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Kenneth Fisher
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Kenneth Fisher
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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]

Key Information

Life and work

[edit]

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

[edit]

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

[edit]

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

[edit]

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

[edit]

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

[edit]

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

[edit]

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]

Reporting on the story was led by Bloomberg. In an October 2019 article, Bloomberg, which called Fisher "among the most successful money managers in America" wrote that he made comments likening winning money-management clients to "trying to get into a girls' pants." In a Bloomberg interview at the time, Fisher said he felt his comments were taken out of context.[36] In February 2020, Bloomberg corrected its reporting and wrote Fisher "cautioned against using financial planning—which involves getting people to talk about their money—as a way to sign up new investing clients, comparing that approach to picking up a woman in 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]

The controversy did little to slow Fisher's AUM growth. At the time of the controversy, Fisher Investments managed $100 billion in assets. By December 2019, Fisher's assets under management rose to $121 billion.[37] By February 2025, the firm nearly tripled in size to $299 billion in assets under management.[43]

Personal life

[edit]

Fisher is married, with three adult sons, Nathan, Jesse and Clayton.[44] He lives in Dallas, Texas.[1] Nathan Fisher is the senior executive vice president of Fisher Investments 401(k) Solutions.[45]

References

[edit]

Further reading

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Kenneth Fisher

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from Grokipedia
Kenneth L. Fisher is an American billionaire investor, author, and money manager who founded in 1979 with an initial $250 investment, growing it into a firm managing over $362 billion in assets as of September 2025. Fisher pioneered the price-to-sales ratio as a tool, first detailing it in his 1984 book Super Stocks, which emphasized revenue stability over volatile earnings metrics for assessing business strength. He has authored eleven books on investing, four achieving New York Times bestseller status, and contributed the "Portfolio Strategy" column to magazine from 1984 to 2016—the longest continuous run in the publication's history. In October 2019, Fisher drew widespread criticism for remarks at a private conference, where he likened persuading clients to invest to "trying to get into a girl's pants" and referenced genitalia in describing sales tactics, prompting institutional investors to withdraw nearly $4 billion in assets from his firm. Despite the episode, recovered, and Fisher remains executive chairman and co-chief officer. As of 2025, Fisher holds the #86 position on the Forbes 400 list of richest Americans and #224 on its global billionaires ranking, reflecting a estimated above $11 billion derived primarily from his firm's growth and a 2024 minority stake sale valuing the business at around $12.75 billion.

Early Life and Education

Family Background and Upbringing

Kenneth Fisher was born on November 29, 1950, in , , as the third and youngest son of Philip A. Fisher, a prominent who pioneered growth-oriented . His father established Fisher & Co., an investment counseling firm, in 1931 and managed it for over six decades, emphasizing qualitative analysis of companies' management, competitive advantages, and long-term potential rather than short-term price movements. Philip Fisher's contrarian philosophy prioritized identifying "uncommon" opportunities in superior enterprises capable of sustained growth. Philip Fisher's seminal 1958 book, Common Stocks and Uncommon Profits, codified this approach, advocating the "" method of gathering insights from industry insiders to assess quality while dismissing market psychology as unreliable for decisions. The family's San Francisco-area environment, later including time in San Mateo, reinforced a rooted in capitalist enterprise and empirical scrutiny of economic realities over speculative trends. This paternal legacy instilled in Fisher an early skepticism toward Wall Street's conventional metrics and , fostering a foundation in evaluating investments through enduring causal factors like innovation and execution rather than ephemeral data points. Philip's success, including early stakes in companies like and that yielded substantial long-term returns, provided tangible examples of disciplined, patient capital allocation amid market volatility.

Academic and Early Influences

Kenneth Fisher initially enrolled at Humboldt State University with an interest in but switched to , earning a degree in the field in 1972. He pursued no graduate studies, relying instead on self-directed learning to build upon his undergraduate foundation. The program at Humboldt State emphasized quantitative analysis and empirical evaluation of economic systems, aligning with Fisher's developing preference for evidence-based assessment of market dynamics over speculative forecasting. Following graduation, Fisher encountered early insights into investor psychology through practical engagement with , which highlighted behavioral tendencies such as overreaction to short-term noise and the fallacy of precise . These observations, grounded in empirical patterns rather than theoretical models alone, shaped his analytical rigor by prioritizing long-term data trends and toward consensus-driven predictions.

