Ken Fisher should be cautious throwing around the word “Idiotic.”

September 28, 2010 by
Filed under: Market Rants 

I had to respond quickly to this one: Ken Fisher Dubs New Normal `Idiotic,’ Sees `Great’ Decade Ahead

Now, it is possible that Ken Fisher has David Copperfield on retainer. With a billion dollar bankroll I guess you could, theoretically, make the 800 lb. gorilla in the room disappear. I’m guessing it will take a lot of smoke and mirrors for Ken Fisher to be right about the coming decade, and maybe Copperfield could pull off some trick to provide that appearance. Yes, there will be opportunities where money will be made, but where Fisher seems to have his head up his rectum is that he is apparently unaware that we just came out of 15 years of an extreme global bubble market, with Information Technology creating a stimulus for growth we hadn’t seen since the Industrial Revolution. Fisher has obviously become acclimated to the ideology that this bubble phase of extreme growth was the norm, and it is not. This isn’t the same scenario leading into the 90′s. At this point, there is no new technology to push us into another “Industrial Revolution” growth phase. The “new normal” that Fisher is trying to say is “idiotic” is really just a “return to normalcy” after a decade and a half of Fisher getting to ride the gravy train on what will probably be the biggest technological boom of our lifetimes. Most people under 35 probably don’t even comprehend the difference between a normal bull market and what we experienced in the past decade and a half.

Pessimism is not always irrational, Mr Fisher. Many are probably overly pessimistic that the world is going to fall apart or that the United States will come to an abrupt economic end, but being pessimistic that there is no new driver of growth in the pipeline to boost the economy may just be rational, as opposed to the delusions of a man who needs to produce a return on investment and is therefore psychologically inclined to “talk his book” in order to keep his client’s funds under his management.

At this point, I’m guessing a chimpanzee has a better “long term” memory than Mr. Fisher and I think he’s been sniffing the wrong end of the rat this time!

Comments

3 Comments on Ken Fisher should be cautious throwing around the word “Idiotic.”

  1. Chris BBB WeHo on Mon, 11th Oct 2010 12:10 am
  2. What. Is. This. Guy. Talking. About. A 15 year extreme global bubble market? What are you smoking. Bubble what? How? Where? Dude, stocks are not that much off their 2007 peak at this point. Talk about David Copperfield. So I guess you do have a crystal ball saying there can’t be some new thing helping drive earnings in the next decade? I don’t know what that thing is. You for sure don’t. But come on. Only unimaginative dopes could say “Nope, nothing new will ever come along.” Good thing your name isn’t Steve Jobs. Uh, and yeah, Fisher has been in the biz since the 70′s so I think the guy has seen a few cycles and knows a thing or two. I’d be more inclined to listen to him (yeah, he ranks OK here: http://www.cxoadvisory.com/gurus top of the list) than a blogger who thinks we’re done coming up with new technology.

    Oh… why do you list your address as Los Angeles… are you not proud to be in West Hollywood? Also… if you are making money why are you running all these banner ads on your website? Come on… let’s act legit.

  3. Doug Hawk on Mon, 11th Oct 2010 8:40 am
  4. First we’re talking a long term trend. Nasdaq bubble was first due to internet boom, housing boom started because people were spending paper profits on homes, when stocks burst people flooded into the next market that looked like a boom (housing was booming due to the previous stock bubble, it was a facade from the beginning), housing boom turns into bubble and people rolled those paper profits back into speculative investments. If you worked in finance, instead of at the BBB, you might realize that the last peak you reference was driven by the DOW, which usually indicates people are parking money for safety. The rise in the DOW then drove the gains in the S&P…that wasn’t a good sign.

    I’m not saying we couldn’t have a 3rd “Industrial Revolution” immediately after this next one, but even if we did it will take more than a decade before the impact of something on that grand of a scale could take hold. Space travel maybe, quantum computing, entanglement theory and time travel??? I didn’t say nothing new will ever come along, I’m saying the probability of it doing so and taking hold in the next 10 years enough to create another historic bubble is unlikely. You need a stimulus to drive growth, what do you think it is going to be Chris? Employment Agencies? Rating Agencies like the BBB?

    And to answer your last questions, No, I don’t like West Hollywood and we just moved the business out of your town!!! WeHo seems horrible to businesses and it has nothing to do with the sexual preference of a portion of the community. (Which your cattiness suggests you’re a member of.) The website is a temp site, the banners were meant to be easy referrals to what people might be looking for since we don’t deal with private client funds. We dont’ manage other people’s money anymore, so we don’t solicit business. I’m really kind of surprised you can work for the Better Business Bureau, AssetAlchemy can have a great rating with your employer, and they would let you come on our blog personally and suggest we are not legitimate, all while making your post under the guise of the BBB.

    Not only do you appear to know nothing about finance, Chris, you don’t seem to know how to handle your own job very professionally.

  5. admin on Tue, 12th Oct 2010 2:45 pm
  6. Just to be clear for anyone following this post, WeHo doesn’t have a Better Business Bureau branch nor does the branch serving Los Angeles have a Chris.

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