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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]].<ref>"Shaking it Up," but Vernon Felton, ''Humboldt Stater'', Fall, 2006.</ref>
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]].<ref>"Shaking it Up," but Vernon Felton, ''Humboldt Stater'', Fall, 2006.</ref>


After graduating, Fisher worked for his father, [[Phil Fisher]], also a money manager and author. Fisher founded Fisher Investments, in 1979.<ref>See "Bay Area Billionaires" by Jennifer Roberts, ''San Jose Magazine'', February, 2007</ref> The firm also has offices in the UK <ref>“Wealth Management,” by Tom Burroughes, ''The Business.'' 14 July 2007.</ref> and Germany. <ref>[http://today.reuters.com/misc/PrinterFriendlyPopup.aspx?type=comktNews&storyID=urn “Fisher Investments expands into Germany.” ''Reuters'', Jul 16, 2007]</ref>
After graduating, Fisher worked for his father, [[Phil Fisher]], who was a noted money manager and author. Fisher started his own company, Fisher Investments, in 1979.<ref>See "Bay Area Billionaires" by Jennifer Roberts, ''San Jose Magazine'', February, 2007</ref> Fisher Investments SEC report shows the company managing $37.1 billion as of September 30, 2007<ref>[http://www.sec.gov/Archives/edgar/data/850529/000085052907000019/0000850529-07-000019.txt Fisher Investments SEC Form 13F-HR Report for the Quarter Ended: September 30, 2007]</ref> and $31.6 billion as of September 30, 2008.<ref>[http://www.sec.gov/Archives/edgar/data/850529/000085052908000029/0000850529-08-000029.txt Fisher Investments SEC Form 13F-HR Report for the Quarter Ended: September 30, 2008]</ref> The firm also has offices in the UK <ref>“Wealth Management,” by Tom Burroughes, ''The Business.'' 14 July 2007.</ref> and Germany.<ref>[http://today.reuters.com/misc/PrinterFriendlyPopup.aspx?type=comktNews&storyID=urn “Fisher Investments expands into Germany.” ''Reuters'', Jul 16, 2007]</ref>


Fisher supports ongoing study of redwood ecology, particularly the study of redwood canopies.<ref>[http://www.humboldt.edu/~sillett/ Kenneth L. Fisher Chair in Redwood Forest Ecology • Humboldt State University<!-- Bot generated title -->]</ref> Fisher wrote the introduction to the second edition of Sawmills in the Redwoods by Frank M. Stanger. In it, Fisher details his own experiences locating, excavating, and cataloging artifacts from 1890’s era steam-powered sawmills on Kings Mountain in San Mateo County, CA. <ref>Frank M. Stanger. ''Sawmills in the Redwoods.'' San Mateo Historical Society, San Mateo, CA 1992.</ref> In 2006, Fisher established the Kenneth L. Fisher Chair in [[Redwood]] Forest Ecology for the Department of [[Biological Sciences]] at [[Humboldt State University]], currently held by [[Stephen Sillett]],<ref>[http://www.humboldt.edu/~sillett/fisher.html Kenneth L. Fisher • HSU Fisher Chair in Redwood Forest Ecology<!-- Bot generated title -->]</ref> the biologist who's featured, along with Sillett's brother and his wife, in [[Richard Preston|Richard Preston's]] 2007 book ''The Wild Trees.''.<ref name="wild">{{cite book|title=The Wild Trees: A Story of Passion and Daring|first=Richard|last=Preston|publisher=[[Random House]]|year=2007|isbn=978-1400064892|authorlink=Richard Preston}}</ref>
Fisher supports ongoing study of redwood ecology, particularly the emerging field of study of redwood canopies.<ref>[http://www.humboldt.edu/~sillett/ Kenneth L. Fisher Chair in Redwood Forest Ecology • Humboldt State University<!-- Bot generated title -->]</ref> Fisher wrote the introduction to the second edition of Sawmills in the Redwoods by Frank M. Stanger. In it, Fisher details his own experiences locating, excavating, and cataloging artifacts from 1890’s era steam-powered sawmills on Kings Mountain in San Mateo County, CA. <ref>Frank M. Stanger. ''Sawmills in the Redwoods.'' San Mateo Historical Society, San Mateo, CA 1992.</ref> In 2006, Fisher established the Kenneth L. Fisher Chair in [[Redwood]] Forest Ecology for the Department of [[Biological Sciences]] at [[Humboldt State University]], currently held by [[Stephen Sillett]],<ref>[http://www.humboldt.edu/~sillett/fisher.html Kenneth L. Fisher • HSU Fisher Chair in Redwood Forest Ecology<!-- Bot generated title -->]</ref> the biologist who's featured, along with Sillett's brother and his wife, in [[Richard Preston|Richard Preston's]] 2007 book ''The Wild Trees.''.<ref name="wild">{{cite book|title=The Wild Trees: A Story of Passion and Daring|first=Richard|last=Preston|publisher=[[Random House]]|year=2007|isbn=978-1400064892|authorlink=Richard Preston}}</ref>
Fisher also contributes frequently to historical research for San Mateo County, writing on King’s Mountain redwood logging and settlement history and other historical San Mateo events. <ref>Ken Fisher. "The Crash of ’53: Our Country’s Worst Aviation Tragedy". La Peninsula: The Journal of the San Mateo County Historical Association. Volume XXVII, No. 2.</ref><ref>Ken Fisher. "Kings Mountain’s Colorful History". La Peninsula: The Journal of the San Mateo County Historical Association. Volume XXVI, No. 3.</ref>
Fisher also contributes frequently to historical research for San Mateo County, writing most frequently on King’s Mountain redwood logging and settlement history and other historical San Mateo events. <ref>Ken Fisher. "The Crash of ’53: Our Country’s Worst Aviation Tragedy". La Peninsula: The Journal of the San Mateo County Historical Association. Volume XXVII, No. 2.</ref><ref>Ken Fisher. "Kings Mountain’s Colorful History". La Peninsula: The Journal of the San Mateo County Historical Association. Volume XXVI, No. 3.</ref>


