100 Minds that Made the Market (McGraw Hill, 1993), The Only Three Questions That Count (John Wiley & Sons, 2006), and The Ten Roads to Riches (John Wiley & Sons, 2008). The Only Three Questions That Count was a New York Times best seller for three months in 2006. Also, it made Wall Street Journal and BusinessWeek best seller lists.

Fisher wrote the introductions to the Wiley Classics Series re-publications of Common Stocks and Uncommon Profits[23], Paths to Wealth through Common Stocks [24], both by Philip A. Fisher, and The Battle for Investment Survival[25] by Gerald M. Loeb. Fisher also wrote the introduction to The Warren Buffett Way by Robert Hagstrom.[26] Fisher's books have been translated to German, Spanish, Portuguese, Korean, Japanese, Chinese, and Italian.[27]

Fisher has also authored investment-related articles appearing in Research Magazine,[28] Financial Planning,[29] [30] Journal of Portfolio Management, The Financial Analyst’s Journal, The Journal of Investing, The Journal of Psychology, and The Journal of Behavioral Finance,[1] among others. Fisher's "Portfolio Strategy" column in Forbes has appeared monthly for 23 years. In the UK, Fisher has written for Bloomberg Money, Investment Week, and The Financial Times.[31][32] He currently writes monthly columns for UK investment blog Interactive Investor,[3] and a weekly column in a major German newspaper Handelsblatt.[4]

[edit] Further reading

  • "Never Enough Fisher," by Anthony W. Haddad and Jonathan Bernard. Equities. September 2007.[5]
  • 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)

[edit] Other research

  1. “Market Timing in Regressions and Reality.” Fisher, Kenneth L., and Meir Statman. The Journal of Financial Research, Fall 2006: 293-304. [6]
  2. “Market Timing at Home and Abroad.” Fisher, Kenneth L., and Meir Statman. The Journal of Investing, Summer 2006: 19-27. [7]
  3. “Sentiment, Value, and Market-Timing.” Fisher, Kenneth L., and Meir Statman. Financial Analysts Journal, Fall 2004: 10-21. [8]
  4. “Consumer Confidence and Stock Returns.” Fisher, Kenneth L., and Meir Statman. The Journal of Portfolio Management, Fall 2003. [9]
  5. “Bubble Expectations.” Fisher, Kenneth L., and Meir Statman. The Journal of Wealth Management, Fall 2002: 17-22. [10]
  6. “Blowing Bubbles.” Fisher, Kenneth L., and Meir Statman. The Journal of Psychology and Financial Markets, 3.1 (2002): 53-65. [11]
  7. “Cognitive Biases in Market Forecasts.” Fisher, Kenneth L., and Meir Statman. The Journal of Portfolio Management, Fall 2000: 72-81. [12]
  8. “Investor Sentiment and Stock Returns.” Fisher, Kenneth L., and Meir Statman. Financial Analysts Journal, Mar/Apr 2000: 16-23. [13]
  9. “A Behavioral Framework for Time Diversification.” Fisher, Kenneth L., and Meir Statman. Financial Analysts Journal, May/June 1999: 88-97. [14]
  10. “Investment Advice from Mutual Fund Companies.” Fisher, Kenneth L., and Meir Statman. The Journal of Portfolio Management, Fall 1997: 9-17. [15]
  11. “The Mean-Variance-Optimization Puzzle: Security Portfolios and Food Portfolios.” Fisher, Kenneth L., and Meir Statman. Financial Analysts Journal, July/Aug 1997: 41-50. [16]

[edit] References

  1. ^ a b c http://scholar.google.com/scholar?q=%2B%22KL+Fisher%22+%2B+%22M+Statman%22&btnG=Search Scholarly papers coauthored by Kenneth Fisher
  2. ^ #271 Kenneth Fisher - Forbes.com
  3. ^ Forbes
  4. ^ IA 25
  5. ^ "Shaking it Up," but Vernon Felton, Humboldt Stater, Fall, 2006.
  6. ^ http://alumni.humboldt.edu/s/857/index.aspx?sid=857&gid=1&pgid=305#DA07
  7. ^ See "Bay Area Billionaires" by Jennifer Roberts, San Jose Magazine, February, 2007
  8. ^ “Wealth Management,” by Tom Burroughes, The Business. 14 July 2007.
  9. ^ “Fisher Investments expands into Germany.” Reuters, Jul 16, 2007
  10. ^ Kenneth L. Fisher Chair in Redwood Forest Ecology • Humboldt State University
  11. ^ Frank M. Stanger. Sawmills in the Redwoods. San Mateo Historical Society, San Mateo, CA 1992.
  12. ^ Kenneth L. Fisher • HSU Fisher Chair in Redwood Forest Ecology
  13. ^ Preston, Richard (2007). The Wild Trees: A Story of Passion and Daring. Random House. ISBN 978-1400064892. 
  14. ^ http://www.savetheredwoods.org/newsroom/pr/pr_lidar.pdf
  15. ^ 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.
  16. ^ Ken Fisher. "Kings Mountain’s Colorful History". La Peninsula: The Journal of the San Mateo County Historical Association. Volume XXVI, No. 3.
  17. ^ What Works on Wall Street by James O'Shaughnessy. McGraw Hill, 2005.
  18. ^ 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
  19. ^ http://www.cfapubs.org/ CFA Institute publications website
  20. ^ The Heretic
  21. ^ “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
  22. ^ “Consumer Confidence and Stock Returns.” Fisher, Kenneth L., and Meir Statman. The Journal of Portfolio Management, Fall 2003. [1]
  23. ^ Common Stocks and Uncommon Profits and Other Writings. Phillip A. Fisher. John Wiley & Sons. 2003.
  24. ^ Paths to Wealth through Common Stocks. Phillip A. Fisher. John Wiley & Sons. 2007.
  25. ^ The Battle for Investment Survival. Gerald M. Loeb. John Wiley & Sons. 2007.
  26. ^ The Warren Buffett Way, Second Edition. Robert G. Hagstrom. John Wiley & Sons. 2005.
  27. ^ John Wiley & Sons Inc., 2007 Annual report.[2]
  28. ^ Research : Where Financial Advisors Find Results
  29. ^ 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 matters
  30. ^ The 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
  31. ^ FT.com / Markets / Investor's notebook - Insight: History teaches this is just a bull market correction
  32. ^ FT.com / Markets / Investor's notebook - Market insight: Be bullish and watch the bears impale themselves
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