Founding and Expansion of Fisher Investments

Establishment and Initial Growth

Kenneth L. Fisher established as a in 1979 in , initially focusing on discretionary for high-net-worth individuals and institutional clients. The firm began operations with a modest client base, emphasizing direct management of portfolios amid the economic environment of the late , which included high and market volatility following the oil crises and period. During the 1980s, Fisher Investments experienced initial scaling driven by strong market performance in the ensuing bull markets, which saw the rise over 200% from August 1982 to the decade's end, alongside client referrals and consistent returns that attracted additional high-net-worth accounts. The firm maintained a low-profile approach, avoiding aggressive in favor of through demonstrated results, gradually expanding its roster of private clients and institutions without significant reliance on external promotion. By the mid-1980s, it had incorporated in , marking a step toward formalization while preserving its core operational model. In 2005, Fisher Investments reorganized as Fisher Asset Management, LLC, doing business as , a structural change that accommodated ongoing expansion and liability considerations after decades of proven viability as a money entity.

Key Milestones and Recent Developments

In the and , Fisher Investments experienced accelerated growth, expanding its client base to over 190,000 individuals and institutions across more than 100 countries by 2025. This growth in private clients combined with institutional services, including retirement plans and endowments, contributing to surpassing $362 billion as of September 30, 2025—comprising over $311 billion for private investors and $51 billion for institutions. A notable strategic milestone unfolded in early 2025, when the firm finalized a $3 billion minority common stock investment from and a unit of the on January 7, valuing at $12.75 billion. This infusion, structured as part of founder Ken Fisher's , marked the first external equity stake beyond family ownership and aimed to support operational scaling and global expansion without altering day-to-day control. Portfolio metrics in Q2 2025 highlighted the firm's scale, with reported holdings totaling approximately $252 billion across 986 positions, emphasizing diversified equity exposure.

Investment Philosophy and Research

Core Principles and Empirical Basis

Kenneth Fisher's investment philosophy centers on long-term equity investing within efficient markets, where prices rapidly incorporate widely available information, rendering short-term predictions futile and counterproductive. He posits that capitalism's core mechanism for wealth creation lies in the compounded returns of equities over extended horizons, historically outperforming alternatives like bonds or cash despite periodic volatility. This approach rejects attempts to forecast recessions or economic indicators such as GDP growth, which he views as lagging and often misleading, favoring instead direct observation of market dynamics like breadth—measuring participation across —and sentiment to gauge underlying strength. A of Fisher's framework is the price-to-sales (P/S) ratio, which he pioneered and championed as a superior valuation metric to price-to-earnings (P/E) due to sales' relative stability against earnings manipulation or cyclical distortions, though he has noted that its predictive power has diminished as it has become widely understood and adopted. Empirical analysis from historical U.S. , beginning in the mid-20th century, demonstrated that with low P/S ratios—typically below 1.5—tended to generate superior long-term returns compared to high P/S counterparts, as low ratios often signal undervaluation overlooked by consensus metrics. Fisher's research highlighted how P/E-based strategies can falter, with low P/E frequently underperforming due to value traps or accounting artifacts, whereas P/S better captures fundamental business scale and pricing power. Behavioral elements complement this, addressing cognitive biases that perpetuate myths like "this time it's different," where or drives deviations from historical norms, empirically evident in repeated and cycles since the . Critiquing mainstream fallacies, Fisher advocates causal reasoning from first principles, such as supply-demand equilibria over macroeconomic forecasts, arguing that fears often amplify via media but lack predictive power absent confirming market signals like narrowing breadth. Data from post-World War II expansions show stocks advancing amid " scares" over 80% of the time, underscoring the peril of reactive positioning. This empirical grounding prioritizes probabilistic outcomes rooted in market history over narrative-driven alarms, aligning with efficient market tenets where only , unpriced information drives sustained moves.

