Billionaire Investor Ken Fisher on Why the Economy Isn’t Doing as Bad as You Think
One of my first posts on this blog was about billionaire investor Ken Fisher. As the son of legendary growth investor Phil Fisher - the author of the classic investing book Common Stocks and Uncommon Profits - Ken Fisher has continued in the family tradition. He is the author of four books, including the amazing book The Only Three Questions That Count, which is probably one of the best investing books of all time. His well-researched advice is always a pleasure to read. He is one of the most accurate investment forecasters, though he made the occasional incorrect call. Still, he is a wildly successful investor and his take on behavioral finance and its application to investing is top-notch.
In his newest column for Forbes, he admits being wrong about the most recent bear market. He says he was sure it would be short-lived, which was not the case. Fisher anticipated the last three bear markets, but this one caught him by surprise. During nearly 40 years of his investment career, he hasn’t encountered a market like this one. While the business media typically gets tired of the same old stories, in this case they have been fixated on housing and credit problems for nearly two years straight.
With that said, Fisher still thinks the global economy is set to do well. In the USA, first quarter GDP was up. Predictions were for the second quarter GDP figures to be down as well, but they were still up. It’s more of a long correction than a bear market. He says the end of the correction is near and the stock market will rise sharply at that point.
Source:
http://www.forbes.com/business/forbes/2008/0901/110.html