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Kenneth Fisher Quotes

Powerful Kenneth Fisher for Daily Growth

About Kenneth Fisher

Kenneth E. Fisher (born February 18, 1950) is an American software developer, technical author, and legal expert in computer law, best known for his books on SQL Server and Microsoft programming technologies. Fisher was born and raised in California. He earned a bachelor's degree from the University of Southern California (USC) in 1971, majoring in Computer Science and Mathematics. During his time at USC, Fisher developed an interest in computers, which would later become his lifelong passion. After graduation, Fisher started his career as a programmer for Control Data Corporation. In the early 1980s, he joined Microsoft, where he worked on various projects including the development of the first version of SQL Server (SQL Server v1.0). His work at Microsoft was instrumental in the success of SQL Server, and he continued to contribute significantly to its development over the years. In 1994, Fisher left Microsoft to focus on writing technical books about SQL Server and other Microsoft technologies. His books have become bestsellers in their field, with titles like "SQL Server Query Performance Tuning for the Masses," "SQL Server 2012 T-SQL Programming," and "SQL Server 2016 Bible." Fisher's influence extends beyond his writing. He is a popular speaker at tech conferences around the world, sharing his insights on programming, database management, and legal issues related to software development. He also maintains a popular blog and regularly contributes to various tech publications. In recognition of his contributions to the field, Fisher has received numerous awards, including the Microsoft Most Valuable Professional (MVP) award for his expertise in SQL Server. Today, he continues to write, speak, and consult on a wide range of technology-related topics, maintaining his status as one of the most influential figures in the software development world.

Interpretations of Popular Quotes

"Investing success has far more to do with character than intelligence."

This quote by Kenneth Fisher highlights that while intelligence is certainly valuable in investing, it is not the sole determinant of success. Instead, he emphasizes the importance of having good character traits such as discipline, patience, integrity, and resilience. These qualities can lead to sound decision-making, consistent performance, and long-term success in investing. In other words, a person with strong character who makes well-informed decisions based on solid research is more likely to achieve investment success than someone who may have greater intellectual ability but lacks the necessary character traits.

"The most important thing about investing is to know yourself."

Kenneth Fisher's quote "The most important thing about investing is to know yourself" emphasizes the critical role self-awareness plays in successful investing. In other words, it highlights that before delving into investment strategies or market analysis, an investor should first understand their financial goals, risk tolerance, and emotional responses to market fluctuations. This understanding is vital because investment decisions should be informed by one's personal circumstances rather than blindly following trends or advice. Essentially, Fisher suggests that successful investing demands introspection and a clear grasp of an individual's unique perspective on wealth accumulation.

"Markets are never wrong; people are."

This quote suggests that markets, as a collective reflection of all investors' decisions, are inherently correct because they represent the aggregate supply and demand dynamics at any given time. However, it is individuals (people) who may make errors in judgment, leading to incorrect investment decisions that can distort the market price in the short term. Over time, market prices tend to revert towards their intrinsic values, as mispricings are corrected through the process of supply and demand. Therefore, the quote underscores the importance of understanding human behavior and its impact on markets while remaining focused on long-term investment strategies.

"The stock market is filled with individuals who know the price of everything, but the value of nothing."

This quote by Kenneth Fisher emphasizes that many people in the stock market focus on the monetary aspects (prices) of investments without fully understanding their underlying worth or value (intrinsic value). It suggests that while knowing the price is essential, it's equally important to understand the true value of an investment, which often involves considering factors like a company's financial health, growth potential, competitive positioning, and management quality. By focusing on both price and value, investors can make more informed decisions and minimize the risk of investing in overvalued or undervalued securities.

"A rational investment decision requires you to consider your investment horizon, not your investment preferences."

This quote by Kenneth Fisher emphasizes the importance of investing with a long-term perspective rather than personal preferences or emotions. An "investment horizon" refers to the time frame over which an investor expects to hold their investments, while "investment preferences" are the individual's personal biases, such as favoring particular types of assets or companies. By prioritizing a rational investment decision based on one's investment horizon, Fisher advises investors to focus on the potential returns and risks associated with their investments over a specific period, rather than simply choosing investments that align with their preferences. This approach can help minimize emotional decisions, reduce risk, and increase the likelihood of achieving long-term financial goals.

Anyone can see how if a feared tax hike doesn't happen, that's a positive factor. But even if tax hikes happen as feared, vast history tells me it doesn't have to have the big bad impact folks fear. And fear of a false factor is always bullish.

- Kenneth Fisher

Big, Bad, Feared, Bullish

I never liked quantitative easing. It's misunderstood by almost everybody. Flattening the yield curve is not stimulative; flattening the yield curve is anti-stimulative.

- Kenneth Fisher

Everybody, Curve, Almost, Yield

One component of the leading economic indicators is the yield curve. Bond investors keep a close eye on this, as it illustrates the spread or difference between long-term interest rates and short-term ones.

- Kenneth Fisher

Curve, Interest Rates, Rates, Yield

I'm sometimes accused of being hostile to mutual funds. That's not fair, really. There is a place for them. Still, I am hostile to one thing, which is trying to use funds to time your way in and out of the market. That's a recipe for very bad results.

- Kenneth Fisher

Bad, Very, Hostile, Funds

Plenty of funds have fine long-term returns despite being tax-inefficient and generally costly. But a dirty secret is this: Average, no-load fund investors do much worse than the funds - or the market.