Methodological Innovations and Critiques

Fisher advanced investment analysis by championing the price-to-sales (P/S) ratio as a core valuation tool, first detailed in his book Super Stocks, positing it as more reliable than price-to-earnings (P/E) ratios because sales figures are harder to manipulate through practices. This metric prioritizes revenue consistency and growth potential, enabling identification of undervalued firms with strong fundamentals amid market noise, diverging from traditional earnings-focused metrics that can distort during economic cycles. In portfolio management, Fisher Investments applies a conviction-weighted approach, often concentrating 20-30% of assets in top holdings like technology leaders (e.g., NVIDIA at 5.18%, Microsoft at 4.8% as of mid-2025), while diversifying across global equities to mitigate single-stock risk. This method, informed by top-down macroeconomic forecasting and sector rotation, has historically outperformed benchmarks in 11 of 18 years for Fisher's public stock picks, averaging 4.2% excess returns, though firm-wide composites exhibit volatility reflective of equity exposure. Fisher rebuts conventional strategies like annuities, arguing empirical data reveals their net returns lag due to embedded fees exceeding 2-3% annually and liquidity restrictions, often yielding less than low-cost index alternatives over decades. He similarly critiques as flawed, citing studies where over 80% of timers underperform passive benchmarks after transaction costs and prediction errors, advocating sustained exposure to growth drivers instead. Critics of Fisher's active approach counter that high advisory fees (around 1%) erode edges, with some periods showing underperformance versus indices, though he maintains such volatility is a feature of empirically validated long-horizon equity strategies.

Publications and Media Contributions

Authored Books

Kenneth Fisher has authored eleven books on investing and markets, four of which reached New York Times bestseller status, promoting data-centric strategies that challenge prevailing myths and emotional biases. His works emphasize empirical testing over anecdotal narratives, drawing on historical to guide portfolio decisions and wealth-building. In The Only Three Questions That Count: Investing by Knowing What Others Don't (2006), Fisher proposes three core questions for evaluating investment ideas: What do you believe that's actually false?; What can you fathom that others find unfathomable?; What's your brain doing to blindside you now?. The book uses quantitative analysis and visuals to debunk simplistic theories, urging investors to develop unique insights independent of consensus views. Debunkery: Learn It, Do It, and Profit from It—Seeing Through Wall Street's Money-Killing Myths (2010, co-authored with Lara Hoffmans) systematically refutes 50 widespread investment fallacies propagated by media and advisors, such as the inevitability of success or the safety of bonds over . It equips readers with methodological tools for ongoing , arguing that rigorous debunking—rooted in historical evidence—enhances returns by avoiding herd-driven errors. The Ten Roads to Riches: The Ways the Wealthy Got There—and How You Can Too! (2008, updated 2017) categorizes wealth creation into ten capitalist pathways, including , marrying rich, and high-risk , while assessing their probabilities and pitfalls based on statistical outcomes. Fisher highlights that most fortunes arise from scalable rather than saving alone, using examples from self-made billionaires to illustrate leverage and market dynamics. Markets Never Forget (But People Do): How Your Memory Is Costing You Money—and Why This Time Isn't Different (2011) analyzes behavioral psychology's role in failures, showing how selective recall of recent events prompts panic selling or overconfidence, eroding long-term gains. Backed by decades of U.S. stock data, it counters by demonstrating cyclical patterns' persistence, advocating disciplined, forward-looking strategies over reactive historical analogies. These publications have shaped contrarian investing circles by prioritizing verifiable metrics—like price-to-sales ratios and trend persistence—over qualitative hype, with broad readership evidenced by their commercial success and citations in financial literature.

