Kenneth L. Fisher (1950) 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 six books including 2009 New York Times best seller How to Smell a Rat[7][8], and has written research papers in the field of behavioral finance.[1] Fisher is on the 2009 Forbes 400 list of richest Americans[2] and Forbes list of world billionaires, as of 2009 is worth $1.35 billion.[3] In 2008, he was named to Investment Advisor magazine's IA 25, the list of the 25 most influential people in and around the investment advisory business.[4]
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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.[5] Stating contributions to the finance world and the ongoing study of redwood ecology, Humboldt State recognized Fisher with its Distinguished Alumni Award in 2007.[6]
After graduating, Fisher worked for his father, Philip Fisher, who was a noted money manager and author. Fisher started his own company, Fisher Investments, in 1979.[7] The firm also has offices in the UK.[8] and Germany.[9]
In 2009, Fisher received the innaugural Tiburon CEO Summit award for Challenging Conventional Wisdom. Charles Schwab received the innaugural award for Maintaining a Focus on Consumer Needs.[10] Fisher also has a Berstein Fabozzi/Jacobs Levy Award for outstanding published research.[11]
Fisher supports ongoing study of redwood ecology, particularly the emerging field of study of redwood canopies.[12] 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.[13] 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,[14] the biologist who's featured, along with Sillett's brother and his wife, in Richard Preston's 2007 book The Wild Trees.[15]
A grant from Mr. Fisher made it possible for the Save-the-Redwoods League to begin using LIDAR to measure redwood heights and measure biodiversity of the California North Coast redwood forest. The League feels this can be useful in reforestation efforts, and also in finding trees that may surpass the Hyperion in height.[16]
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.[17][18] Based on his expertise in California Redwoods and Redwood logging history, Fisher provided a peer review of chapters five and six of Coast Redwood: A Natural and Cultural History.[19]
Fisher has also helped launch and fund the Save-the-Redwoods League climate change initiative, which aims to study the impact of climate change on coastal Redwoods.[20]
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.[21] In Fisher’s 2006 book, The Only Three Questions That Count, he states the PSR is widely used and known, and no longer as useful as an indicator for undervalued stocks.[22] However, the PSR is still frequently included as required curriculum for the chartered financial analyst exam.[23]
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.[24]
Fisher does 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]
Specifically, some of Fisher's research has been on the supposed link between stock market P/E ratios and stock prices. In a paper published in 2000, Fisher jointly with Statman found there to be no meaningful link between a stock's P/E or its dividend yield and its future return.[25]
Fisher also studied the relationship between consumer confidence and stock returns. Their research shows there to be no statistically significant link, meaning consumer confidence doesn't seem to predict future stock returns.[26]
As of 2009, Fisher has authored over 18 research papers on topics ranging from stock markets to consumer confidence to behavioral finance.[27]
Fisher has authored six investing books including Super Stocks (Dow Jones, 1984), The Wall Street Waltz (McGraw Hill, 1987), 100 Minds that Made the Market (McGraw Hill, 1993), The Only Three Questions That Count (John Wiley & Sons, 2006), The Ten Roads to Riches (John Wiley & Sons, 2008), and How To Smell A Rat (John Wiley & Sons, 2009). The Only Three Questions That Count, was on New York Times, Wall Street Journal, and BusinessWeek bestseller lists. The Ten Roads to Riches was on New York Times, Wall Street Journal, BusinessWeek, and USA Today bestseller lists. How to Smell a Rat was a New York Times and Wall Street Journal bestseller lists.
Fisher wrote the introductions to the Wiley Classics Series re-publications of Common Stocks and Uncommon Profits[28], Paths to Wealth through Common Stocks[29], both by Philip A. Fisher, and The Battle for Investment Survival[30] by Gerald M. Loeb. Fisher also wrote the introduction to The Warren Buffett Way by Robert Hagstrom.[31] Fisher's books have been translated to German, Spanish, Portuguese, Korean, Japanese, Chinese, and Italian.[32]
Fisher has also authored investment-related articles appearing in Research Magazine,[33] Financial Planning,[34][35] 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.[36][37] He currently writes monthly columns for UK investment blog Interactive Investor,[9] and a weekly column in a major German newspaper Focus Money.
Fisher has launched a publishing imprint in partnership with John Wiley & Sons, Fisher Investments Press.[10] Books published under the imprint so far include Own the World, 20/20 Money, and a series of sector investing guides.[11]
  | Forbes - The 400 Richest Americans: #281 Kenneth Fisher - Forbes.com |
| | Scholarly papers coauthored by Kenneth Fisher - +"KL Fisher" + "M Statman" - Google Scholar |
| | The Heretic - Fisher hires reps to gather assets for him to run on a discretionary basis |
| | The Guru Investor: How to Beat the Market Using History's Best Investment Strategies (Wiley 2009) - Amazon.com: The Guru Investor: How to Beat the Market Using History's Best Investment Strategies (9780470377093): John P. Reese, Jack M. Forehand: Books |
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