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"Ken Fisher" redirects here. For other uses, see Ken Fisher (disambiguation).
Kenneth Fisher
File:Ken Fisher.jpg
Fisher c. 2014
Born
Kenneth Lawrence Fisher

(1950-11-29) November 29, 1950 (age 74)[1]
San Francisco, California, U.S.
NationalityAmerican
Alma materHumboldt State University
Occupation(s)Founder and chairman of Fisher Investments
SpouseMarried
Children3
RelativesPhilip A. Fisher (father)
Websitewww.fisherinvestments.com

Kenneth Lawrence Fisher (born November 29, 1950) is an American billionaire investment analyst and the founder and 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.[3] Fisher has authored eleven books on investing, and research papers in the field of behavioral finance. He is on the Forbes 400 list of richest Americans[4] and as of 2020 is worth $4.3 billion.[2] In 2010, he was named to Investment Advisor magazine's "Thirty for Thirty" list of the 30 most influential people in the investment advisory business over the last 30 years.[5] As of 2018, Fisher's firm manages over $100 billion.[6][7]

Early Life and work

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Kenneth Fisher was born in San Francisco, California, the third and youngest son of Dorothy (née Whyte), from Arkansas, and influential stock investor Philip A. Fisher. 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.[8]

Over the past few decades, Fisher has helped Fisher Investments become one of the largest independent money managers in the world.[9] He started his firm in 1979 with $250 and it has grown to over $100 billion in assets under management.[10][11]

In 2007, Fisher and Thomas Grüner founded Grüner Fisher Investments in Germany.[12]

Fisher has three adult sons, Nathan, Jesse and Clayton.[13] Nathan Fisher is the senior executive vice president of Fisher Investments 401(k) Solutions.[14]

Career

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Early career

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After college, Fisher worked at his father’s money management firm, Fisher & Co., and as a merger and acquisitions consultant. In 1979, seven years after graduating from college, he founded Fisher Investments with $250. The firm has grown to over $100 billion in assets under management.[15]

Fisher Investments

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Fisher is founder and chairman of Fisher Investments, an independent money management firm.[16][17] He founded the firm in 1979, incorporated in 1986,[18] then served as CEO until July 2016, when he was succeeded by long-time Fisher Investments employee Damian Ornani. Fisher remains active as the firm's executive chairman and co-chief investment officer.[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: big-cap value, midcap value, small-cap value, big-cap growth, midcap 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] Ken Fisher is a capitalist and scholar of behavioral finance.[24][25] His 2006 book The Only Three Questions That Count outlines how Fisher believes investors can use behavioral finance to understand and beat the market by knowing what others don’t.[26] He has been published in academic journals like the Journal of Behavioral Finance, Journal of Financial Research, Journal of Investing, and Journal of Portfolio Management.[27][28][29][30]

Books and other authorship

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Fisher has authored eleven investing books: 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), and 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.[31]

In 2015, Fisher released Beat the Crowd: How You Can Out-Invest the Herd by Thinking Differently.[32] 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.[33] 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.[34][35]

Awards

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Fisher has a Bernstein Fabozzi/Jacobs Levy Award for his research on market forecasting, which he published in 2000 with Meir Statman of Santa Clara University.[36]

In 2007, Fisher received the Distinguished Alumni Award from Humboldt State University.[37][38]

In 2009, Fisher received the inaugural Tiburon CEO Summit award for Challenging Conventional Wisdom. In 2010, Fisher was on Investment Advisor’s “Thirty for Thirty” list.[39] A year later, Investment Advisor Magazine ranked Fisher, as one of the top 25 most influential figures in the financial industry.[40]

In 2015, Fisher was appointed to the Board of Advisors of The Forbes School of Business at Ashford University.[41]

Interests

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Fisher's ongoing study of redwood ecology, particularly the emerging field of study of redwood canopies, grew from his childhood in San Mateo, California, near ancient redwood logging camps.[42] Fisher's personal library contains more than 3000 volumes of regional logging history.[43]