Columns, Commentary, and Public Appearances

Fisher authored the "Portfolio Strategy" column for Forbes magazine from 1984 to December 31, 2016, establishing it as the longest continuously running column in the publication's history, during which he delivered data-driven analyses rooted in behavioral finance and free-market dynamics, often challenging prevailing pessimism with historical precedents for market resilience. In these pieces, Fisher emphasized empirical patterns, such as the irrelevance of bull market age to future performance, arguing that extended rallies historically precede further gains rather than inevitable downturns, countering media-driven fears of overvaluation. Transitioning from print, Fisher has sustained episodic commentary through ' digital channels, focusing on current events like policy shifts and economic indicators without deference to consensus narratives. In a September 2025 episode of the Market Insights , he weighed cryptocurrency's merits—citing its speculative and innovation potential—against its flaws, including extreme volatility, regulatory uncertainties, and absence of cash-flow backing, concluding it suits over diversified long-term portfolios. He dismissed recession signals, such as inverted yield curves or slowing growth metrics, as unreliable predictors based on post-World War II data showing false alarms amid underlying productivity expansions. In October 2025 commentary, Fisher rejected bubble characterizations of equities, attributing 2025's projected bull market extension to causal factors like fiscal stimulus and technological rather than hype, while outlining risks from deficits or geopolitical tensions but prioritizing historical analogs over emotional hedging. These appearances, including video responses to viewer queries, underscore his commitment to first-principles evaluation, favoring verifiable trend persistence—such as sustained corporate growth—over politically sanitized forecasts that dilute probabilistic outcomes. Public events, often client seminars or virtual sessions, reinforce this approach, as seen in 2025 discussions on unbiased 2025 outlooks amid election-driven volatility.

Philanthropic Endeavors

Major Foundations and Donations

In 2006, Fisher endowed the Kenneth L. Fisher Chair in Redwood Forest Ecology at Cal Poly Humboldt, his (formerly Humboldt State University), with a $3.5 million gift—the institution's first permanent endowed faculty position. This funding supports ongoing research into redwood ecosystems and faculty salaries, fostering advancements in and tied to the region's natural resources. Fisher, who earned a in from the university in 1972, received its Distinguished Alumni Award in 2007 in recognition of such contributions. Fisher's philanthropy through these channels emphasizes educational institutions, leveraging resources from his investment success to address specific needs with measurable outcomes, such as sustained academic positions.

Specific Impacts and Recognitions

The $3.5 million endowment Fisher provided to Humboldt State University in 2006 established the Kenneth L. Fisher Chair in Redwood , the institution's first endowed academic position, which has sustained on redwood forest dynamics, , and conservation strategies through faculty appointments, graduate stipends, laboratory resources, and field expeditions. This ongoing support has enabled data-driven studies quantifying factors like climate impacts on old-growth ecosystems, contributing to evidence-based practices amid debates over efficacy. In 2012, Fisher's $7.5 million gift to founded the Sherrilyn and Ken Fisher Center for Environmental Infectious Diseases, focusing causal analyses of how ecological variables—such as habitat alteration and vector distribution—affect and outcomes. The center has facilitated interdisciplinary projects yielding publications on zoonotic risks and intervention modeling, with measurable outputs including advanced epidemiological datasets that inform responses without reliance on unsubstantiated consensus narratives. Additional contributions, such as the $500,000 donation in the late 2010s to the San Mateo Public Library Foundation, funded the Kenneth and Sherrilyn Fisher Children's Wing, enhancing early literacy access for local youth through expanded reading programs and facilities serving thousands annually in a region with demonstrated needs for foundational education. Fisher's sustained commitments via family foundations, totaling tens of millions over decades to education and environment, have earned institutional commendations, including Humboldt State's 2007 Distinguished Alumni Award for his alumni leadership and philanthropic influence. These efforts prioritize long-term, verifiable outcomes over episodic publicity, aligning with patterns of high-net-worth giving emphasizing causal efficacy in targeted domains.

Political Involvement

Campaign Contributions and Endorsements

Kenneth Fisher, along with his wife Sherrilyn, has provided financial support to Republican candidates and committees, with records indicating a pattern of donations favoring pro-business and deregulation-oriented politicians. In 2016, the couple donated $50,000 to a Trump fundraising effort amid Fisher's public expressions of optimism about then-candidate Trump's economic policies. Fisher later contributed $250,000 jointly with his wife to support Trump's reelection bid, reflecting alignment with candidates advocating free-market principles. Federal Election Commission (FEC) filings show Fisher's ongoing involvement in Republican campaigns, including donations to national and state party committees such as the National Republican Senatorial Committee and various state Republican parties. In the 2024 cycle, Fisher and his wife each donated the maximum individual limit of $3,300 to incumbent Congressman Scott Perry (R-PA), totaling $6,600 for his reelection, as well as an identical amount to Rob Bresnahan's campaign for Pennsylvania's 8th congressional district. These contributions underscore Fisher's preference for candidates supportive of capitalist policies over those emphasizing regulatory expansion. Fisher's donation history, primarily to Republican recipients, totals significant sums across cycles, with data revealing executive-level contributions from his firm and personal gifts directed toward party infrastructure and congressional races aligned with agendas. No major contributions to Democratic candidates appear in FEC records, distinguishing his giving from bipartisan patterns observed in some investor circles.

