Fisher Investments

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.

Fisher Investments' weekly market briefing covers three key themes: the Fed's first FOMC meeting under new chair Kevin Warsh amid US inflation driven by the Iran conflict, eurozone economic sentiment data showing signs of improvement, and underreported growth in global trade outside the US. The episode argues that low sentiment, steady trade expansion, and central bank stability collectively present underappreciated positives for global stocks.

Fisher Investments' weekly market briefing covers three key topics: the Fed's first meeting under new chair Kevin Warsh amid US inflation driven by conflict in Iran, eurozone economic sentiment data showing signs of recovery, and underappreciated growth in global trade deals outside the US. The video argues that low sentiment, rate stability, and expanding trade agreements collectively support a bullish outlook for global stocks.

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.