Where Will Stocks Go in 2024? – Feb. 2024

In this episode, Naj Srinivas and Fisher Investments’ Senior Vice President of Research Aaron Anderson discuss how the start of the current bull market was somewhat atypical. Together, they reflect on where they see investor sentiment today as well as expectations for stocks and the economy in 2024, before assessing the potential risks to equity markets posed by monetary policy, geopolitical tensions and more.

Want to dig deeper?

In this episode, Aaron shares where we think stocks will go in 2024. For more on why we’re optimistic—including the economic, political and sentimental drivers we believe will fuel stock returns this year—read “More Bull Market in Store for 2024.” You’ll also find out which sectors are likely to lead stocks’ rise and whether value is poised for a mid-year takeover.

For a closer look at what’s behind America’s political tailwinds, read “Fisher Investments Reviews What a Presidential Election Year Means for Stocks.” This article examines the impact of presidential election years on stocks, while also discussing the path stocks may take depending on who triumphs on Election Day.

Have questions about capital markets, investing or personal finance? Email us at marketinsights@fi.com and we may use them in an upcoming episode.

Transcript:

Naj Srinivas

Hello and welcome to the Fisher Investments’ Market Insights podcast, where we discuss our firm’s latest thinking on global capital markets and current events.

I’m Naj Srinivas, Executive Vice President of Corporate Communications here at the firm.

In today’s episode of Market Insights, we’ll be discussing our outlook for capital markets in 2024, with special guest, Aaron Anderson, who is the Senior Vice President of Research and a member of Fisher Investments’ Investment Policy Committee.

Aaron and I begin by recapping the markets in 2023 and discuss how the start of the current bull market was somewhat atypical. We’ll reflect on where we see investor sentiment today as well as his expectations for stocks in 2024. Aaron will also talk about some risks for investors to look out for in this coming year.

Before we dive in, I’d like to ask you to rate and recommend our podcast wherever you listen. In just a few minutes, you can help us make this information available to even more people. Thanks for your help!

We have lots of great information to share with you in this episode, so let’s get started.

Aaron, Thanks so much for being here today.

Aaron Anderson

Thanks, Naj, great to see you. Nice to be with you.

Naj Srinivas

Let's just start out by talking a little bit about 2023 and how 2023 worked out relative to our expectations coming out of a bear market in 2022, that bottomed in around October 2022. How did 2023 work out relative to our forecast?

Aaron Anderson

2023 was pretty good, actually. You know, maybe reflecting back on 2022 a little bit. What really stood out to us towards the end of the year especially, was just how negative investors had become. I mean, You look at a lot of measures of investor sentiment during 2022. Investors are clearly grappling with a lot: You had a war going on, you had high inflation, you had tightening monetary policy, you had midterm elections. Just a lot going on in the world that year, which I think caused a lot of consternation for investors.

But what we really found compelling was the fact that overall, despite some of those concerns, the economy seemed to be doing okay, yet investor sentiment just got to be incredibly negative. Huge pessimism about the economy, not many folks wanting to own stocks, just a lot of negativity overall. And you know, what we know within our research group from years and years of historical analysis is that's exactly how new bull markets begin. That investor sentiment overshoots to the downside. You get extreme pessimism. Usually that's not backed up by fundamentals. And that's exactly what I think led us in to a very strong 2023.

And so fortunately, we had been anticipating that coming into 2023. We did think the economy would hold up okay. We didn't think inflation was going to be too persistent, that it would start to decelerate. And we certainly saw a lot of that last year and that equities would benefit from just more comfort from investors, less worry about some of those things that I mentioned moving further away from the war, less concern that inflation is running away, less concerned about recession and so forth. And all of that played out very well.

I think that's exactly what helped drive the start of a new bull market last year. And I'm happy to say that we were pretty well positioned for that. I mean, one of the things that we know is that when you get that transition from a bear market to a bull market, usually it's the parts of the market—equities markets I'm referring to here—that suffer most in the downturn are usually the ones that do best when that new bull market begins. And that, again, is exactly what happened last year. And so, really fishing through the rubble of 2022 from a stock investing standpoint to identify those oversold companies that we thought would benefit from a reversal in that very negative sentiment, I think that was really the key to success last year.

