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+#REDIRECT [[Kenneth Fisher]]
-'''Kenneth L. Fisher''' (born [[November 29]], [[1950]]) is an [[United States|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 four books, and has written research papers in the field of [[behavioral finance]]. <ref>http://scholar.google.com/scholar?q=%2B%22KL+Fisher%22+%2B+%22M+Statman%22&btnG=Search</ref>
-==Early years==
-Kenneth L. Fisher was born [[November 29]], [[1950]] in [[San Francisco, California]], the third and youngest son of [[Philip Arthur Fisher|Philip A. Fisher]], an investor and author of ''Common Stocks and Uncommon Profits''. Ken Fisher was raised in [[San Mateo, California]]. He initially went to [[Humboldt State University]] to study [[forestry]], but graduated with a degree in [[economics]] in 1972.<ref>"Shaking it Up," but Vernon Felton, ''Humboldt Stater'', Fall, 2006.</ref> Upon graduating, he worked for his father’s money management firm in the 1970s, before starting his own firm, Fisher Investments, in 1979.<ref>See "Bay Area Billionaires" by Jennifer Roberts, ''San Jose Magazine'', February, 2007</ref>
-==Professional career==
-===Fisher Investments===
-Fisher founded Fisher Investments in 1979, which now manages over $45 billion (as of September 30, 2007) for private clients and institutions.<ref>[http://registeredrep.com/moneymanagers/finance_heretic/index.html Fisher hires reps to gather assets for him to run on a discretionary basis<!-- Bot generated title -->]</ref> The firm also has a significant presence in both the UK <ref>“Wealth Management.” By Tom Burroughes. ''The Business.'' 14 July 2007.</ref> and Germany. <ref> “Fisher Investments expands into Germany.” ''[Reuters.''  Jul 16, 2007.[http://today.reuters.com/misc/PrinterFriendlyPopup.aspx?type=comktNews&storyID=urn]</ref>
-===''Investment Results''===
-Fisher has been writing the “Portfolio Strategy” column in ''[[Forbes]]'' since 1984, making him the fourth-longest running ''Forbes'' columnist in ''Forbes'' 90+ year history. Each column details Fisher’s current market outlook, and usually has 4 to 6 recommended stocks. (According to Fisher's January 28th, 2008 column, if you had bought all 60 of Fisher 2007 recommendations you would be up 0.9%.) <ref>[http://www.forbes.com/fisher Forbes.com - Ken Fisher<!-- Bot generated title -->]</ref>
-Based on the ''Forbes'' recommendations, CXO Adisory Group ranks Fisher as number two most accurate market forecaster, as of February 12th, 2008, with the accuracy rate of 67%. (Note a decline from the number one slot with 70% accuracy from their previous update.) <ref>[http://www.cxoadvisory.com/gurus/ CXOAG Guru Grades<!-- Bot generated title -->]</ref>
-Fisher Investments SEC Public Filings are maintained in the [[EDGAR]] public database <ref>[http://www.sec.gov/cgi-bin/browse-edgar?company=%22Fisher+Investments%22&CIK=&filenum=&State=&SIC=&owner=include&action=getcompany Fisher Investments SEC public filings</ref>. The database is culled by [[Guru Focus]] to extract data on all purchases and sales of securities by the gurus they track. Performance is updated on a daily basis and all gurus are ranked based on their current performance. As of February 12th, 2008, Kenneth Fisher ranks at #18 with an average 12 month return of -7.12% <ref>[http://www.gurufocus.com/ListGuru.php?GuruName=Kenneth+Fisher Guru Focus - Kenneth Fisher</ref>
-===Price-to-sales ratio===
-Fisher’s theoretical work identifying and testing the [[Price/sales ratio|price-to-sales ratio]] (PSR) is detailed in his 1984 [[Dow Jones]] book, ''[[Super Stocks]]''. He is credited with being the first to define and use the PSR to identify undervalued stocks.<ref>''What Works on Wall Street'' by [[James O'Shaughnessay]]. [[McGraw Hill]], 2005.</ref> 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.<ref>''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</ref> However, the PSR is still frequently included as required curriculum for the chartered financial analyst exam.<ref>https://www.cfainstitute.org/cfaprog/courseofstudy/pdf/cbok.pdf</ref>
-===Small cap value===
-[[Value investing|Small-cap value]] was not defined as an investing category until the late 1980s. Fisher's firm, Fisher Investments, was among the first institutional money managers offering small-cap value investing to clients.<ref>[http://registeredrep.com/moneymanagers/finance_heretic/index.html Fisher hires reps to gather assets for him to run on a discretionary basis<!-- Bot generated title -->]</ref>
-===Behavioral finance===
-Fisher is active in the field and 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]].<ref>http://scholar.google.com/scholar?q=%2B%22KL+Fisher%22+%2B+%22M+Statman%22&btnG=Search</ref>
-==Accomplishments==
-Fisher is currently ranked #271 on the 2007 [[Forbes 400]] list of richest Americans, and has been on the list since 2005.<ref>[http://www.forbes.com/lists/2007/54/richlist07_Kenneth-Fisher_W06I.html #271 Kenneth Fisher - Forbes.com<!-- Bot generated title -->]</ref>