Policy Positions and Public Stances

Kenneth Fisher has expressed support for policies promoting free capital flows and lower tax burdens on investments, arguing that such measures preserve incentives for economic growth. In response to Washington state's 2023 upholding of a 7% capital gains tax, Fisher relocated Fisher Investments' headquarters from Camas, Washington, to Plano, Texas, citing the tax as a key factor in fleeing high-tax, high-regulation environments. While some analysts critiqued the move as driven more by political alignment with conservative-leaning states than pure tax differentials—given Fisher's existing Dallas residence and Texas's broader business-friendly climate—the decision underscored his prioritization of jurisdictions with minimal fiscal interventions. Fisher critiques government overreach in markets, emphasizing over prevailing narratives on inequality and interventionist fixes. He argues that simplistic links between changes and stock performance lack historical consistency, with data showing no reliable between cuts or hikes and subsequent market returns, challenging assumptions that higher taxes invariably stifle growth while acknowledging broader incentive effects. On wealth taxes, Fisher highlights pitfalls such as administrative complexity, capital flight to low-tax havens, and minimal net after avoidance behaviors, contending they erode incentives without addressing root causal dynamics like gains that historically lift overall prosperity. He extends this skepticism to measures like excessive rate cuts, which he views as distorting market signals and risking over sustainable growth. In public commentary, Fisher advocates deregulation in sectors like energy, positing that reduced government barriers foster innovation and supply efficiency, as evidenced by market responses to past liberalizations. He debunks fears of unchecked government debt by focusing on relative metrics like debt-to-GDP trends and investor demand for U.S. Treasuries, arguing that alarmist views ignore causal factors such as global reserve currency status enabling fiscal flexibility without immediate crisis. These stances reflect a data-centric approach prioritizing market-driven outcomes over redistributive policies, often contrasting with left-leaning emphases on equity mandates.

Controversies

2019 Remarks and Immediate Fallout

On October 8, 2019, at the Tiburon CEO Summit in , Kenneth Fisher, executive chairman of , made remarks during a fireside chat comparing the process of pitching investment services to clients with seducing women at a bar. He likened the process to "trying to get into a girl's pants." These comments, intended as metaphors for sales techniques, were recorded and leaked by attendees in violation of the event's confidentiality rules, prompting immediate criticism and media reports. Fisher responded on October 10, 2019, with a statement apologizing for the remarks as "offensive, inappropriate and ill-advised," expressing regret for any harm caused. The Tiburon CEO Summit organizer banned Fisher from future events, citing the disruption to the gathering's purpose. On October 25, 2019, Fisher issued a more detailed apology, acknowledging the and committing to avoid such language while defending his intent as illustrative of sales challenges. The backlash triggered client terminations at Fisher Investments, resulting in approximately $3.9 billion in outflows by early November 2019, primarily from institutional accounts. Notable withdrawals included $600 million from Michigan's state pension fund on October 12, $500 million from Fidelity Investments on October 21, $522 million from the Los Angeles Fire and Police Pension on October 24, and $239 million from New Hampshire's retirement system. Retail client outflows totaled only $20 million in the immediate aftermath. These losses amounted to less than 4% of the firm's assets under management, which exceeded $100 billion prior to the incident. Fisher retained his leadership role at the firm, which reported asset growth resuming in 2020 and surpassing pre-controversy levels by 2021, indicating limited enduring financial impact. Coverage intensified with the discovery of Fisher's prior posts on topics including gender dynamics and historical sensitivities, though these did not directly precipitate additional immediate outflows.