Naj Srinivas

But drilling into that a little bit, what we saw last year was a little abnormal relative to how most bull markets begin. I mean, last year was led by a lot of big growthy companies coming out of the bear market. But typically you start to see smaller cap value stocks outperform in those initial stages of historical bull markets. What do you make of that?

Aaron Anderson

Describing them as abnormal, you know, you could extend that for a few years now and just say there's been a lot abnormal that's been going on for a while. But I think you're exactly right that in some ways last year was very typical of a new bull market beginning, in some ways it was very atypical. I think the atypical part is exactly what you mentioned there.

Usually, it's not the big high quality growth companies that get pounded in the downturn. Certainly, they're not usually the ones that do well in the early stages of a new bull market. Usually that's prime time for small value, lower quality cyclical companies. But what I would say is that I think usually you look at history and those are usually the outperformers as new bull markets begin, but that's usually because those are also the companies that get hammered in a bear market.

You know, usually you get a recession, usually you get those companies, you know, investors’ perceptions of those companies get extremely negative. They just feel like those small cyclical companies without the access to credit that bigger companies do without the balance sheets that bigger companies have, they think those small cyclical ones are going to go out of business and they get priced accordingly. And then as investors warm up to the idea that maybe things aren't as bad as they thought they were, those companies are the ones that rebound. And so it was very atypical and that didn't happen last year. You didn't get that small value leadership early.

But what was very typical was one, how sentiment played out. You know, I always like to use a quote from the famous investor, Sir John Templeton, to frame how investor sentiment evolves over the course of a bear market. And what he said was, “bull markets are born on pessimism. They grow on skepticism, they mature on optimism, they die on euphoria.” And so seeing that extreme pessimism right at the beginning of a new bull market is very typical. What also was typical was what I mentioned before that the hardest hit parts of the market are the ones that did well last year—that benefited most from a rebound in sentiment.

It's just a type of company that applied to was very different. It wasn't the small value companies that got hammered in the downturn, it was the big growth companies. To see them rebound is what you'd expect because they were the underperformers in 2022. But it's not the usual style leadership that you see as new bull markets are beginning Usually it's small value that leads, but also usually it's the hard-hit ones. That's where you kind of have the differences in terms of what you might expect, in terms of style leadership as a new bull market begins. Ultimately, that bounce effect won out over the typical early cycle small value leadership. But I think that bounce effect, just that reversal in sentiment benefiting those hard-hit companies, that was really a 2023 phenomenon. I can't say for sure if it's entirely run its course or not, but I think we’re pretty close to it.

Naj Srinivas

How much of the abnormality of that style of leadership shift do you attribute to the pandemic and COVID?

Aaron Anderson

Well, some for sure. I mean, it's impossible to deny that COVID is still having some ripple effects. You know, in fact, I think if you look at the economy over the last few years, you know, what I hear from investors all the time is it's just a different world today. That, boy, so much has changed over the last few years. I would push back against that a little bit.

What I would say is, yes, a lot did change temporarily. You got these huge swings in economic activity. I mean, you go back to 2020 and economies are getting locked down. There are huge stimulus packages. That has implications for household balance sheets, that has implications for consumption, has implications for what people are consuming. You couldn't go to the movies, you couldn't travel, you couldn't do a lot of the things that people usually spend money on. So, the demand for goods went through the roof, that impacted inventories, just big economic effects and market effects.

All the COVID winners from 2020, whether it was, you know, your work from home type companies, you know, some of the biotech or medical companies that we're betting from, that there were just a lot of market implications to all of that as well. But I think a lot of those are proving to be temporary. How I would describe things today isn’t actually so different than where we were pre-COVID. I think it was kind of those prime COVID years were the abnormal period. And now we're settling into a more normal economic environment and market environment and so I do think that there were some impacts in terms of the ripple effects of COVID that influenced that.

But I really think the defining feature that led to that abnormality in the bear market was just that we didn't have a recession. I mean, it is very rare to have a bear market like we saw in 2022 without a recession. And usually when you get a recession, that's when your smaller cyclical companies are suffering and so forth. They just didn't experience that because the economy did pretty darn well. Certainly, exceeded most expectations. And so, I do think those COVID effects played a role. I think they’ve played a role for a few years now. But I think we're finally starting to move past them in terms of how the economy is normalizing and how markets are likely to normalize. But I think the big reason you didn't get that style shift from 2022 into 2023 was the fact that it was a recessionless bear market, which happens sometimes, there are some examples of that, historically, they're just relatively infrequent.

