Fisher Investments

This Week in Review for June 12, 2026 covers SpaceX's IPO debut and its implications for equity supply and market sentiment, a US CPI reading of 4.2% year-over-year driven largely by energy prices tied to the Iran war, and the ECB's first rate hike in nearly three years. Fisher Investments analysts argue that sustained inflation is unlikely given tame money supply growth, and express concern that central banks may be overcorrecting based on 2022 inflation dynamics.

The video examines the potential for 2026 to be a record-breaking IPO year, driven by anticipated offerings from Anthropic, SpaceX, and OpenAI. Fisher Investments cautions that IPOs are historically poor investments, often trailing the broader market for years. The video recommends staying grounded with a globally diversified portfolio rather than chasing flashy IPO debuts.

Ken Fisher argues that IPOs are typically poor investments for retail buyers, coining the phrase 'IPO means it's probably overpriced.' He explains that companies choose to go public when valuations favor them, not investors, and that IPOs historically underperform the market over one, three, and five year periods. Fisher warns that a wave of mega-IPOs in 2026-2027 may be a sign of market euphoria near the end of a bull market.

Ken Fisher analyzes the 2026 US midterm campaign landscape, noting headwinds and tailwinds for both parties. Neither Republicans nor Democrats have a clear unified message, and the cycle is expected to be contentious. Fisher concludes that midterm-driven gridlock is historically positive for markets.

Ken Fisher argues that high inflation is not a reliable predictor of recession, as economic indicators like inflation and job numbers are backward-looking. He contends that current inflation levels are not historically high, and only aggressive central bank tightening in response to worsening inflation could potentially cause a recession.

Fisher Investments reviews three key market events for the week of June 8, 2026: US May CPI data release, global trade updates, and an anticipated ECB rate hike. The video argues that inflation fears are likely overstated due to normal money supply growth, that global trade outside the US is quietly strengthening, and that the ECB may be mistakenly raising rates to fight an energy-driven inflation that monetary policy cannot resolve.

Fisher Investments' June 5, 2026 weekly review covers three major topics: the wave of high-profile IPOs from Anthropic, OpenAI, and SpaceX; stronger-than-expected US jobs data showing 172,000 nonfarm payrolls added in May; and rising credit card delinquencies contextualized against broader household financial health. The segment consistently argues that alarming headlines often misrepresent underlying market fundamentals.

The US labor market has entered a period of stability, with May expected to mark three consecutive months of job growth and unemployment remaining low. However, jobs data is backward-looking and reflects decisions made months earlier, meaning its effects are already priced into forward-looking stock markets.

Ken Fisher analyzes the 2026 US midterm election landscape, identifying headwinds and tailwinds for both Republicans and Democrats. He highlights Republican vulnerability due to thin margins and low presidential approval ratings, while noting Democrats lack a cohesive positive message beyond anti-Trump sentiment. Fisher concludes that regardless of outcome, midterms will likely produce gridlock favorable to stock markets.

Ken Fisher argues that inflation data is inherently inaccurate for two main reasons: individuals don't buy the same basket of goods used in calculations, and multiple indexes measure different things. He emphasizes that markets incorrectly treat small differences in inflation figures, like 2.5% vs 2.7%, as meaningful when the underlying data lacks that level of precision.

Ken Fisher suggests tech stocks will likely continue performing well as the bull market transitions into an early euphoria phase. He points to the Cerebras IPO as a symbolic indicator of this shift, while noting the bull market is broader and more global than most recognize.

Ken Fisher argues that a resurgence of the Iran conflict is unlikely to trigger a global bear market, as long as it remains a regional war. He cites historical precedent showing regional wars have never caused bear markets, and explains that oil supply workarounds are already offsetting the impact of Strait of Hormuz disruptions. The bull market, he concludes, can persist despite ongoing tensions.

Fisher Investments' weekly briefing covers three key topics: global PMI readings for May, upcoming US labor market data, and estate planning basics amid the 'Great Wealth Transfer.' The video emphasizes that mixed economic signals are not necessarily alarming, and that markets remain forward-looking despite headline uncertainty.

Bill Glaser, Co-Chief Investment Officer at Fisher Investments, addresses four major topics: AI-driven job displacement, prediction markets as both sentiment tools and risk factors, the UAE's exit from OPEC and its bullish implications for energy supply, and the diminishing market impact of ongoing US tariff developments.

Fisher Investments' May 29, 2026 weekly review covers three key topics: eurozone consumer confidence remaining negative but historically unremarkable, markets moving past Iran war fears despite ongoing conflict, and rising global bond yields being framed as a return to historical norms rather than a crisis.

Ken Fisher argues that tech stocks are likely to continue performing well as the bull market enters its final 'euphoria' phase, citing the Cerebrus IPO as an early signal of that shift. He cautions that while the end of the bull market could be years away, stretched valuations in tech stocks make them vulnerable if something derails the broader market. He also emphasizes that the current bull market is global and much broader than just AI or tech.

The transcript warns investors about the historically poor performance of IPOs, noting that newly public companies have underperformed peers by 3.3% annually over their first five years from 1980–2024. The speaker argues that IPOs often come to market under conditions that favor issuers rather than investors, particularly late in market cycles. Market reception of major IPOs is presented as a useful sentiment indicator for where we are in the broader cycle.

Ken Fisher argues that the US national debt, while large in nominal terms, is not currently a serious problem. He uses the level of long-term interest rates as evidence, suggesting that if the debt were truly risky, lenders would demand much higher rates. He acknowledges future risk is possible but dismisses near-term market or economic consequences.

Ken Fisher explains why he does not forecast Federal Reserve decisions, arguing that Fed officials are inherently unpredictable. He invokes a quote from longtime Fed Chair William McChesney Martin suggesting Fed leaders lose practical economic memory upon taking office. Fisher views the Fed critically, believing they make wrong moves more often than right ones.

This Fisher Investments video covers three key topics for the week of May 25, 2026: upcoming US PCE inflation data, a Q1 GDP second estimate release, and financial planning considerations tied to graduation season. Fisher Investments argues inflation fears are likely overstated and that forward-looking indicators suggest continued economic growth.