===Professional career===
===Professional career===
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* Kenneth Fisher also manages the Purisima Total Return Mutual Fund (PURIX). Historical daily prices for PURIX are available from Yahoo! Finance.<ref>[http://finance.yahoo.com/q/hp?s=PURIX Historical prices for Purisima Total Return Fund]</ref>
* Kenneth Fisher also manages the Purisima Total Return Mutual Fund (PURIX). Historical daily prices for PURIX are available from Yahoo! Finance.<ref>[http://finance.yahoo.com/q/hp?s=PURIX Historical prices for Purisima Total Return Fund]</ref>


* According to Thursday, September 4, 2008 Business Week article ''The Best Places to Launch a Career'', Fisher Investments was ranked #90 out of the 119 companies on the list.<ref>[http://bwnt.businessweek.com/interactive_reports/career_launch_2008/index.asp Business Week's ''The Best Places to Launch a Career 2008'']</ref> This was the company's first appearance on the list. List ranking is based on surveys, with employer survey counting for 50% of the final ranking and career services and student surveys counting for 25% each. Among other financial companies featured on the list were: [[Merrill Lynch]] at #21, [[Lehman Brothers]] at #29 and [[Wachovia]] at #42.

* On Friday, November 7, 2008, Fisher Investments implemented the first lay off in the company's history. Fisher Investments did not provide information on the number of workers that were affected.<ref>[http://www.columbian.com/article/20081112/BIZ01/711129972 Fisher lays off workers]</ref>


====Forecasting====
====Forecasting====
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[[Value investing|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.<ref>[http://registeredrep.com/moneymanagers/finance_heretic/index.html The Heretic]</ref>
[[Value investing|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.<ref>[http://registeredrep.com/moneymanagers/finance_heretic/index.html The Heretic]</ref>


Fisher publishes research in the study of [[behavioral finance]]. He has co-authored several research papers on the topic with [[Meir Statman]], the [[Glenn Klimek]] professor of finance at the [[Leavey School of Business]] at [[Santa Clara University]].<ref name=autogenerated1 />
Fisher publishes research in the 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 name=autogenerated1 />


==Books and other authorship==
==Books and other authorship==

Revision as of 02:01, 16 November 2008

For other people named Ken Fisher, see Ken Fisher (disambiguation).

