Ken Fisher

speaker

93 appearances 1 recordings 1 series first heard Dec 2017 last heard Dec 2017

Ken Fisher’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

No recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.

Appearances

newest first · ▶ plays the moment

WSJ Your Money Briefing · Why We Shouldn't Call This Market Run-Up a 'Trump Rally' · 14 Dec 2017 podcast

I mean, all the things you hear people talk about worrying about regularly right now, they won't worry.

Is the PE too high?

Is it overbought?

Are there too many new highs?

You can go on and on.

They won't worry about those things then because in euphoria, people stop worrying.

That's actually when they should worry.

So where are we on that spectrum?

So I can't guarantee where we are, but we're someplace in the middle of optimism on the way to euphoria.

So that leads you to the categories that have done well this year, like tech, which usually leads late into a bull market.

Big pharma, drug companies, the big ones, not the little ones.

Not the part of health care so much that's the labor-intensive part, but the pill pushers.

Also, finance, particularly overseas, where the yield curve has been getting steeper, lending is increasing, the quantity of money is growing faster for the first time in this cycle, and you move to these foreign, big banks like Santander and what have you.

Well, when you say moving into a bear market, moving into the euphoria phase before the bear market.

Right.

And then the good part about that, of course.

is that I would say, John Templeton used the phrase that I use, but I would say the bear markets are born on euphoria, drift on grinding economics, accelerate on recession, and die on panic.

And the fact is, when you're in that drifting stage and the early phases of euphoria, if you recognize that a bear market's really coming, one of the great parts about these big stocks that I'm talking about is they're also the easiest ones to get out of.

The other thing about right here, right now is fundamentally, usually in this period of optimism before you get to euphoria, there's something that comes along like a window pane into a room where you can see euphoria coming for the first time.

And it's usually about something that's a little bit strange.

Showing 61–80 of 93 · page 4 of 5