Kenneth L. FisherBiographyThe son of Philip A. Fisher, Ken Fisher is the founder, Chairman and CEO of Fisher Investments, and widely known for his 25-year tenure at Forbes magazine, writing the Portfolio Strategy column. He is currently the fourth-longest-running columnist in Forbes 90+ year history. His company, Fisher Investments, is a multi-billion dollar money management firm serving high net worth individuals, as well as institutional investors including large corporate and public pension plans, endowments and foundations. As of 2010, Ken Fisher has written seven books on investing and wealth accumulation, including best sellers The Only Three Questions that Count, The Ten Roads to Riches, and How to Smell a Rat. His 1984 book Super Stocks was the best selling investment book that year. His latest book, released in 2010, is Debunkery: Learn It, Do It, and Profit From It - Seeing Through Wall Street's Money-Killing Myths. Ken Fisher's firm formed a partnership with John Wiley & Sons in 2007 to produce a series of investing books for a wide audience under the Fisher Investments Press publishing imprint. In addition, Ken Fisher's firm produces a daily financial news and commentary website called MarketMinder. Ken Fisher has been published and/or interviewed in many major American finance or business periodical. His early 1970s theoretical work pioneered a tool known as the Price Sales Ratio, now a core part of the financial curriculum. In the 1980s his firm helped create a school of equity style management called domestic small cap value equity, now a major national category for institutional and retail investors. The firm has since branched its research and management in a wide array of style-based categories. Ken Fisher's most recent research focuses on the emerging field of behavioralism, where he has worked with Dr. Meir Statman of Santa Clara University. Their award-winning research has appeared in professional and scholarly journals. Ken's additional interests include the history of Kings Mountain, California and 19th century redwood lumbering history, and he has founded the Redwood Chair at his alma mater, Humboldt State California. He resides in Woodside, California with his wife, Sherrilyn. They have three adult sons. Books by Kenneth L. Fisher
Investing RulesEngage The Great Humiliator without ending up humiliated by it. The market is effectively a near living, near spiritual entity that exists for one goal and one goal only - to embarrass as many people as possible for as many dollars as possible for as long a time period as possible. And it is really effective at it. It wants to humiliate you, me and everyone else. It wants to humiliate Republicans and Democrats and Tories. It is an equal opportunity humiliator. Your goal is to engage The Great Humiliator without ending up humiliated by it. Never forget - you are really Fred Flintstone. If you always remember you have a stone age mind genetically trying to deal with post-industrial revolution problems, you will better understand your cognitive difficulties in seeing the market correctly. We got our brains from our ancestors and they are both genetically identical to those that existed before markets did, but also the ways we process information are almost identical to they way information was processed thousands of years ago. When you think of a tough stock market problem in terms of how would a stone age person think of this, it takes you to rudimentary evolutionary psychology, which is closely linked to behavioral finance and leads quickly to being able to see yourself better and better understand your problem. The Pros are always wrong. For decades people have presumed that the little guy is wrong and the sophisticated pro is more likely to be right. The concept is cute but is inconsistent with finance theory. The reality is that professional consensus is always wrong. Why? The market is a discounter of all known information. That is core finance theory. Everyone has information, but on average professionals have a lot more access to information than normal people. Professionals as a group have access to all essentially known information. So, if you can figure out what professionals as a group believe will happen you know what has been discounted into current pricing from all known information and therefore cannot happen. It is theoretically and empirically perfect. The pros as a group are a perfect guide to what won't happen. Knowing what won't happen doesn't tell you what will but eliminates a big part of the possibility spectrum and gives you a leg up on figuring out what may happen. Taken from The Global-Investor Book of Investing Rules |
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