So, I think as people use a lot of the tools that they've used historically to gauge the economy or gauge markets, whether it's things like the yield curve being inverted, people have cited that as one of the main reasons to be pessimistic about the economy. Usually that precedes a recession. It hasn't so far this time around. Leading economic indexes, which usually are pretty good indicator of future economic activity, have faltered this time around. I think COVID effects have really thrown those things off quite a bit. But in terms of why didn't we get that normal small value leadership coming out of the bear market, I think that had a lot more to do with the fact that we just didn't get the recession everybody was expecting.

Naj Srinivas

So with a return to some semblance of post-pandemic normalcy, what are our expectations for stocks in 2024?

Aaron Anderson

Well, we're still optimistic. I mean, bull markets have momentum and we are still now just getting back to prior highs. I mean, you've seen a pretty typical mostly sentiment driven bear market in 2022, reverse in 2023 and kind of just retrace itself. I think what we're expecting now is that probably continues.

It's very rare to have a bull market begin, have it have a strong first year like we saw last year, and not go on to have a positive second year. And the way bull markets tend to play out, that supports an ongoing bull market and positive returns this year. The political cycle matters quite a bit as well. Of course, this is going to be a big year politically in lots of parts of the world actually, there are tons of elections happening this year, but of course the most notable one is the elections taking place in the U.S., especially the presidential election.

But history suggests that's actually pretty good for stocks as well. Election years are overwhelmingly positive, and I think what plays into that quite a bit is gridlock. You know, you go through midterm elections pretty much always whatever party is in power loses some of that power in midterm elections. That means it's harder to get things done. There's less political action, less legislative risk. Markets really tend to celebrate that fact.

The sweet spot of the presidential cycle is the third year right after midterms, which is, of course, what 2023 was. But fourth year’s are pretty darn good as well. And I think it's really telling, if you look at actual legislation passed over the past year, it's at historically extremely low levels, just not getting anything done, which is frustrating to a lot of people. If you are of the mindset that what the government does, the economy really requires government action to move forward. You're probably not so optimistic about the economy, but I think history would suggest that politicians having their hands tied is actually a pretty good thing for the stock market because it just lowers political risk. The chance of some big controversial piece of legislation getting passed goes down quite a bit. Markets tend to celebrate that. So, I think continued gridlock into this election year should bode well for equities also.

I think from an earnings standpoint, that's probably one of the more compelling things for this bull market to continue. You know, I mentioned we didn't have an actual recession last year or the year before. We did have a little bit of an earnings recession. You know, we had a few quarters there where earnings were contracting. I think there were some technical issues associated with that. Energy earnings, for instance, fell quite a bit simply because they spiked so much in 2022. In the wake of the Russia-Ukraine war starting, you saw this big spike up in oil prices. And of course, energy companies benefited quite a bit from that. But on a year over year basis, those numbers came down. And so there were some technical issues there.

But you did have a few quarters of negative earnings growth that's really going to reverse this year. We're probably looking at a double-digit earnings growth year for companies and so what usually happens is markets anticipate that they move ahead of that earnings improvement. That's what you saw last year. But I think this is a year where earnings start to do more of the heavy lifting. And so, I think there's a compelling case that with a decent economy, not a gangbusters economy, but a decent one and a nice rebound in earnings, all that should be supportive of an ongoing bull market as well.

Naj Srinivas

Going back to that Sir John Templeton quote for a moment where he describes the evolution of sentiment across market cycle, coming off a very strong 2023, where do we see investor sentiment today? Is it starting to warm from that skepticism potentially into optimism, or is it still decidedly pretty skeptical in our view?

Aaron Anderson

Trying to identify where we are in that curve of, you know, pessimism to skepticism, to optimism, to euphoria, it's always hard to know exactly where you are. You can maybe argue it's a little bit easier at the extremes. You never know what the exact bottom is, but it'd be hard to argue when you look at so many surveys of investors that are so pessimistic. Just every measure of sentiment that you can pull out, maybe other than equity valuations, actually they never really hit some type of rock bottom level. But every other indicator you might look at was sending pretty clear signals that folks were darn pessimistic. And so I think it was easier at that point to say we're at some level of pessimism. Right now, you're guessing a little bit more. I'd say we're somewhere in mild optimism. Still a lot of skepticism out there, though. So maybe we're straddling, you know, the skeptical phase and the optimistic phase, because while people are getting excited about some things like artificial intelligence, there are certain categories of equities that I do think have some enthusiasm baked into them.