In 2006, Fisher gave $3.5 million to endow the Kenneth L. Fisher Chair in Redwood Forest Ecology at Humboldt State.[44] 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.[45] Fisher's goal in creating the chair was to transform our understanding of trees and forests.[45] Fisher helped fund the Save-the-Redwoods League initiative to study how climate change may impact coastal Redwoods.[46]

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.[47]

They also donated $500,000 to the San Mateo Public Library Foundation for the Kenneth and Sherrilyn Fisher Journalism Center.[48]

Controversy

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In October 2019, Fisher came under criticism for using sexual references during a private fireside chat at a conference sponsored by Tiburon Security Advisors.[49][50]

Reporting from Bloomberg L.P contended that Fisher had made derogatory remarks a number of times before. Within weeks of the incident, institutional investors withdrew more than $2.7 billion in assets managed by his firm - Fisher Investments.[51]

Fisher in his defense said his comments were misinterpreted and taken out of context when reported. In a memo to employees, Fisher Investments Chief Executive Officer Damian Ornani wrote, “Ken’s comments were wrong.” In the memo Ornani also noted the firm was taking steps to address diversity and inclusion within the organization.[52][53]

Works

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  • Super Stocks by Kenneth L. Fisher. McGraw-Hill. 1990.

References

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  1. ^ "The World's Billionaires: #764 Ken Fisher". Forbes.
  2. ^ a b "Forbes profile: Ken Fisher". forbes.com. Forbes. Retrieved 9 January 2020.
  3. ^ Fisher, Ken (September 14, 2016). "My Best Advice - 32 Years in the Making". forbes.com. Forbes.
  4. ^ "The Richest People in America List - Forbes". Forbes. 21 November 2014. Archived from the original on 21 November 2014. Retrieved 21 November 2014.
  5. ^ "Thirty for Thirty". Think Advisor. 1 May 2000. Retrieved 20 January 2014. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  6. ^ "Company information". fisherinvestments.com. September 30, 2016. Retrieved November 16, 2016.
  7. ^ Green, James. "Doing it Right". Advisorone. Retrieved 30 November 2011.
  8. ^ "Shaking it Up," but Vernon Felton, Humboldt Stater, Fall, 2006.
  9. ^ "The P&I/Towers Watson World 500: World's largest money managers". 2014-11-10. Retrieved 2015-08-05.
  10. ^ Frankel, Matthew (2015-06-19). "3 Things to Learn from Ken Fisher's Net Worth -- The Motley Fool". Fool.com. Retrieved 2015-08-05.
  11. ^ "Ken Fisher hits a milestone of $100 billion of AUM and $1 billion of revenues but faces a new challenge: How to grow a mature firm with competitors yapping at his heels". RIABiz. Retrieved 2019-06-30.
  12. ^ "OTS: Gruner Fisher Investments / Gruner Fisher Investments verhalten". Finanzen (in German). 5 August 2013. Retrieved 20 January 2014. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  13. ^ Fisher, Kenneth L. (2008). The Wall Street Waltz. John Wiley & Sons. ISBN 9780470267967.
  14. ^ Iacurci, Greg (3 April 2018). "Fisher Investments growing fast in 401(k) market". Crain Communications. Retrieved 2 September 2018.
  15. ^ https://smartasset.com/investing/ken-fisher
  16. ^ Corvin, Aaron (21 June 2012). "Fisher Investments CEO heralds the singularity". The Columbian. Retrieved 20 January 2014. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  17. ^ Margaret Brennan & Ken Fisher (7 September 2010). Fisher Investments Ken Fisher Interview Expert (Television). Bloomberg Television.
  18. ^ "Fisher Investments - CrunchBase". AOL Inc. Retrieved 2 March 2015.
  19. ^ "Fisher Investments names Damian Ornani CEO as Ken Fisher relinquishes role". Investment News. March 22, 2016. Retrieved November 4, 2016.
