Legendary investor Ken Fisher, CEO of Fisher Investments, will be delivering the keynote address at the inaugural www.equities.com Small-Cap Stars Conference at the NASDAQ MarketSite on December 18, 2014. This is part two of www.equities.com's interview with Ken. Be sure to read part one of our interview here, and part two here.
Behind the notion of “too far, too fast,” seems to be the suggestion this bull is somehow unusual. But some historical perspective may help one see it as IPC member Bill Glaser does, “a pretty normal, pretty average bull market.” Since the bull market began on March 9, 2009, the S&P 500 is up 193% over 67 months.[i] That makes it the fifth largest and fourth longest bull market since 1926. After 2013’s big surge, many analysts thought the upside was spent. But markets routinely post annualized returns exceeding 20%! Since 1926, stocks rose more than 20% in 38% of calendar years—bull and bear markets included. Annual results were negative in 27% of calendar years. They were up less than 20% in 25% of years.[ii] Big years and big bull markets just aren’t abnormal. However, there is more to our outlook than merely history. In the video, Ken Fisher, Jeff Silk, Aaron Anderson and Bill Glaser cover the major factors behind Fisher Investments’ view the bull market likely continues into 2015, if not beyond.