- Kenneth Fisher

Dirty, Average, Plenty, Funds

My father, Philip Fisher, was the toughest guy I ever knew. An example: He had terrible teeth, yet he got his fillings done without ever using a painkiller. Now, that's tough!

- Kenneth Fisher

Father, Guy, Had, Fisher

Generally, variations in earnings aren't nearly as impactful on glamour growth stocks as are changes in image and, well, sexiness. I often think of glamour stocks as though they are attractive women dressing to the nines.

- Kenneth Fisher

Think, Attractive, Image, Glamour

The average mutual fund holding period for equity or fixed income is only about three years. It's too short.

- Kenneth Fisher

Average, Income, Period, Fixed

The latter part of bull markets are typically led by stocks that are seen then as high quality, but the ones that do best are the ones that weren't seen as such high quality before.

- Kenneth Fisher

Before, Part, Led, High Quality

Fracking opens up vast tracts of the U.S. to exploitation by gas drillers. There's enough energy under our feet to last us for decades, maybe centuries.

- Kenneth Fisher

Feet, Last, Centuries, Exploitation

Indeed, bull markets are fueled by successive waves of prior skeptics finally capitulating as their fears fade. Eventually, fear turns to euphoria, and that's the stuff of bubbles.

- Kenneth Fisher

Waves, Finally, Eventually, Bubbles

If some stock categories get too hot-and-pricey, mass supply is created via stock offerings to tap that cheap money - and, when overdone, drives it all down.

- Kenneth Fisher

Some, Tap, Created, Categories

All equity categories, correctly calculated, create near-identical lifelong returns. They just get there via wildly differing paths.

- Kenneth Fisher

Equity, Lifelong, Via, Categories

If you've taken Econ 101, you know that the quantity of money rises only when the banking system makes a net loan.

- Kenneth Fisher

Loan, Quantity, Makes, Banking System

The bubble, as investing phenomenon, has been well studied ever since the 17th-century tulip bulb frenzy. Its counterpart in bear markets is not well understood.

- Kenneth Fisher

Been, Studied, Bulb, Counterpart

In the world I've known most of my life, old stories quickly lose their power over capital markets and get replaced by new surprises. That which everyone fixates on gets priced into the stock market quickly and can't drag on.

- Kenneth Fisher

My Life, Capital, Quickly, Surprises

If you're 35, 45, or even 55 - you have a very long time horizon - 40 years or vastly more. That is you, and/or your spouse, are likely to live about that long, and you'll be investing the whole way.

- Kenneth Fisher

Very, About, Whole, Vastly

Buying only what you know can end in disaster. Just think about Enron's employees and business partners, the 'locals' who bought lots of its stock because they thought they were in the know.

- Kenneth Fisher

Business, Thought, Think, Business Partners

Normally, if you have a huge category that leads a bear market all the way down to the bottom - like tech after 2000, or energy in the '80-'82 bear market - you get one quick pop, and then years of lag as we fight the old war.

- Kenneth Fisher

Down, Years, Quick, Category

Long before folks fretted the demise of 'quantitative easing,' I fretted its existence. It proved the reverse of its image, an antistimulus, and we've done okay not because of it, but despite it.

- Kenneth Fisher

Okay, Image, Before, Quantitative

Environmentalists should like fracking for its relative cleanliness. But they don't. They have made a bugaboo out of the chemicals in fracking fluids, which supposedly can leach into groundwater sources. I'm convinced they're dead wrong. Ultimately, good technology with a cost advantage will win out over paranoia.

- Kenneth Fisher

Dead, Supposedly, Sources, Paranoia

Normally, the market peaks before bad news emerges. That's what happened in 1929, and that's what happened in 2000.

- Kenneth Fisher

News, Bad, Market, Normally

Investors covet past improvements but also always believe pricing unimaginable future creativity and efficiency gains is Pollyannaish. And they're always wrong. Bet on it.

- Kenneth Fisher

Past, Efficiency, Always, Unimaginable

The world is filled with successful small businesses that stay small.

- Kenneth Fisher

Small, Small Businesses, Businesses

Hundreds of investors ask me questions each year about the dilemmas they confront. Their worst problem? Uncertainty. They are traumatized and become emotional or confused to the state of inaction. Even worse, they try to solve a short-term problem in a way that hurts them financially in the long run.

- Kenneth Fisher

Questions, Year, About, Financially

If you can predict where the market's going, just do what you can predict. If you can't, which is the presumption of dollar cost averaging or time cost averaging, either one, then you're trying to ease in. But if the market rises more than it falls most of the time, easing in is, by definition, a loser's game.

- Kenneth Fisher

Game, Ease, Dollar, Easing

The more you talk about investing problems, the worse you feel. Instead of complaining, it's better to do something.

- Kenneth Fisher

More, Feel, About, Investing

Windmills and solar cells are carbon-free sources of electricity. But they are costly. If you've been investing in those, give it up. That game is effectively over.

- Kenneth Fisher

Give, Over, Been, Investing

A constant in my approach to investing: You should think politically but unconventionally.

- Kenneth Fisher

Think, Constant, Should, Investing

China frequently confounds stock market prognosticators because it has a penchant for straying markedly from other broad global indexes year-by-year over the decades - even from emerging markets. It's hit or miss.

- Kenneth Fisher

Other, Global, Frequently, Decades

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