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Kenneth Fisher Quotes
Kenneth Fisher Quotes
Kenneth Fisher
American
Businessman
Born:
Nov 29
,
1950
Because
Done
Long
Time
World
You
Related authors:
Bill Gates
Henry Ford
Jim Rohn
Les Brown
Peter Drucker
Stephen Covey
Steve Jobs
Warren Buffett
What is the most common investor mistake? Trading - getting in and getting out at all the wrong times, for all the wrong reasons.
Kenneth Fisher
Mistake
Out
Investor
Wrong
Wrong Reasons
Most
Trading
Times
Getting
Common
Reasons
Plenty of funds have fine long-term returns despite being tax-inefficient and generally costly. But a dirty secret is this: Average, no-load fund investors do much worse than the funds - or the market.
Kenneth Fisher
Market
Secret
Despite
Worse
Plenty
Fine
Costly
Dirty
Generally
Investors
Long-Term
Returns
Than
Being
Average
Much
Fund
Funds
I'm sometimes accused of being hostile to mutual funds. That's not fair, really. There is a place for them. Still, I am hostile to one thing, which is trying to use funds to time your way in and out of the market. That's a recipe for very bad results.
Kenneth Fisher
Time
Mutual Funds
Sometimes
Recipe
Market
Way
Out
Bad
One Thing
Mutual
Results
Hostile
Fair
Am
Still
Very
Trying
Accused
Being
Not Fair
Place
Which
Them
Really
Use
Your
Thing
Funds
The stock market is a discounter of all known information.
Kenneth Fisher
Market
Known
Stock
Stock Market
Information
Long before folks fretted the demise of 'quantitative easing,' I fretted its existence. It proved the reverse of its image, an antistimulus, and we've done okay not because of it, but despite it.
Kenneth Fisher
Long
Before
Despite
Okay
Easing
Folks
Demise
Quantitative
Because
Proved
Reverse
Existence
Done
Image
China frequently confounds stock market prognosticators because it has a penchant for straying markedly from other broad global indexes year-by-year over the decades - even from emerging markets. It's hit or miss.
Kenneth Fisher
Other
Broad
Market
Markets
Emerging
Miss
Over
Global
Because
Frequently
Stock
Stock Market
Hit
Decades
China
Even
Environmentalists should like fracking for its relative cleanliness. But they don't. They have made a bugaboo out of the chemicals in fracking fluids, which supposedly can leach into groundwater sources. I'm convinced they're dead wrong. Ultimately, good technology with a cost advantage will win out over paranoia.
Kenneth Fisher
Good
Technology
Win
Will
Made
Relative
Out
Paranoia
Cost
Cleanliness
Wrong
Advantage
Over
Environmentalists
Like
Supposedly
Dead
Chemicals
Sources
Ultimately
Which
Convinced
Should
In history, the evidence is overwhelming: Stock market bottoms happen, and then stocks jolt upwards while the economy keeps getting worse - sometimes by a lot and for a long time.
Kenneth Fisher
Time
History
Sometimes
Long
Long Time
Overwhelming
Market
Worse
Evidence
Economy
Lot
Stock
Stock Market
Stocks
Getting
Happen
While
Upwards
Then
Keeps
If you can predict where the market's going, just do what you can predict. If you can't, which is the presumption of dollar cost averaging or time cost averaging, either one, then you're trying to ease in. But if the market rises more than it falls most of the time, easing in is, by definition, a loser's game.
Kenneth Fisher
Time
You
Game
Predict
Market
Ease
Definition
Easing
Presumption
Cost
Rises
More
Most
Loser
Dollar
Falls
Than
Trying
Going
Just
Where
Either
Which
Then
I never liked quantitative easing. It's misunderstood by almost everybody. Flattening the yield curve is not stimulative; flattening the yield curve is anti-stimulative.
Kenneth Fisher
Everybody
Easing
Never
Almost
Liked
Quantitative
Misunderstood
Yield
Curve
Investors covet past improvements but also always believe pricing unimaginable future creativity and efficiency gains is Pollyannaish. And they're always wrong. Bet on it.
Kenneth Fisher
Future
Creativity
Past
Believe
Bet
Pricing
Investors
Wrong
Also
Always
Covet
Efficiency
Gains
Unimaginable
You may have seen my firm's ads screaming, 'I Hate Annuities.' Folks ask why we run them. Simple: Because I do.
