Fisher Investments

This Week in Review discusses three major market developments: the current bull market's fourth anniversary and why age alone isn't a reason to expect a peak, Q3 2026 earnings season with analysts expecting 29.6% S&P 500 earnings growth, and September CPI data showing headline inflation at 3.7% year-over-year driven primarily by energy costs rather than broad-based pressures.

High oil prices around $100 per barrel pose a limited threat to the economy due to decades of improved energy efficiency and the declining role of energy as a primary economic driver. While higher energy costs negatively impact consumer spending on luxury goods, the overall economic impact is modest compared to other global and domestic factors.

Ken Fisher expresses enthusiasm about investing in Japan, citing its outperformance this year and its positioning as a value-heavy market that benefits when value stocks outperform growth stocks. He explains that Japanese banks' aggressive lending supports value companies' expansion, making them perform more like growth companies during periods when value leads.

Ken Fisher addresses investor questions about interest rates' stock market impact, the necessity of international diversification despite S&P 500 global revenue, the forward-looking nature of markets, and identifies AI fears as the most overblown concern facing investors today.

Ken Fisher explains that equity supply—driven by IPOs, stock-based acquisitions, and share buybacks—influences stock market pricing through supply and demand dynamics. He argues that while increased equity supply can create downward pressure on markets, current equity supply growth is not at problematic levels.

Fisher Investments presents its approach to wealth management, emphasizing personalized client service, a top-down global investment strategy managed by an experienced Investment Policy Committee, and comprehensive financial planning. The firm distinguishes itself through independent ownership, separation of service and portfolio management roles, and fee-only advisory alignment with client interests.

A weekly market briefing highlights three critical developments investors should monitor: September inflation data to assess price persistence, Q3 earnings season starting with major banks to evaluate lending trends, and Middle East conflict developments that could impact energy markets.

This Week in Review covers three major market developments: the S&P 500 reaching a new all-time high, the Federal Reserve's September meeting minutes indicating potential rate hikes ahead, and Spain's snap election scheduled for November 29th. The segment emphasizes that record highs are typically milestones in bull markets rather than peak signals, cautions against overweighting Fed guidance, and argues that political uncertainty in Spain may be less disruptive than headlines suggest.

Ken Fisher distinguishes between what triggers recessions (dislocations like regulatory changes) and what makes them deep (accumulated economic excesses). He notes that the U.S. hasn't experienced a traditional business cycle recession in 17 years, which may have allowed significant unrecognized risks and inefficient investments to build up globally.

Ken Fisher argues that President Trump's tariffs on Canada have been ineffective at reducing the trade deficit, noting that the deficit actually grew following the April 2nd, 2025 tariff announcement. Fisher expresses a fundamental bias against tariffs, characterizing them as a negative economic tool that fails to accomplish stated policy goals.

Fisher Investments analyzes the current IPO market, political landscape, inflation, and corporate earnings, concluding that while elevated IPO activity signals budding optimism, the market environment remains healthy with strong fundamentals, gridlock-driven stability post-midterms, and broad-based earnings growth supporting continued bullish positioning.

Ken Fisher discusses whether major market crashes and recessions are becoming less likely in modern times, acknowledging that while increased information access and computerization could enable faster responses and better problem prevention, there is insufficient empirical evidence to firmly support this hypothesis.

This financial market briefing covers three key economic topics: US consumer credit data showing households in relatively strong financial shape despite rising debt, trade balance figures that can indicate economic strength rather than weakness, and charitable giving strategies including QCDs and donor-advised funds available as year-end approaches.

This Week in Review covers Q3 2026 market performance showing stocks up ~12% year-to-date despite geopolitical risks, discusses September's slower job growth and the flawed assumption that labor market expansion automatically triggers wage-driven inflation, and highlights a US-China tariff reduction agreement on $60 billion in goods as a positive step reducing trade uncertainty.

Fisher Investments advises investors to resist panic-driven decisions during market downturns, emphasizing that emotional reactions often harm long-term outcomes. The firm positions itself as a partner that provides education, communication, and perspective to help clients stay focused on their goals despite market volatility.

Fisher Investments emphasizes a personalized, client-centered approach to wealth management that begins with understanding your goals and life circumstances rather than selling products. The firm offers comprehensive financial planning services aligned with your timeline, from pre-retirement accumulation through legacy planning, with fiduciary obligations and fee-based compensation that aligns their interests with clients.

Fisher Investments emphasizes its simple, fee-only structure where advisers charge one straightforward portfolio-based fee with no commissions or transaction-based earnings, ensuring their interests align with clients' interests and fiduciary obligations are built into how the firm operates.

Ken Fisher explains his bullish outlook on Japan's stock market, attributing strong recent performance to Japan being a value-focused market during a period when value stocks are outperforming growth stocks. He anticipates this outperformance trend to continue as long as banks maintain aggressive lending, which supports value-based companies.

Ken Fisher analyzes the 2022 midterm elections, examining House and Senate races with focus on polling trends in September as predictive indicators. He also discusses the historical pattern of strong stock market performance during the nine months following midterm elections, termed the 'Midterm Miracle.'

Ken Fisher argues that US-Canada tariffs are counterproductive political theater that harm both nations without achieving their stated goals. He contends tariffs are fundamentally negative tools, citing evidence that trade deficits actually increased after tariff implementation, and suggests both leaders benefit politically while ordinary citizens suffer the consequences.