Fisher Investments

Ken Fisher argues that America has been the dominant force in global innovation and capitalism, particularly from the late 19th century onward, contributing significantly to material well-being worldwide. He contends that American capitalism deserves celebration as it has generated breakthrough innovations and successful companies that have benefited not only Americans but people across the globe.

This weekly market briefing covers three major topics: the NATO summit in Turkey and its limited market impact despite higher defense spending, the Fed's June meeting minutes under new Chairman Kevin Worsh showing divided views on future rate decisions, and an SEC proposal to change public company reporting from quarterly to semiannual cadence.

This market review covers Q2 2026 performance showing global stocks rebounded 8.9% in April and 4.8% in May before experiencing June volatility, primarily in tech. Key developments include stabilizing oil prices post-Iran conflict, elevated inflation at 4.2%, weak June job growth of 57,000 with falling unemployment to 4.2%, and the US-Mexico-Canada trade agreement review proceeding without extension.

Brent crude oil prices have fallen from the low 80s to around $73 per barrel, returning to pre-war levels. Markets have demonstrated resilience by recovering from the geopolitical shock faster than expected, with oil futures contracts for 2027 fixed around the $70 range, suggesting diminishing strategic importance of key shipping routes.

Ken Fisher dismisses the Bank of England's warnings about AI bubbles, overvalued stocks, and market troubles, arguing that central banks lack meaningful insight into how future economic developments will unfold. He advocates for largely ignoring pronouncements from major central banks, claiming they are no more knowledgeable than average fourth graders despite their data and trained personnel.

Ken Fisher celebrates America's 250-year track record of innovation and capitalism, arguing that the shift from Britain-centered capitalism in the 19th century to American-dominated innovation in the 20th and 21st centuries has produced transformative technologies and companies that benefit people globally. He attributes this American advantage to 'entrepreneurialism' or 'Yankee ingenuity'—the willingness to pursue unconventional ideas that often succeed and reshape industries.

Fisher Investments highlights the value of its 45-year track record and experienced investment policy committee with combined 150 years of experience. The firm argues that deep market experience enables better decision-making during market turmoil and helps anticipate future economic changes.

Fisher Investments differentiates itself through an institutional pension fund management model supported by a large independent research arm that produces thousands of hours of weekly research. An Investment Policy Committee composed of the firm's five most qualified individuals uses this research to make portfolio decisions aimed at maximizing clients' probability of achieving their financial goals.

Fisher Investments emphasizes proactive client engagement and active portfolio management as core differentiators. New clients can expect regular communication from investment counselors, particularly during market turbulence, combined with dynamic portfolio adjustments based on market conditions and personal life changes.

Fisher Investments emphasizes the need for continuous reassessment of investment strategies and portfolio positioning due to constantly changing market conditions. As an active money manager, the firm focuses on forward-looking analysis to anticipate future market developments and position clients' portfolios accordingly to achieve long-term financial goals.

Fisher Investments emphasizes their high-touch client service model, which centers on educating clients about market conditions and investment strategy during volatile periods. The firm differentiates itself through regular advisor communication, multiple engagement channels (newsletters, webinars, live events), and opportunities for clients to interact directly with the investment team.

Most investors suffer from home country bias, which limits their exposure to global economic and growth opportunities. Global investing increases diversification and improves the probability of achieving investment goals by expanding the investment opportunity set.

Ken Fisher argues that while private credit may contribute to the next bear market, it won't be the primary cause because extensive discussion about it means the risk is already priced into markets. True market-moving recessions are caused by surprising, unpriced risks that aren't widely discussed.

This financial market briefing covers three major topics: the upcoming 2026 midterm elections and the historical "midterm miracle" pattern of stock gains, the June jobs report and labor market resilience, and tax planning strategies for retirement including Roth conversions and diversified account types.

This Week in Review covers three major market developments: oil prices falling to pre-war levels around $72/barrel following US-Iran agreement fragility, UK Prime Minister Keir Starmer's resignation with Andy Burnham expected to succeed him, and a tech stock pullback driven by concerns about AI spending outpacing profit growth.

Ken Fisher argues that private credit, despite widespread discussion, is already priced into markets and therefore unlikely to be the primary cause of the next bear market. He explains that bear markets are typically triggered by unexpected, undiscussed factors, and that private credit problems would only emerge as a reactive consequence during the late stages of a recession.

Ken Fisher argues that inflation is fundamentally caused by excess money creation, not by rising prices of individual goods like oil. While oil price increases may temporarily affect costs in the short term, they ultimately cause substitution effects rather than systemic inflation when the money supply remains stable.

This episode covers three key financial topics: June PMI data releases across major economies that could surprise positively given low expectations, US PCE inflation data that is unlikely to broaden significantly despite recent headline increases, and a cautionary analysis of annuities in retirement accounts, arguing that long-term growth potential typically outweighs the appeal of guaranteed income.

Fisher Investments' weekly review covers the Fed's first meeting under new Chairman Kevin Warsh, a US-Iran memorandum of understanding that could reopen the Strait of Hormuz, and rising inflation data in the Eurozone. The segment argues that markets have already priced in geopolitical risks and that energy-driven inflation is likely temporary, supporting the ongoing bull market.

Ken Fisher answers monthly mailbag questions covering crypto's unsuitability as a monetary system, the true causes of inflation, central bank predictions, and annuities. He argues that inflation is solely caused by excess money creation, not rising commodity prices, and dismisses both crypto monetary reform and central bank warnings as largely ignorable. He also advises anyone considering annuities to carefully read the contract before purchasing.