Kenneth Fisher
You
Hate
Simple
Seen
Run
Folks
Ads
Firm
Because
May
Screaming
Them
Ask
Why
Over rolling long periods, U.S. and non-U.S. stocks tend to equalize.
Kenneth Fisher
Long
Tend
Long Periods
Over
Periods
Stocks
Rolling
All equity categories, correctly calculated, create near-identical lifelong returns. They just get there via wildly differing paths.
Kenneth Fisher
Wildly
Correctly
Lifelong
Calculated
Categories
Returns
Equity
Get
Via
Paths
Just
Create
Differing
Both cheap value stocks and more glamorous growth stocks can work well in a portfolio - if done right.
Kenneth Fisher
Work
Value
More
Both
Glamorous
Cheap
Well
Stocks
Done
Portfolio
Growth
Right
Having different types of stocks in your portfolio can enhance returns.
Kenneth Fisher
Types
Having
Returns
Stocks
Different
Your
Different Types
Enhance
Portfolio
Generally, variations in earnings aren't nearly as impactful on glamour growth stocks as are changes in image and, well, sexiness. I often think of glamour stocks as though they are attractive women dressing to the nines.
Kenneth Fisher
Women
Think
Changes
Earnings
Though
Sexiness
Dressing
Variations
Generally
Glamour
Attractive
Well
Stocks
Often
Nearly
Growth
Image
Fundamentally cheap stocks are often held in low regard by market participants. Something may be tainting their perception in investors' minds.
Kenneth Fisher
Perception
Market
Minds
Something
Cheap
Investors
Participants
Stocks
May
Often
Regard
Low
Held
Fundamentally
To me 'The Big Easy' is shorthand for owning big stocks that are easy for wary investors to buy into. These stocks tend to outperform during the back half of bull markets.
Kenneth Fisher
Buy
Me
Half
Big
Back
Markets
Easy
Tend
Investors
Bull
Stocks
Owning
Shorthand
Wary
The more you talk about investing problems, the worse you feel. Instead of complaining, it's better to do something.
Kenneth Fisher
You
Better
Problems
Complaining
Worse
About
Something
More
Investing
Instead
Feel
Talk
My father, Philip Fisher, was the toughest guy I ever knew. An example: He had terrible teeth, yet he got his fillings done without ever using a painkiller. Now, that's tough!
Kenneth Fisher
Father
Example
Tough
Philip
Teeth
Guy
Toughest
Had
He
Knew
Terrible
Without
Got
Fisher
His
Done
Using
Now
Ever
Buying only what you know can end in disaster. Just think about Enron's employees and business partners, the 'locals' who bought lots of its stock because they thought they were in the know.
Kenneth Fisher
You
Business
Thought
Employees
Think
Enron
About
Only
Bought
Disaster
Know
Partners
Because
Were
Lots
End
Stock
Just
Business Partners
Who
Buying
China's stock market is inextricably tied to politics.
Kenneth Fisher
Politics
Market
Tied
Inextricably
Stock
Stock Market
China
Italians have always had a high savings rate. They love putting their money into their own government bonds - even more than in houses, stocks and gold. The higher rates climb, the happier they are to invest. So if austerity plans drive rates up, it's music to Italian ears.
Kenneth Fisher
Love
Music
Government
Money
Drive
Own
Savings
Ears
High
Rate
Rates
More
Higher
Invest
Had
Putting
Houses
Always
Climb
Italian
Italians
Austerity
Up
Than
Stocks
Gold
Happier
Plans
Even
Bonds
One component of the leading economic indicators is the yield curve. Bond investors keep a close eye on this, as it illustrates the spread or difference between long-term interest rates and short-term ones.
Kenneth Fisher
Eye
Component
Rates
Economic
Investors
Leading
Between
Long-Term
Spread
Yield
Close
Difference
Curve
Short-Term
Interest
Interest Rates
Keep
Illustrate
Bond
I've long loved emerging markets airlines because they usually sell at bargain prices. The troubled history of developed market airlines unfairly taints these stocks. In the emerging world, they're growth stocks.
Kenneth Fisher
History
World
Long
Market
Markets
Airlines
Emerging
Troubled
Prices
Developed
Because
Sell
Stocks
Unfairly
Loved
Bargain
Growth
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