There's still a lot of economic worry out there. You look at surveys and there's still a lot of folks expecting a recession. A lot of folks still feeling very cautious and worried about geopolitics, especially with the ongoing war between Russia, Ukraine. Now you've got these terrible geopolitical conflicts between Israel and Hamas. You've got additional ones now with Pakistan and Iran. There's just a lot going on geopolitically, which I think adds to worry for investors. What we really worry about is are people too optimistic? Are they at the end of that cycle? Are they looking very euphoric. I think I can say with a lot of confidence that we're not there. Where we are otherwise, are they skeptical or are they optimistic? That's a little bit harder to say, but certainly we're still a ways away from that euphoric talk. [16:20]

Naj Srinivas

So let's unpack that a little bit more, because one of the criticisms of 2023 has been that so much of the market return was ascribed to just a few companies. There wasn't a lot of market breadth where you had a lot of companies doing really well. It was just really a handful of the very biggest companies in terms of market capitalization that kind of pulled the rest of broad indexes along. What do you make of that in terms of market breadth, the lack of market breadth and what that means for stocks moving forward?

Aaron Anderson

I think there is some truth to that and then there's a little bit of untruth there as well. I mean, if you're just doing the math and you say, well, you're constructing an index, every company that's included in the index, like the S&P 500, like the MSCI World Index, every company has got a weight in that index that's just based on the market value of the company. And sometimes there's a float adjustment, that type of thing, sometimes not. But the bigger companies just always have a bigger influence over how an index performs just mathematically. And when you look back at last year, you say, well, the big companies, especially the big tech companies, did very well and maybe there was a little bit of AI enthusiasm that helped bolster them. And so, I think if you're just running the math and you say, how did these companies perform and what is their weight in these various indexes, you say, boy, they account for a lot of the index return. That's absolutely true, mathematically. But I think if you look under the hood a little bit that the story is a little bit different.

One, there are actually a lot of companies that did very well last year. A very high percentage had returns, that were well into the double digits, 20 plus percent. Maybe they lag the index a little bit because those big companies did do so well. But there are actually a lot of good performers last year, even though, as you mentioned, breadth was relatively low, meaning that the percent of companies that actually beat the index was relatively low, which I think, again, just gets back to the fact that when you have those biggest companies that make up a big portion of the index doing very well, it just drags the index up a little bit. But if you extend that view back a little bit further and you say, well, take the S&P 500, how has the S&P 500 done over the last two years with and without those so-called Magnificent Seven? Magnificent Seven are just the seven biggest companies in the world, as you mentioned, all of which did pretty well last year, if you kind of extend that view back to the beginning of 2022, there's almost no difference between the S&P 500 and the S&P 500, excluding those companies, because they were big underperformers in 2022. As you'd expect, they rebounded in 2023 for all the reasons I mentioned before.

And so, while technically, mathematically they did drag indexes up, really I think the participation in a strong market was a lot broader than that even if the number of the percent of companies outperforming wasn't as high. I think what you saw was just a very normal effect. Yes, some of those companies benefited from AI, but I think the real force that drove them last year was that bounce effect I mentioned before. Those were the companies that sold off hard tied to very negative sentiment in 2022. As that sentiment improved in 2023, they were some of the beneficiaries. You might sprinkle in a little bit of AI enthusiasm in there as well, especially in places like the semiconductor space and so forth. But by and large, I think what you saw last year was just a very normal effect of underperformers from 2022 turning into the outperformers in 2023. It just so happens that those biggest companies, those so-called Magnificent Seven, were amongst the biggest underperformers in the downturn. They turned into some of the best performers last year.

Naj Srinivas

So, Aaron, looking ahead to 2024, what areas of the economy or markets do we think are likely positioned really well relative to others?

Aaron Anderson

Well, one, I'll just say broadly, you know, I think the economy should do reasonably well this year, but it's probably not going to be gangbusters. I mean, It hasn’t been gangbusters for a long time now. I mean, you had kind of the whipsaw effects around COVID. You had the big lockdowns, then you had the reopening. And so, you did get a little bit of an economic boost from reopening and some of the stimulus measures and all of that. But I think we're settling into a pretty normal trend growth rate here. And so I wouldn't expect phenomenal things out of the economy, but I expect it's going to hold up pretty well, although I do think there is some potential that even if it's not massive outperformance, that the economy does exceed expectations this year, because one of the things that we noted over the last few years was that recession expectations were so widespread and this goes all the way back to 2021.