Kenneth L. Fisher (born (1950-11-29) November 29, 1950 (age 74)) is an 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.[1] Fisher is ranked #281 on the 2008 Forbes 400 list of richest Americans[2] and #677 on Forbes list of world billionaires.[3]

Biography

Kenneth L. Fisher was born in San Francisco, California, United States, North America, the third and youngest son of Philip A. Fisher, an investor and author of Common Stocks and Uncommon Profits.

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.[4]

After graduating, Fisher worked for his father, Phil Fisher, who was a noted money manager and author. Fisher started his own company, Fisher Investments, in 1979.[5] Fisher Investments SEC report shows the company managing $37.1 billion as of September 30, 2007[6] and $31.6 billion as of September 30, 2008.[7] The firm also has offices in the UK [8] and Germany.[9]

Fisher supports ongoing study of redwood ecology, particularly the emerging field of study of redwood canopies.[10] Fisher wrote the introduction to the second edition of Sawmills in the Redwoods by Frank M. Stanger. In it, Fisher details his own experiences locating, excavating, and cataloging artifacts from 1890’s era steam-powered sawmills on Kings Mountain in San Mateo County, CA. [11] In 2006, Fisher established the Kenneth L. Fisher Chair in Redwood Forest Ecology for the Department of Biological Sciences at Humboldt State University, currently held by Stephen Sillett,[12] the biologist who's featured, along with Sillett's brother and his wife, in Richard Preston's 2007 book The Wild Trees..[13]

Fisher also contributes frequently to historical research for San Mateo County, writing most frequently on King’s Mountain redwood logging and settlement history and other historical San Mateo events. [14][15]

Professional career

  • Fisher Investments doesn't publicly publish client portfolio performance, though Fisher Investments SEC Public Filings are maintained in the EDGAR public database.[16]
  • Kenneth Fisher also manages the Purisima Total Return Mutual Fund (PURIX). Historical daily prices for PURIX are available from Yahoo! Finance.[17]
  • According to Thursday, September 4, 2008 Business Week article The Best Places to Launch a Career, Fisher Investments was ranked #90 out of the 119 companies on the list.[18] This was the company's first appearance on the list. List ranking is based on surveys, with employer survey counting for 50% of the final ranking and career services and student surveys counting for 25% each. Among other financial companies featured on the list were: Merrill Lynch at #21, Lehman Brothers at #29 and Wachovia at #42.
  • On Friday, November 7, 2008, Fisher Investments implemented the first lay off in the company's history. Fisher Investments did not provide information on the number of workers that were affected.[19]

Forecasting

  • Ken Fisher has been writing the “Portfolio Strategy” column in Forbes since 1984.[20] Each column details Fisher’s personal market outlook, and usually has 4 to 6 recommended stocks. According to Fisher's January 28th, 2008 column, if an investor bought his 60 recommendations in 2007, the gross return would have been 0.9%, while buying the S&P 500 index would have returned -0.5%. (According to Forbes, all columnists' annual stock picking performance is measured as if equal-sized investments are made at the time the stock pick is published with a 1% transaction fee.) Fisher's stock picks for 2006 returned 15.7% versus the S&P 500's 8.7% (again, using the same methodology). The Russell 3000 Value index returned 22.3% in 2006.
  • Based on stock recommendations in his monthly Forbes columns beginning January, 2000, CXO Advisory Group as of October 25 2008 ranks Ken Fisher second with an accuracy rate of 61%.[21]. Other experts in CXO rankings may have longer or shorter measurement periods. CXO Advisory Group wrote: "Ken Fisher's public stock picks as calculated by Forbes for 1998-2007... outperform matching S&P 500 index investments in eight of ten years. On average, he outperforms matching benchmark investments by about 6% per year."[22]
  • Guru Focus, which tracks major stock market gurus based on their 13-F filings, has recently resumed tracking Ken Fisher's stock picks. According to their Guru scoreboard,[23] Kenneth Fisher currently ranks 39th out of 59 gurus reviewed, with average 12 month return of -38.09%.[24] Top ranked is Warren Buffett with -9.75% return.
  • Not everyone has been impressed with Fisher Investments forecasts and performance.[25][26][27]
  • Kenneth Fisher's Purisima Total Return Mutual Fund (PURIX) is ranked by Morningstar in the bottom 40% for bear market performance for trailing 5 years through 10-31-08.[28]
  • Other criticisms have also been levied against Fisher Investments. One complaint is that the company is litigious, filing legal actions against a brokerage firm,[29] former employees [30][31] and a dissatisfied client.[32] To date, Fisher Investments has won four arbitration cases against former employees for violating client confidentiality.[33][34]