Broader Criticisms and Responses

Critics of ' investment approach have pointed to instances of relative underperformance against benchmarks, particularly in shorter horizons where active stock selection and sector overweighting, such as in , led to lags like 1.7% trailing a custom index in specific evaluation periods. Detractors argue these variances underscore the challenges of in consistently outperforming passive strategies, especially when compounded by fees ranging from 1.00% to 1.50% of , which exceed many low-cost index alternatives and may erode net returns during market downturns. Fisher Investments rebuts such claims by stressing the limitations of short-term metrics, advocating evaluation against global benchmarks like the MSCI World Index to capture broader diversification benefits. The firm cites empirical data, including a 73% 10-year success ratio where most products have surpassed their category medians net of fees, as evidence of portfolio resilience and through tactical . This long-term orientation, they contend, debunks narratives fixated on isolated underperformance periods, which overlook historical outperformance in and cycles alike. Fisher's staunch opposition to annuities—labeling them inferior to diversified equity portfolios due to high costs, illiquidity, and suboptimal returns—has elicited pushback from annuity advocates, who contend his blanket dismissal ignores scenarios where fixed or variable contracts provide principal protection and income certainty unavailable in market-linked investments. Proponents, including some financial commentators, accuse Fisher of oversimplifying product complexities and promoting his firm's fee-based model as a superior alternative without fully addressing tax deferral advantages. In response, Fisher maintains that empirical comparisons reveal annuities typically yield lower after-fee, after- growth than equivalent balanced portfolios, positioning his anti-annuity stance as grounded in client wealth maximization over product sales incentives. Additional professional critiques target the firm's sales-oriented culture, with observers noting aggressive marketing and tactics that prioritize asset accumulation over individualized planning, potentially leading to standardized "robo-like" strategies unsuitable for all clients. defends its outreach as democratizing access to institutional-grade , arguing that benchmark-driven and transparent fee alignment foster sustained performance rather than customization, which can introduce undue variability.

Personal Life

Family and Relationships

Kenneth Fisher is married to Sherrilyn Fisher, with whom he has three adult sons: Nathan, Jesse, and Clayton. The couple has four grandchildren.
Fisher's family life has remained largely private, with limited public details emerging despite his high-profile career in investment management. This discretion underscores a stable marital partnership that has endured alongside his professional endeavors, spanning over five decades as of 2025.

Residences and Lifestyle

Kenneth Fisher resides in Dallas, Texas, with his wife Sherrilyn as of 2025, aligning his personal base with the headquarters of Fisher Investments in nearby Plano following the firm's 2023 relocation from Camas, Washington. The move was prompted by the Washington State Supreme Court's March 2023 decision upholding a 7% capital gains tax on long-term gains exceeding $250,000 annually, which Fisher publicly criticized as discriminatory against investors; Texas offers no state income or capital gains taxes, facilitating lower effective burdens on high earners. Prior to the Texas shift, Fisher maintained operations from a private residence converted into an office in , during earlier phases of his career, before transitioning to the Camas facility. He prioritizes firm oversight across global assets exceeding $299 billion in as of early 2025, with woven in through targeted donations—such as $7.5 million in 2012 to for infectious disease research. This approach underscores mobility and fiscal pragmatism over fixed opulence, enabling sustained engagement in market analysis and advisory roles.