-Fisher won a [[Bernstein Fabozzi]]/[[Jacobs Levy]] Outstanding Article Award for "Cognitive Biases in Market Forecasts," a paper co-authored with [[Meir Statman]] on [[behavioral finance]] appearing in the Fall 2000 issue of ''[[Journal of Portfolio Management]]''.<ref>''Five Years of Award-Winning Articles from The Journal of Portfolio Management''. [[Peter L. Bernstein]], [[Frank J. Fabozzi]], [[Bruce I. Jacobs]], [[Kenneth N. Levy]]. ''[[Institutional Investor]]''. 2005.</ref>
-==Personal life==
-Fisher lives in Woodside, California with his wife, Sherrilyn. They have three grown sons. His hobbies include the history of [[Kings Mountain, California|Kings Mountain]], a community located in Woodside. He's written and lectured extensively on Kings Mountain and California History, and is a member of the San Mateo County Historical Association.<ref>"Kings Mountain's Coloforful History," ''The Journal of the San Mateo County Historical Association,'' Volume XXVI, No. 3, November 1990.</ref>
-He also takes an active role in researching redwood lumbering history, having located and excavated more than 35 pre-1920 steam-era lumber mills.<ref>"[[Bay Area Billionaires]]" by [[Jennifer Roberts]], ''[[San Jose Magazine]]'', February, 2007.</ref> Fisher is considered "one of the foremost experts on redwood logging during the 19th century," serving as a resource for others who research and write about coastal redwoods.<ref>"Shaking it Up," but Vernon Felton, ''Humboldt Stater'', Fall, 2006.</ref><ref>''Coast Redwood: A Natural and Cultural History'' Michael Barbour, et. al. Cachuma Press, Los Olivos, CA. 2001.</ref>
-He endowed the Kenneth L. Fisher Chair in [[Redwood Forest Ecology]] at his alma mater, [[Humboldt State University]] in order to support the study of [[coastal redwood]] ecology. The chair is currently held by [[Stephen C. Sillett]], a biology professor at Humboldt State. <ref>[http://www.humboldt.edu/~alumni/newsletter/index.php?module=Pagesetter&func=viewpub&tid=2&pid=2 The Boldt :: HSU Alumni News<!-- Bot generated title -->]</ref>
-==Books and other authorship==
-Fisher has authored four investing books – ''Super Stocks'' ([[Dow Jones]], 1984), ''[[The Wall Street Waltz]]'' ([[McGraw Hill]], 1987), ''[[100 Minds that Made the Market]]'' ([[McGraw Hill]], 1993), and ''[[The Only Three Questions That Count]]'' ([[John Wiley & Sons]], 2006). ''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''<ref> ''[[Common Stocks and Uncommon Profits and Other Writings]]''. [[Phillip A. Fisher]]. John Wiley & Sons. 2003.</ref>, ''[[Paths to Wealth through Common Stocks]]'' <ref>''Paths to Wealth through Common Stocks''. Phillip A. Fisher. John Wiley & Sons. 2007.</ref>, both by Philip A. Fisher, and ''[[The Battle for Investment Survival]]''<ref>''The Battle for Investment Survival''. Gerald M. Loeb. John Wiley & Sons. 2007. </ref> by [[Gerald M. Loeb]]. Fisher also wrote the introduction to ''The Warren Buffett Way'' by Robert Hagstrom.<ref>''[[The Warren Buffet Way, Second Edition]]''. [[Robert G. Hagstrom]]. John Wiley & Sons. 2005.</ref> Fisher's books have been translated to German, Spanish, Portuguese, Korean, Japanese, Chinese, and Italian.<ref>John Wiley & Sons Inc., 2007 Annual report.[http://www.wiley.com/legacy/annual_reports/ar_2007/Wiley2007_Annual_Report.pdf]</ref>
-Fisher has also authored investment related articles appearing in ''Research'',<ref>http://www.researchmag.com/cms/Research/Monthly%20Issues/Issues/2007/02/Index/Features/02_f_investingscience?searchfor=ken%20fisher</ref> ''Financial Planning'',<ref>[http://www.financial-planning.com/pubs/fp/20060701015.html 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<!-- Bot generated title -->]</ref> <ref>[http://www.financial-planning.com/pubs/fp/20061101025.html 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<!-- Bot generated title -->]</ref> ''Journal of Portfolio Management'', ''The Financial Analyst’s Journal'', ''The Journal of Investing'', ''The Journal of Psychology'', and ''The Journal of Behavioral Finance'',<ref>http://scholar.google.com/scholar?q=%2B%22KL+Fisher%22+%2B+%22M+Statman%22&btnG=Search</ref> 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]].''<ref>[http://www.ft.com/cms/s/1/b7d08924-50dc-11dc-8e9d-0000779fd2ac.html FT.com / Markets / Investor's notebook - Insight: History teaches this is just a bull market correction<!-- Bot generated title -->]</ref><ref>[http://www.ft.com/cms/s/1/7c692e26-3477-11dc-8c78-0000779fd2ac.html FT.com / Markets / Investor's notebook - Market insight: Be bullish and watch the bears impale themselves<!-- Bot generated title -->]</ref> He currently writes monthly columns for UK investment blog ''Interactive Investor,''[http://www.iii.co.uk/articles/article_overview.jsp] and a weekly column in a major German newspaper ''Handelsblatt.''[http://www.handelsblatt.com/News/Boerse/Die-Finanzprofis/default_203966.aspx]
-==Further reading==
-* "Doing it Right," by James J. Green. ''Investment Advisor.'' June 2007.[http://www.investmentadvisor.com/article.php?article=7747]
-* "Never Enough Fisher," by Anthony W. Haddad and Jonathan Bernard. ''Equities''. September 2007.[http://www.equitiesmagazine.com/interview_ken_fisher.php]
-* ''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.
