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I'm sometimes accused of being hostile to mutual funds. That's not fair, really. There is a place for them. Still, I am hostile to one thing, which is trying to use funds to time your way in and out of the market. That's a recipe for very bad results.
Kenneth Fisher -
Readers regularly ask what can go wrong but almost never what could positively surprise.
Kenneth Fisher
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Despite its many critics, hydraulic fracturing will change the nature of energy production.
Kenneth Fisher -
Having different types of stocks in your portfolio can enhance returns.
Kenneth Fisher -
Long before folks fretted the demise of 'quantitative easing,' I fretted its existence. It proved the reverse of its image, an antistimulus, and we've done okay not because of it, but despite it.
Kenneth Fisher -
In the world I've known most of my life, old stories quickly lose their power over capital markets and get replaced by new surprises. That which everyone fixates on gets priced into the stock market quickly and can't drag on.
Kenneth Fisher -
In a bubble, anyone who argues pessimistically is seen as crazy.
Kenneth Fisher -
I've long loved emerging markets airlines because they usually sell at bargain prices. The troubled history of developed market airlines unfairly taints these stocks. In the emerging world, they're growth stocks.
Kenneth Fisher
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Buy into good, well-researched companies and then wait. Let's call it a sit-on-your-hands investment strategy.
Kenneth Fisher -
People do dollar cost averaging because they have regret of making one big mistake. But the fact of the matter is that, mathematically, the market rises more of the time than it falls. It falls, but it rises more of the time than it falls.
Kenneth Fisher -
If you're 35, 45, or even 55 - you have a very long time horizon - 40 years or vastly more. That is you, and/or your spouse, are likely to live about that long, and you'll be investing the whole way.
Kenneth Fisher -
Italians have always had a high savings rate. They love putting their money into their own government bonds - even more than in houses, stocks and gold. The higher rates climb, the happier they are to invest. So if austerity plans drive rates up, it's music to Italian ears.
Kenneth Fisher -
Originally, I thought Republican. Now I'm an equal opportunity politician-hater.
Kenneth Fisher -
All equity categories, correctly calculated, create near-identical lifelong returns. They just get there via wildly differing paths.
Kenneth Fisher
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Anyone can see how if a feared tax hike doesn't happen, that's a positive factor. But even if tax hikes happen as feared, vast history tells me it doesn't have to have the big bad impact folks fear. And fear of a false factor is always bullish.
Kenneth Fisher -
Many follow a rule of thumb - no more than 5% in one stock. But that's not the entrepreneurial road to riches.
Kenneth Fisher -
If some stock categories get too hot-and-pricey, mass supply is created via stock offerings to tap that cheap money - and, when overdone, drives it all down.
Kenneth Fisher -
You may have seen my firm's ads screaming, 'I Hate Annuities.' Folks ask why we run them. Simple: Because I do.
Kenneth Fisher -
Plenty of funds have fine long-term returns despite being tax-inefficient and generally costly. But a dirty secret is this: Average, no-load fund investors do much worse than the funds - or the market.
Kenneth Fisher -
My father, Philip Fisher, was the toughest guy I ever knew. An example: He had terrible teeth, yet he got his fillings done without ever using a painkiller. Now, that's tough!
Kenneth Fisher
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Back in the '60s and '70s, data were scarce, and while analysts knew that companies with fat gross margins lagged those with thin gross margins early in bull markets - and overachieved in the later phases - they couldn't do much about it.
Kenneth Fisher -
Normally, the market peaks before bad news emerges. That's what happened in 1929, and that's what happened in 2000.
Kenneth Fisher -
Environmentalists should like fracking for its relative cleanliness. But they don't. They have made a bugaboo out of the chemicals in fracking fluids, which supposedly can leach into groundwater sources. I'm convinced they're dead wrong. Ultimately, good technology with a cost advantage will win out over paranoia.
Kenneth Fisher -
The bubble, as investing phenomenon, has been well studied ever since the 17th-century tulip bulb frenzy. Its counterpart in bear markets is not well understood.
Kenneth Fisher