References

  1. https://www.fisherinvestments.com/en-us/about/leadership/ken-fisher
  2. https://www.kenfisher.com/about
  3. https://www.kenfisher.com/about/innovations
  4. https://www.forbes.com/newsletters/validea-hot-list/2017/05/19/ken-fisher-and-the-usefulness-of-the-price-to-sales-ratio/
  5. https://www.kenfisher.com/books
  6. https://www.kenfisher.com/financial-columnist/forbes
  7. https://www.bloomberg.com/news/features/2020-02-07/a-sexist-joke-cost-ken-fisher-4-billion-in-assets-he-still-runs-121-billion
  8. https://www.cnbc.com/2019/10/11/ken-fisher-inflames-financial-advisors-with-sexist-comments.html
  9. https://www.forbes.com/profile/ken-fisher/
  10. https://www.kenfisher.com/about/professional-career
  11. https://www.bloomberg.com/billionaires/profiles/kenneth-l-fisher/
  12. https://www.investopedia.com/terms/p/philip-fisher.asp
  13. https://www.clucerf.org/2019/08/22/a-tale-of-two-fishers/
  14. https://www.forbes.com/2009/02/23/philip-fisher-growth-personal-finance_philip_fisher.html
  15. https://www.fisherinvestments.com/en-us/resource-library/investing-books/philip-fisher
  16. https://www.raptisrarebooks.com/product/common-stocks-and-uncommon-profits-philip-fisher-first-edition/
  17. https://smartasset.com/investing/ken-fisher
  18. https://www.octafinance.com/ken-fisher/
  19. https://now.humboldt.edu/news/distinguished-alumni-hailed-honored
  20. https://www.fisherinvestments.com/en-us/about/our-story/our-history
  21. https://view.ceros.com/fisher-investments-corporate-communications-group/our-history-timeline-2-4
  22. https://www.familywealthreport.com/article.php/Fisher-Investments-Expands-on-West-Coast
  23. https://www.thinkadvisor.com/2003/09/01/straight-talk-from-ken-fisher/
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  26. https://www.fisherinvestments.com/en-us/about/press-center/facts-and-figures/aum
  27. https://wealthtender.com/advisory-firms/fisher-investments/
  28. https://www.adventinternational.com/news/fisher-investments-finalizes-strategic-partnership-with-advent-and-adia-with-completion-of-minority-common-stock-investment/
  29. https://www.prnewswire.com/news-releases/fisher-investments-finalizes-strategic-partnership-with-advent-and-adia-with-completion-of-minority-common-stock-investment-302344486.html
  30. https://www.thinkadvisor.com/2025/01/08/fisher-investments-completes-3b-minority-stake-sale/
  31. https://stockzoa.com/fund/fisher-investments/
  32. https://www.fisherinvestments.com/en-us/insights/market-commentary/mindset-shift-to-analyze-markets
  33. https://www.fisherinvestments.com/en-us/insights/personal-wealth-management/corrections-and-how-to-navigate-them
  34. https://hedgefundalpha.com/stock-analysis/ken-fisher-portfolio/
  35. https://blog.portfolio123.com/ken-fisher-super-stocks-screen/
  36. https://www.aaii.com/journal/article/10409-price-sales-ratios-a-new-tool-for-measuring-stock-popularity-
  37. https://www.youtube.com/watch?v=T3UUggQlpEc
  38. https://blog.validea.com/strategy-of-the-week-the-ken-fisher-price-sales-investor-model/
  39. https://whalewisdom.com/filer/fisher-asset-management-llc
  40. https://www.cxoadvisory.com/individual-gurus/forbes-evaluates-ken-fishers-stock-picking/
  41. https://www.forbes.com/sites/kenfisher/2014/12/01/ken-fisher-why-i-hate-annuities/
  42. https://www.fisherinvestments.com/en-us/personal-wealth-management/your-financial-goals/grow-your-wealth/asset-types/annuities/i-hate-annuities
  43. https://www.thinkadvisor.com/2024/01/16/can-ken-fisher-have-it-all/
  44. https://www.kenfisher.com/books/only-three-questions
  45. https://www.amazon.com/Only-Three-Questions-Still-Count/dp/1118115082
  46. https://www.wiley.com/en-us/Debunkery%253A%2BLearn%2BIt%252C%2BDo%2BIt%252C%2Band%2BProfit%2Bfrom%2BIt%2B--%2BSeeing%2BThrough%2BWall%2BStreet%2527s%2BMoney-Killing%2BMyths-p-x000443106
  47. https://www.amazon.com/Debunkery-Profit-Through-Streets-Money-Killing/dp/1118077016
  48. https://www.kenfisher.com/books/ten-roads-to-riches
