Ken Fisher's Columns

La lección atemporal que nos enseña el reciente declive de las tecnológicas

By Ken Fisher, elEconomista, 06/07/2021

La mayoría de los analistas afirma que el liderazgo de las acciones tecnológicas ha terminado, alegando que las campañas de vacunación, la reactivación de la actividad económica, el alza de los tipos de interés y la amenaza de la inflación remacharán los clavos de su ataúd. Se argumenta que su declive observado hasta la fecha en todo el mundo frente a otros sectores, como el energético y el financiero, revela qué les depara el futuro. Quizá sea así, pero creo que no es más que un amago a la baja antes de que recobren el protagonismo.

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De­bat | In­ve­stor: Hvad fryg­ten for va­luta­ku­r­s­ud­s­ving for­tæl­ler om ak­tie­mar­ke­det

By Ken Fisher, Børsen, 05/29/2021

Tænk tilbage på sidste efterår. Eksperterne advarede om kronens og euroens styrke over for den forventede udvikling i dollaren og hævdede, at det var et varsel om fald i markedet. Den efterføl-gende stigning i dollaren viste, at valutamarkederne ikke var tilstrækkeligt forudseende. Nu – efter dollarens stigning i 1. kvartal – fokuserer eksperterne i overdreven grad på frygten for flere valu-takursudsving. 

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When You Buy Broad U.S. Indexes, Your Exposure Is Not Broad

By Ken Fisher, Real Clear Markets, 05/27/2021

Most pundits believe Tech’s leadership run is done, claiming vaccine rollouts, re-openings, rising interest rates and looming inflation drive the nails in its coffin. They point to Tech’s year-to-date lag globally versus areas like Energy and Financials—arguing that trend will last. Maybe! But I think it is all just a countertrend head fake before Tech’s roll resumes.

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Two ‘Maybe Nots’ Those Fearing Hot Inflation Should Consider

By Ken Fisher, LinkedIn, 05/26/2021

Is inflation devastation impending? The Fed’s humongous monetary “stimulus” exploded the quantity of money. Uncle Sam deployed nearly $3 trillion in COVID relief last year, another $1.9 trillion this year—and $4 trillion more in spending is under discussion. With all this sloshing, splashing and flashing around an economy already nudging prelockdown levels, pundits near-universally envision increased inflation. But two “Maybe Nots”:

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Las alzas fiscales de Biden y sus efectos en bolsa

By Ken Fisher, elEconomista, 05/17/2021

¡Cuidado, inversores!, claman los analistas ante los desorbitados planes del presidente Biden para subir los impuestos, augurando serias dificultades a la economía mundial y a la renta variable en ambas orillas del Atlántico, España incluida; unos planes que dudo que se implanten en todo su alcance, pero que tampoco afectarían a las acciones si así fuera. Veamos por qué.

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The Hidden Bullish Reality Behind China Default Fears

By Ken Fisher, Real Clear Markets, 05/03/2021

Many pundits warn China’s debt woes doom it’s post-COVID recovery-- and that of the world. They point to high-profile corporate defaults and downgrades cascading into a debt tsunami destined to reverberate globally—especially with China reducing stimulus. But that isn’t just wrong, it’s backwards.

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What Flip-Flopping Dollar Fears Say About The Stock Market

By Ken Fisher, Real Clear Markets, 04/14/2021

Remember last summer? Pundits warned the falling dollar foretold economic and market doom? Continued growth and surging stocks proved notions of greenback prescience were phooey. Now, doomers fear the reverse: a rising dollar—claiming it signals a stalling global recovery—and looming danger for US stocks. More hogwash.

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Bloqueo político y efecto en bolsa

By Ken Fisher, elEconomista, 04/12/2021

El tenso comienzo de legislatura en EEUU, los cuantiosos planes de gasto y las subidas de impuestos del presidente Joe Biden, el culebrón italiano y, por supuesto, la onda expansiva de la bronca en Murcia que ha llegado a la Comunidad de Madrid, donde Pablo Iglesias espera ocupar algún puesto tras dejar la vicepresidencia del Gobierno: todas estas noticias evidencian que el ruido acapara los titulares y la atención de los inversores, pero no dejan de ser palabrería.

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The Hidden Lesson in Tech Stocks’ Winter Stumble

By Ken Fisher, LinkedIn, 03/31/2021

Pundits are crowing—arguing Tech’s year-to-date lag marks the start of a major market shift. Yes, again. To them, this time is for sure. They say vaccine rollouts, fast-approaching re-openings and rising interest rates killed the sector’s pandemic-era dominance—bad news for investors with big tilts toward the Tech-heavy S&P 500. Maybe! I’d bet not.

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$1.9 Trillion Glimmers Of Gridlock's Greatness For Stocks

By Ken Fisher, Real Clear Markets, 03/12/2021

The Green New Deal. Medicare for All. Huge income and capital gainstax hikes. Wealth taxes. These policy ideas, and similar others, plagued many investors since 2020’s election campaign kicked off. Now, halfway through the Democrat-“controlled” government’s first 100 days, the recent debate over the administration’s $1.9 trillion COVID aid package showed you again those extreme ideas stand no chance. Gridlock rules Washington—a positive for stocks.

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Noticias que ya no preocupan a las bolsas

By Ken Fisher, elEconomista, 03/09/2021

Habrá oído que la demora en la distribución de las vacunas en Europa lastrará la economía y, fruto de la desilusión, hundirá sus infladas acciones...

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How to Know What Everyone Else Is Sweating, So That You Don't Have To

By Ken Fisher, Real Clear Markets, 03/01/2021

Heard this one yet? British and American value stocks are set to surge as swift vaccine rollouts accelerate reopening. How could you not? This theory, or versions of it, gobsplatter financial  airwaves everywhere. But acting on this forgets one key timeless lesson 2020’s stock market taught: the more headlines hype something, the more you know markets already weighed it—and moved on past it.

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‘Why’ Is Always Crucial. Why It’s Not Time For Value Stocks

By Ken Fisher, LinkedIn, 03/01/2021

Value bulls claim COVID vaccines and approaching business reopenings mean this is just the start of a long run—and that economically sensitive value stocks are poised for their typical, lengthy early bull market boom. Maybe. But I don’t think so, and I don’t think it much matters. Why? Let me explain.

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