Kenneth Fisher
Kenneth L. Fisher | |
|---|---|
| Born | November 29, 1950 San Francisco, California, U.S. |
| Occupation(s) | Investment strategist, author, executive chairman of Fisher Investments |
| Known for | Founder of Fisher Investments, Forbes "Portfolio Strategy" columnist |
| Notable work | Super Stocks, The Only Three Questions That Count, The Ten Roads to Riches, How To Smell A Rat, Debunkery, Beat The Crowd |
Kenneth Lawrence Fisher (born November 29, 1950) is a prominent American billionaire investment strategist, author, and the founder as well as executive chairman of Fisher Investments, a fee-only financial adviser. His Forbes column titled "Portfolio Strategy" was published continuously from 1984 until 2017, making it the longest-running column in the magazine's history. Currently, Fisher contributes monthly columns in his native language to various international publications. He has written eleven books on investing and produced research in the field of behavioral finance. In 2010, Investment Advisor magazine recognized him as one of the "30 for 30," highlighting the most influential individuals in investment advisory over the past thirty years. As of August 2024, his net worth was estimated at $11.2 billion.
Life and work
Kenneth Fisher was born in San Francisco to notable investor Philip A. Fisher and raised in San Mateo, California. At age 13, he took on several manual labor jobs. Although he left high school early, he earned an associate degree in economics from Cal Poly Humboldt in 1972, which later honored him with its Distinguished Alumni Award in 2007. In 2015, Fisher became a member of the advisory board for the Forbes School of Business at Ashford University.
In 1979, Fisher launched Fisher Investments with an initial capital of $250 and grew it into one of the largest independent asset management firms worldwide, managing assets exceeding $275 billion by 2024. To broaden its reach into Europe, he co-founded Grüner Fisher Investments in Germany in 2007.
Fisher Investments
Kenneth Fisher is the founder and chairman of Fisher Investments, an independent money management company. He established the firm in 1979, formally incorporated it in 1986, and held the CEO position until July 2016 when Damian Ornani, a veteran employee, took over. Fisher continues to serve as executive chairman and co-chief investment officer.
In June 2024, Fisher Investments revealed that Advent International and the Abu Dhabi Investment Authority had purchased a minority stake valued between $2.5 billion and $3 billion, placing the company's valuation near $13 billion. This transaction marked Fisher Investments' first external investment. Upon completion, Ken Fisher is expected to maintain majority ownership along with over 70% of voting rights.
Investment research and philosophy
Fisher was a trailblazer in utilizing the price-to-sales ratio (PSR) as a predictive metric, which he elaborated on in his 1984 Dow Jones publication, Super Stocks. Investment analyst James O'Shaughnessy credits Fisher with formalizing the PSR concept for investment evaluation. By 2006, Fisher observed in The Only Three Questions That Count that the widespread recognition of PSR had diminished its effectiveness in spotting undervalued equities.
As detailed in The Guru Investor, during the late 1990s Fisher honed his investment approach by examining stock returns and price-to-earnings ratios across six segments—large-, mid-, and small-cap value and growth—from 1976 through 1995.
Fisher Investments was among the pioneers within institutional management to provide small-cap value investment options during the late 1980s, a classification that was only emerging at that time.
Columns, books and other media
Fisher is widely recognized for his investment commentaries, which currently appear in the New York Post as well as publications across 18 other nations. His "Portfolio Strategy" column ran in Forbes from 1984 until 2017. Additionally, he creates YouTube content addressing investor inquiries and frequently features on prominent U.S. and global media platforms such as Bloomberg TV, CNBC, CNBC India, CNBC Asia, CNN International, and Fox News.
He has authored eleven books on investing, with six reaching national bestseller status:
- 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)
Titles such as The Only Three Questions That Still Count, The Ten Roads to Riches, How to Smell a Rat, and Debunkery all secured spots on the New York Times bestseller charts.
In 2015, Fisher published Beat the Crowd: How You Can Out-Invest the Herd by Thinking Differently. During an interview with CNN Money, he discussed how media-driven excitement around key economic happenings is often already factored into global markets, encouraging investors to concentrate on less obvious elements. He also issued updated editions of The Only Three Questions That Count in 2012 and The Ten Roads to Riches in 2017.
Philanthropy
In 2006, Fisher contributed $3.5 million to establish the Kenneth L. Fisher Chair in Redwood Forest Ecology at Humboldt State University. This endowment facilitates continuous research into redwood ecosystems, providing funding for graduate scholars, laboratory resources, and field instruments, with an emphasis on canopy investigations. Fisher’s goal was to deepen scientific knowledge concerning trees and forest environments.
In 2012, Fisher and his spouse donated $7.5 million to Johns Hopkins University to create the Sherrilyn and Ken Fisher Center for Environmental Infectious Diseases. Following thorough evaluation, the university accepted their generous gift.
Political involvement
Together with his wife, Fisher donated $250,000 to Donald Trump's 2020 presidential bid.
During the 2024 presidential election cycle, Federal Election Commission data indicates Fisher did not financially support Trump, Joe Biden, or Kamala Harris. Instead, he contributed to other Republican and Democratic contenders, including Robert F. Kennedy Jr.
Controversies
In October 2019, Fisher encountered backlash over comments made during a fireside chat at a Tiburon Strategic Advisors event. According to Bloomberg, Fisher compared the pursuit of money-management clients to "trying to get into a girls' pants." He later clarified that his remarks were misinterpreted. A CNBC audio recording captured him stating, "you wouldn't go up to a woman in a bar and ask what's in your pants."
As a consequence, Michigan withdrew its $600 million pension investment from Fisher Investments, while Boston removed $248 million from its pension fund. Fidelity conducted a review of its $500 million with Fisher's firm, and Philadelphia's pension board terminated its association with the company. Within weeks, institutional clients severed ties resulting in Fisher Investments losing over $2.7 billion in assets.
Damian Ornani, CEO of Fisher Investments, acknowledged the inappropriateness of the remarks and committed to implementing measures aimed at enhancing diversity and inclusion. A Bloomberg article indicated such conduct was prevalent within the organization.
Despite the negative publicity, Fisher Investments' assets under management (AUM) increased from $100 billion during the controversy to $121 billion by December 2019. By February 2025, AUM had nearly tripled, reaching $299 billion.
Personal background
Fisher is married and has three grown sons: Nathan, Jesse, and Clayton. He lives in Dallas, Texas. Nathan Fisher holds the position of senior executive vice president at Fisher Investments 401(k) Solutions and plays a significant role in expanding the firm's presence in the 401(k) sector.
Further reading
- "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.