In 1979, Ken Fisher founded Fisher Investments and began managing discretionary assets with a fundamental belief in capitalism and free capital markets. We start with the simple notion that supply and demand are the sole determinants of securities pricing. In addition, we believe capital markets are relatively efficient discounters of all widely known information.
Thus, to add value through active management, one must identify information not widely known or interpret widely known information differently—and correctly—from other market participants. Throughout Fisher Investments' history, we have continuously developed ways to look at capital markets differently.
Ken Fisher's theoretical work in the 1970s popularised the use of the Price-to-Sales Ratio and detailed its relevance as a tool for investment analysis. This tool was used to help manage small cap value portfolios for our institutional investors.
In the mid-1980s, Fisher Investments contributed to the recognition of distinct investment styles. We used these advancements as the foundation for a new series of broad mandate strategies, including Global Total Return, US Total Return and Foreign Equity. Vice Chairman & Co-Chief Investment Officer, Jeff Silk, joined the firm in 1983.
In the mid-1990s, we began offering separate portfolio management directly to high net worth individuals in the United States under our Private Client Group. In 1997, current-CEO Damian Ornani joined the firm. In early 2000, we expanded our service offerings into Canada and the United Kingdom. In 2007, we entered into a joint venture partnership (now a wholly owned subsidiary of Fisher Investments), Grüner Fisher Investments GmbH, which offers its services to investors in Germany. In 2012, Fisher Investments Europe (a subsidiary of Fisher Investments) began conducting business in other European countries. As of 31/03/2022, Fisher Investments and its subsidiaries operate in 13 offices across 8 countries—and serve over 100,000 clients globally.
In addition, we have dedicated significant resources to the emerging field of behavioural finance to better understand not just the tools of finance, but also how investors use these tools. Our research has led us to develop practical applications of behavioural finance in our portfolio management process.
Our research has been showcased in numerous financial journals, including the Financial Analysts Journal and The Journal of Portfolio Management. Ken wrote Forbes’ “Portfolio Strategy” column from 1984 through 2016—making him the longest continuously running columnist in the magazine’s history. Ken currently writes monthly, native-language columns in major media organs spanning Western Europe and Asia. In addition, four of Ken's more recent books—Debunkery (2010), How to Smell a Rat: The Five Signs of Financial Fraud (2009), The Ten Roads to Riches (2008) and The Only Three Questions That Count (2006)—were named New York Times bestsellers.