I mean, you look at surveys of CEOs, you look at investor surveys and so forth, everybody was expecting a recession. The recession expectations were as widespread as we've ever seen. In fact, we were prone to say if we get a recession, it'll be the most widely anticipated recession ever. And I think there are economic implications to that, because if you're a corporate executive, you just don't sit on your hands if you're expecting a recession and say, well, economy is going to go south, we're just going to have to sit here and take it. You do things to try and improve your outcomes in that type of a scenario is exactly why we called it Anticipation is Mitigation. That's a phrase that Ken Fisher here at Fisher Investments coined and what he meant by that was simply that because they're anticipating these bad economic outcomes, they take action to bolster their balance sheets and right-size their labor forces and do things that are going to help their companies weather those periods better.

That has the effect of mitigating the recession, making it less severe than it would be otherwise because usually what happens with the recession is… it happens… It's a surprise. People are scrambling to do these things during the recession. And it just makes it worse. Because that had been spread out over a longer period and actually happened before a recession hit. We said, well, we think we probably don't get a recession, but if we do, it's probably a pretty mild one because of this “anticipation is mitigation” effect. I've tacked on a little bit to that and said, well, if anticipation was mitigation, maybe now we're heading for a little bit of elation from companies because you can't play defense forever. Eventually, as those economic clouds start to part a little bit and maybe you become a little less worried that a deep recession might be coming, it's time to play offense again.

And so one of the more underappreciated, I think, optimistic features for the economy this year is that companies start spending again to grow, whereas they've been kind of pulling back over the last few years. And so I think that defensive posturing could very well turn into, a mild offensive posturing this year, which should help bolster the economy.

And with consumers still holding up very well, you got strong labor markets, you still have very good household balance sheets. Household net worth is an all-time high. Debt servicing costs are pretty low because people have locked in low mortgage rates for a long time. I think what we've seen is despite a lot of the fears about tightening monetary policy and higher interest rates, the economy is a lot more immune from that than people thought it was. Not entirely immune, but the impacts, the transmission of higher interest rates and tighter monetary policy to the broader economy get slowed down by fixed rate mortgages or companies locking in low interest rates on their debt and so forth. And so, it just isn't as powerful as I think people think it is.

Our view is the economy holds up pretty well. It's not gangbusters, but probably exceeds expectations.

Naj Srinivas

So thinking about fundamentals, economics, political drivers, sentiment drivers and our forecast. Are there any areas of weakness that could morph into risks to our forecast that you're watching right now?

Aaron Anderson

Yeah, I mean, there are always risks out there, right? This is a probabilities business. We think that the highest probability is that things go pretty well this year. But certainly, there are scenarios where that gets thrown off course. The way you described it is exactly how we look at things here. We tend to put our macroeconomic analysis into the buckets you mentioned. What's the economic backdrop like? What's the political backdrop like? And then what's investor sentiment surrounding all of that? Because even great economic times don't mean great equity markets, if people are expecting too much. And even pretty challenging times can be good if expectations are really low and even an imperfect world is exceeding those expectations.

Right now, across all of those silos, things are looking pretty good. Economy is holding up reasonably well. Investor sentiment has improved, but it's not euphoric, and as I mentioned before, in terms of where we are in the political cycle, that seems to be fairly favorable as well. But there are unknowns out there. There are certainly things that could go awry. You know, we are in the midst of changes to monetary policy, which always bears watching. A lot of expectations for rate cuts out there. I don't think that matters so much. I think what we saw is rate hikes weren't as impactful to the economy as people think they'd be. Economy and equities did pretty well as rate hikes were going on. I don't think rate cuts are this panacea that makes everything perfect either. I think as you're going through these changes in monetary policy, I don't want to anticipate that something's going to go wrong with that. But central bankers are prone to blow it sometimes. And so, as we're undergoing these changes, there's always the potential that there's some unintended consequences somewhere.