Published work

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.[35] 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.[36] However, the PSR is still frequently included as required curriculum for the chartered financial analyst exam.[37]

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.[38]

Fisher publishes research in the 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.[1]

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[39], Paths to Wealth through Common Stocks [40], both by Philip A. Fisher, and The Battle for Investment Survival[41] by Gerald M. Loeb. Fisher also wrote the introduction to The Warren Buffett Way by Robert Hagstrom.[42] Fisher's books have been translated to German, Spanish, Portuguese, Korean, Japanese, Chinese, and Italian.[43]

Fisher has also authored investment-related articles appearing in Research Magazine,[44] Financial Planning,[45] [46] Journal of Portfolio Management, The Financial Analyst’s Journal, The Journal of Investing, The Journal of Psychology, and The Journal of Behavioral Finance,[1] 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.[47][48] He currently writes monthly columns for UK investment blog Interactive Investor,[2] and a weekly column in a major German newspaper Handelsblatt.[3]

Further reading

  • "Never Enough Fisher," by Anthony W. Haddad and Jonathan Bernard. Equities. September 2007.[4]
  • 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

  1. “Market Timing in Regressions and Reality.” Fisher, Kenneth L., and Meir Statman. The Journal of Financial Research, Fall 2006: 293-304. [5]
  2. “Market Timing at Home and Abroad.” Fisher, Kenneth L., and Meir Statman. The Journal of Investing, Summer 2006: 19-27. [6]
  3. “Sentiment, Value, and Market-Timing.” Fisher, Kenneth L., and Meir Statman. Financial Analysts Journal, Fall 2004: 10-21. [7]
  4. “Consumer Confidence and Stock Returns.” Fisher, Kenneth L., and Meir Statman. The Journal of Portfolio Management, Fall 2003. [8]
  5. “Bubble Expectations.” Fisher, Kenneth L., and Meir Statman. The Journal of Wealth Management, Fall 2002: 17-22. [9]
  6. “Blowing Bubbles.” Fisher, Kenneth L., and Meir Statman. The Journal of Psychology and Financial Markets, 3.1 (2002): 53-65. [10]
  7. “Cognitive Biases in Market Forecasts.” Fisher, Kenneth L., and Meir Statman. The Journal of Portfolio Management, Fall 2000: 72-81. [11]
  8. “Investor Sentiment and Stock Returns.” Fisher, Kenneth L., and Meir Statman. Financial Analysts Journal, Mar/Apr 2000: 16-23. [12]
  9. “A Behavioral Framework for Time Diversification.” Fisher, Kenneth L., and Meir Statman. Financial Analysts Journal, May/June 1999: 88-97. [13]
  10. “Investment Advice from Mutual Fund Companies.” Fisher, Kenneth L., and Meir Statman. The Journal of Portfolio Management, Fall 1997: 9-17. [14]
  11. “The Mean-Variance-Optimization Puzzle: Security Portfolios and Food Portfolios.” Fisher, Kenneth L., and Meir Statman. Financial Analysts Journal, July/Aug 1997: 41-50. [15]