  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 0-470-07499-X.
  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. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  24. ^ https://smartasset.com/investing/ken-fisher
  25. ^ https://www.valuewalk.com/2017/04/taking-closer-look-ken-fishers-research-behavioral-finance/
  26. ^ https://www.valuewalk.com/2017/04/taking-closer-look-ken-fishers-research-behavioral-finance/
  27. ^ https://www.tandfonline.com/toc/hbhf20/current
  28. ^ https://onlinelibrary.wiley.com/journal/14756803
  29. ^ https://joi.pm-research.com/
  30. ^ https://jpm.pm-research.com/
  31. ^ https://www.goodreads.com/author/list/14289.Kenneth_L_Fisher
  32. ^ "Beat the Crowd | By Ken Fisher". beat-the-crowd.com. Retrieved 2015-08-05.
  33. ^ Gillespie, Patrick (2015-04-22). "Billionaire investor Ken Fisher's advice". CNNMoney. Retrieved 2015-08-05.
  34. ^ https://www.onlythreequestions.com
  35. ^ https://www.oreilly.com/library/view/the-ten-roads/9781118445075/
  36. ^ Anderson, Aaron (2010). The Making of a Market Guru: Forbes Presents 25 Years of Ken Fisher. John Wiley & Sons. ISBN 9780470285428.
  37. ^ http://now.humboldt.edu/news/distinguished-alumni-hailed-honored/
  38. ^ https://www.ashford.edu/about/media-room/press-releases/forbes-school-of-business-at-ashford-university-appoints-eight-members-to-its-board-of-advisors
  39. ^ https://www.thinkadvisor.com/2010/05/01/30-for-30-interviews-ken-fisher/
  40. ^ McBride, Kathleen (4 May 2011). "Ken Fisher, Fisher Investments: The Extended 2011 IA 25 Profile". Think Advisor. Retrieved 20 January 2014. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  41. ^ https://www.ashford.edu/about/media-room/press-releases/forbes-school-of-business-at-ashford-university-appoints-eight-members-to-its-board-of-advisors
  42. ^ "Ken Fisher: a passion for local history". The Almanac. 29 October 2003. Retrieved 23 February 2014. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  43. ^ "Ken Fisher Chair to Take Redwood Ecology to New Heights". Newswise. 3 February 2006. Retrieved 23 February 2014. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  44. ^ "Humboldt State University". CalState.edu. Retrieved 7 March 2016.
  45. ^ 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.
  46. ^ https://www.savetheredwoods.org/wp-content/uploads/bulletin_win10.pdf
  47. ^ "Ken and Sherrilyn Fisher - Wall Street Donors Guide". Inside Philanthropy. Retrieved 22 March 2019.
  48. ^ https://mindmatters.ai/2019/08/ken-fisher-recession-is-not-bound-to-happen/
  49. ^ Forbes, "Billionaire Ken Fisher Blasted Online After Offensive Comments At Closed-Door Fireside Chat", 9 Oct 2019 [1]
  50. ^ Huffington Post, "CEO Calls Out Billionaire Ken Fisher’s Remarks About Jeffrey Epstein, Genitalia" Oct 9, 2019 [2]
  51. ^ Willmer, Sabrina. "Inside Ken Fisher's Private Kingdom, Where Hardball Culture Reels in Billions". bloomberg.com. Bloomberg. Retrieved 21 October 2019.
  52. ^ Los Angeles Times, "Billionaire Ken Fisher’s sexual comments offend at conference" Oct 9, 2019 [3]
  53. ^ CNBC "Fidelity criticizes money manager Ken Fisher, who loses Philadelphia as a client", October 16, 2019 [4] Accessed October 17, 2019

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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Category:1950 births Category:Living people Category:American finance and investment writers Category:American money managers Category:American billionaires Category:American financial analysts Category:Businesspeople from the San Francisco Bay Area Category:Stock and commodity market managers Category:California State Polytechnic University, Humboldt alumni Category:CFA charterholders

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