  49. https://www.amazon.com/Ten-Roads-Riches-Wealthy-There/dp/1118445074
  50. https://www.fisherinvestments.com/en-us/resource-library/investing-books/ken-fisher
  51. https://www.amazon.com/Markets-Never-Forget-People-Money/dp/111809154X
  52. https://www.forbes.com/sites/kenfisher/
  53. https://www.fisherinvestments.com/en-us/insights/market-commentary/three-lessons-from-a-three-year-old-bull-market
  54. https://www.fisherinvestments.com/en-us/insights/podcasts/september-2025-ken-fisher-on-cryptocurrency-investing
  55. https://www.fisherinvestments.com/en-us/insights/videos/fisher-investments-explains-is-crypto-suitable-for-long-term-investors
  56. https://www.youtube.com/watch?v=sFxhSvm-8oA
  57. https://www.fisherinvestments.com/en-us/insights/podcasts/oct-2025-ken-fisher-on-market-bubbles
  58. https://www.youtube.com/watch?v=Nw5CEM2oowQ
  59. https://www.fisherinvestments.com/en-us/insights/seminars
  60. https://giving.humboldt.edu/content/giving-feature-me-mini/first-endowed-professorship-established-cal-poly-humboldt
  61. https://www.humboldt.edu/redwoods/chair.php
  62. https://www.humboldt.edu/forever-humboldt/distinguished-alumni-awards
  63. https://cause-usa.org/the-london-award/kenfisherbio.html
  64. https://www.calstate.edu/csu-system/board-of-trustees/past-meetings/2007/Documents/january-23-2007-institutional-advancement.pdf
  65. https://thebillwaltonshow.com/guest/ken-fisher/
  66. https://www.insidephilanthropy.com/find-a-grant/major-donors/ken-and-sherrilyn-fisher
  67. https://www.goodreturns.in/ken-fisher-net-worth-and-biography-blnr602.html
  68. https://www.seattletimes.com/seattle-news/politics/2-wealthy-donors-pour-cash-into-state-republican-races/
  69. https://www.thewealthadvisor.com/article/ken-fisher-backing-trump
  70. https://www.opensecrets.org/donor-lookup/results?name=kenneth+fisher
  71. https://keystonenewsroom.com/2024/08/13/ken-fisher-donates-perry-bresnahan/
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  73. https://www.opensecrets.org/donor-lookup/results?order=desc&sort=A&name=kenneth+fisher
  74. https://www.investmentnews.com/ria-news/fisher-investments-becomes-the-latest-example-of-high-taxes-driving-people-and-businesses-away/235662
  75. https://www.kuow.org/stories/fisher-investments-pulls-out-of-washington-in-wake-of-capital-gains-tax-decision
  76. https://www.bloomberg.com/opinion/articles/2023-03-30/ken-fisher-s-texas-move-is-about-politics-not-taxes
  77. https://www.citywire.com/ria/news/fisher-investments-to-relocate-to-texas-after-washington-upholds-cap-gains-tax/a2412946
  78. https://www.fisherinvestments.com/en-us/insights/videos/ken-fisher-debunks-stocks-love-lower-taxes
  79. https://acquirersmultiple.com/2025/06/ken-fisher-exposes-the-truth-behind-taxes-and-stock-market-moves/
  80. https://www.fisherinvestments.com/en-us/insights/podcasts/april-2025-ken-fisher-discusses-technical-investing
  81. https://www.youtube.com/shorts/51dnaFy0ETw
  82. https://www.foxbusiness.com/video/6379793048112
  83. https://www.fisherinvestments.com/en-us/insights/videos/ken-fisher-shares-what-you-need-to-know-about-energy-deregulation-oil-markets-and-more
  84. https://www.youtube.com/watch?v=BoPyUmPeMBU
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  111. https://www.oregonlive.com/business/2023/03/fisher-investments-says-hq-moving-from-camas-to-texas-after-court-upholds-washingtons-capital-gains-tax.html
  112. https://www.foxbusiness.com/financials/billionaire-investor-moves-headquarters-democrat-led-state-bizarre-reading-law
  113. https://www.latimes.com/business/story/2019-10-22/inside-ken-fishers-private-kingdom-where-hardball-culture-reels-in-billions
  114. https://www.costar.com/article/572219581/fisher-investments-nabs-four-dallas-area-office-buildings-in-regional-expansion
  115. https://digitaledition.investmentnews.com/articles/fisher-investments-is-latest-to-flee-from-higher-taxes
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