-==Other research==
-# “Market Timing in Regressions and Reality.” Fisher, Kenneth L., and Meir Statman. ''The Journal of Financial Research'', Fall 2006: 293-304. [http://lsb.scu.edu/finance/faculty/statman/articles/mkt%20timing%20in%20regression%20and%20reality.pdf]
-# “Market Timing at Home and Abroad.” Fisher, Kenneth L., and Meir Statman. ''The Journal of Investing'', Summer 2006: 19-27. [http://lsb.scu.edu/finance/faculty/Statman/articles/market%20timing%20at%20home%20and%20abroad%20031505.pdf]
-# “Sentiment, Value, and Market-Timing.” Fisher, Kenneth L., and Meir Statman. ''Financial Analysts Journal'', Fall 2004: 10-21. [http://lsb.scu.edu/finance/faculty/Statman/articles/sentiment%20and%20market%20timing%20060205.pdf]
-# “Consumer Confidence and Stock Returns.” Fisher, Kenneth L., and Meir Statman. ''The Journal of Portfolio Management'', Fall 2003. [http://zonecours.hec.ca/documents/E2005-1-395037.Texte12-30-253-00-E05-ConsumerConfidence....pdf]
-# “Bubble Expectations.” Fisher, Kenneth L., and Meir Statman. ''The Journal of Wealth Management'', Fall 2002: 17-22. [http://lsb.scu.edu/finance/faculty/Statman/articles/bubble%20expectations.pdf]
-# “Blowing Bubbles.” Fisher, Kenneth L., and Meir Statman. ''The Journal of Psychology and Financial Markets'', 3.1 (2002): 53-65. [http://lsb.scu.edu/finance/faculty/statman/articles/blowing%20bubbles.pdf]
-# “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]
-# “Investor Sentiment and Stock Returns.” Fisher, Kenneth L., and Meir Statman. ''Financial Analysts Journal'', Mar/Apr 2000: 16-23. [http://lsb.scu.edu/finance/faculty/Statman/articles/investorsentandstckrtrns.pdf]
-# “A Behavioral Framework for Time Diversification.” Fisher, Kenneth L., and Meir Statman. ''Financial Analysts Journal'', May/June 1999: 88-97. [http://www.acsu.buffalo.edu/~keechung/Collection%20of%20Papers%20for%20courses/A%20Behavioral%20Framework%20for%20Time%20Diversification.pdf]
-# “Investment Advice from Mutual Fund Companies.” Fisher, Kenneth L., and Meir Statman. ''The Journal of Portfolio Management'', Fall 1997: 9-17. [http://lsb.scu.edu/finance/pdfs/investment%20advice%20from%20mutual%20fund%20co.pdf]
-# “The Mean-Variance-Optimization Puzzle: Security Portfolios and Food Portfolios.” Fisher, Kenneth L., and Meir Statman. ''Financial Analysts Journal'', July/Aug 1997: 41-50. [http://lsb.scu.edu/finance/faculty/Statman/articles/the_mean-varience-optimism_puzzle.pdf]
-==References==
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-[[Category:1950 births]]
-[[Category:Living people]]
-[[Category:American businesspeople]]
-[[Category:American finance and investment writers]]
-[[Category:American money managers]]
-[[Category:American billionaires]]
-[[Category:Financial analysts]]
-[[Category:People in finance]]
-[[Category:People from the San Francisco Bay Area]]
-[[Category:Stock and commodity market managers]]