Maybe it's with some banking regulation that gets put in place, maybe it's with some abnormal monetary policies that are being used and so forth. So, I don't want to anticipate that something's going to go wrong there. I don't think it will. But that's something that certainly bears watching. [26:46]

I think politically, we're in for something we've seen before. It's looking right now, I don't want to get ahead of ourselves because there's a lot of politics remaining in 2024, but it's looking increasingly like we're going to get a redux of 2020. It's going to be Joe Biden versus Donald Trump. Most likely, not a sure thing, but that's looking likely. I think a lot of people would like to see some fresher faces running this year. But, you know, we've seen it before. And so, I think the worry that folks might have about either of those candidates is probably diminished because they've seen them in action. They've both been president at this point. They both run against each other. There's less surprise power, but there is always the potential that something that goes crazy during election season like this. And so I think you've got to pay a lot of close attention to politics.

And I think that's true outside the U.S. as well. Generally speaking, there are some geopolitical events. We've seen a lot of them, as I mentioned before, none of them have had big negative global economic consequences. But there are some scenarios where that could happen. If things really escalated in the Middle East and you had somehow oil supplies get choked off, I don't think that China/Taiwan is going to devolve into much of anything anytime soon. But if it did and Taiwan's a huge part of the global supply chain, especially for semiconductors. So, at the very least, people could worry about that a lot. And, you know, the worst-case scenario could have some real impacts on the availability of semiconductors and so forth. And so, I think there are some things out there that bear watching, but there's nothing out there that I would point to and say, boy, I think people are missing this and that the probability of something real big, bad, and ugly catching folks by surprise is very high right now. I think that's sort of a feature of where we are from a sentiment standpoint. Going back to that John Templeton Curve, people might be a little less pessimistic than they were, but they're certainly not overly optimistic. And when there's still a lot of worry about their folks looking around every corner for problems, it's just harder to surprise them with something big, bad, and ugly. They kind of assume big, bad, and ugly is coming all of the time. It's when people are looking the other way, and they get caught off guard by these things that they can have a real big negative impact. And with such a hyper focus on what could go wrong, that just becomes all the harder for something to really catch investors by surprise. But there are those worries out there. We've got to monitor them. But I can't point to anything and say, here's something people are missing. I think maybe if anything, people are too worried about small things turning into big things.

Naj Srinivas

Well, thank you so much Aaron for being here. Any closing remarks for our listeners?

Aaron Anderson

I would just say we're looking forward to a good 2024, maybe not as strong as 2023 was from an equity standpoint. But I would always encourage folks, you know, to look for some of the good in the world. And there are a lot of good things happening. There's a lot that’s scary out there and worrisome, but a lot of good things happening as well. And I think investors will increasingly celebrate those in 2024. But I would say this isn't a year to be excessively bold. We've had years with big fluctuations in the economy, big fluctuations in what's happening in the stock market. I think this is overall going to be a little bit of a calmer year. Maybe not the huge spreads between growth and value and big and small. I don't know if the Magnificent Seven will lead for the entirety of this year or not, but if it does, I would be surprised if it's the same magnitude and so, I think investors ought to enjoy the bull market of 2024. I think it is a time to rein things in a little bit and just enjoy the positive market results and not get too over your skis in terms of making big bets in any direction. And we're looking forward to this being a good year.

Naj Srinivas

Well, Aaron, thanks so much for being here. Maybe we'll check in with you again around midyear.

Aaron Anderson

 Sounds great. Thanks, Naj.

Naj Srinivas

That was our interview with Aaron Anderson of Fisher Investments’ Investment Policy Committee sharing our 2024 market outlook. A big thanks to Aaron for participating!

If you want to learn more about the topics we discussed, you can visit the episode page of our website—fisherinvestments.com. You’ll find a link in the show description. While you’re there, check out the MarketMinder section of our website—where you’ll find all of Fisher Investments’ latest capital markets insights You can also subscribe to our MarketMinder digest, which is a weekly newsletter for delivering those insights directly to your inbox.

And if you have questions about investing or capital markets that we can cover in a future episode of Market Insights, email us at marketinsights@fi.com and we’ll be our best to answer them in a future episode of this podcast.

Until then, I’m Naj Srinivas. Thank you for listening.

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Disclosure:
Investing in securities involves the risk of loss. Past performance is no guarantee of future returns. The content of this podcast represents the opinions and viewpoints of Fisher Investments and should not be regarded as personal investment advice. No assurances are made we will continue to hold these views, which may change at any time based on new information, analysis, or reconsideration. Copyright Fisher Investments, 2023.