References

  1. ^ a b c http://scholar.google.com/scholar?q=%2B%22KL+Fisher%22+%2B+%22M+Statman%22&btnG=Search Scholarly papers coauthored by Kenneth Fisher
  2. ^ #271 Kenneth Fisher - Forbes.com
  3. ^ Forbes
  4. ^ "Shaking it Up," but Vernon Felton, Humboldt Stater, Fall, 2006.
  5. ^ See "Bay Area Billionaires" by Jennifer Roberts, San Jose Magazine, February, 2007
  6. ^ Fisher Investments SEC Form 13F-HR Report for the Quarter Ended: September 30, 2007
  7. ^ Fisher Investments SEC Form 13F-HR Report for the Quarter Ended: September 30, 2008
  8. ^ “Wealth Management,” by Tom Burroughes, The Business. 14 July 2007.
  9. ^ “Fisher Investments expands into Germany.” Reuters, Jul 16, 2007
  10. ^ Kenneth L. Fisher Chair in Redwood Forest Ecology • Humboldt State University
  11. ^ Frank M. Stanger. Sawmills in the Redwoods. San Mateo Historical Society, San Mateo, CA 1992.
  12. ^ Kenneth L. Fisher • HSU Fisher Chair in Redwood Forest Ecology
  13. ^ Preston, Richard (2007). The Wild Trees: A Story of Passion and Daring. Random House. ISBN 978-1400064892.
  14. ^ Ken Fisher. "The Crash of ’53: Our Country’s Worst Aviation Tragedy". La Peninsula: The Journal of the San Mateo County Historical Association. Volume XXVII, No. 2.
  15. ^ Ken Fisher. "Kings Mountain’s Colorful History". La Peninsula: The Journal of the San Mateo County Historical Association. Volume XXVI, No. 3.
  16. ^ Fisher Investments SEC public filings
  17. ^ Historical prices for Purisima Total Return Fund
  18. ^ Business Week's The Best Places to Launch a Career 2008
  19. ^ Fisher lays off workers
  20. ^ Ken Fisher Forbes Magazine article archive
  21. ^ CXO Advisory Group Guru Rankings
  22. ^ Forbes Evaluates Ken Fisher's Stock Picking
  23. ^ GuruFocus Scoreboard
  24. ^ Kenneth Fisher stock picks by GuruFocus
  25. ^ Lauricella, Tom (2004-02-06). The Wall Street Journal: Define Aggressive: Fisher Sales And Marketing Practices. The Wall Street Journal, February 6, 2004. Retrieved from http://www.latrobefinancialmanagement.com/Research/Money_Management/Define%20Aggressive%20Fisher%20Sales.pdf.
  26. ^ Thornton, Emily (2004-05-10). Business Week: Hype From A Financial Guru? Business Week, May 10, 2004. Retrieved from http://www.businessweek.com/magazine/content/04_19/b3882100_mz020.htm.
  27. ^ Leonard, Andrew (2008-02-26). Salon.com: Are we too gloomy about the economy?. Salon.Com, February 26, 2008. Retrieved from http://www.salon.com/tech/htww/2008/02/26/ken_fisher_says_don_t_worry/index.html.
  28. ^ Purisima Total Return Report Risk Measures by Morningstar
  29. ^ CNN Money: Fisher sues Wachovia for sales exec hire
  30. ^ The Wall Street Journal: How Fisher, Ex-Workers Handle Divorce - Money Manager Sues Its Former Employees Over Data on Clients
  31. ^ Reuters: Fisher Investments sues former employees
  32. ^ PR Log: Fisher Investments Strikes Against Former Client - a Newspaper Publisher
  33. ^ Business Wire
  34. ^ Reuters
  35. ^ What Works on Wall Street by James O'Shaughnessy. McGraw Hill, 2005.
  36. ^ 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
  37. ^ http://www.cfapubs.org/ CFA Institute publications website
  38. ^ The Heretic
  39. ^ Common Stocks and Uncommon Profits and Other Writings. Phillip A. Fisher. John Wiley & Sons. 2003.
  40. ^ Paths to Wealth through Common Stocks. Phillip A. Fisher. John Wiley & Sons. 2007.
  41. ^ The Battle for Investment Survival. Gerald M. Loeb. John Wiley & Sons. 2007.
  42. ^ The Warren Buffet Way, Second Edition. Robert G. Hagstrom. John Wiley & Sons. 2005.
  43. ^ John Wiley & Sons Inc., 2007 Annual report.[1]
  44. ^ Research : Where Financial Advisors Find Results
  45. ^ 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
  46. ^ 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
  47. ^ FT.com / Markets / Investor's notebook - Insight: History teaches this is just a bull market correction
  48. ^ FT.com / Markets / Investor's notebook - Market insight: Be bullish and watch the bears impale themselves
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