YouSaid · the spoken record

Kathleen Fisher

lines on the record: 61
first: 2018-03-23
most recent: 2018-03-23
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“I think patience and never, ever letting yourself get swayed by the short term is something that, you know, when you're younger, it's hard to do sometimes. I look back at some of the things I did back then, and if only I'd held on to certain positions that I didn't, it would have been a whole different story.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“I would give the same advice I've been giving for decades, which is you have to love the content of what you do. You will always be competing with people who do love that content. So if you don't, they're going to have an edge. So you have to know why you're in the field and find if you like finance, if you like markets, find the spot that really lights your fire because it is competitive. It should be and therefore you want to love what you do and the rest will come.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“So having been a working mother for most of my career, my children are now adults, 31 and 32 and 28, I always had to really focus on my job and my family and kind of let other things fall, by the wayside. And that luckily worked for me. I'm also on some boards that are very important to me. I don't have a high need for fun, which is really good. My fun is at my family. I have a wonderful husband and wonderful children and now a grandson. So I spend most of my time focusing on seeing them as much as I can. I do have a trainer. I have a trainer once a week who pushes me to do things that I would never do by myself, which I think is wonderful. But I will tell you, I don't have any dramatically interesting outside hobbies like bungee jumping or anything. Like that.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, it's like we used to talk about the people that depression era mentality, right? It's the same thing people that lost a lot of money in 08 and will never trust markets again. It takes a long time to get over that.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“As you know, it was a stunning time, and anybody in stocks or their stocks go down. Happily, our clients often had high-quality municipal bonds that really helped offset those losses. But it was a time when the faith and the way the world worked was shaken to its core. That affected me as well. I had to say, you know, is everything I believe to be true about investing still true? And really had to work through that. And it was a very important experience to say, yes, indeed, the world does still work, but it did require that our firm and many others really focused on risk control in ways that we hadn't had to do before that. So we developed some very powerful risk control tools that have been very added to our clients ever since.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, I think you're looking for something very idiosyncratic there, but I got to tell you that the most important thing that ever happened to me was getting through 2008 and 2009 with private clients because, and the reason I know how important that was, I realized I don't remember anything about that year except for work because we basically dropped everything to make sure we could work with our clients.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“So you figure there's technology coming sort of from the bottom in that the robo advisors have highlighted the opportunity to use technology to give clients quick information and let them do a little iteration.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, like with most industries, I think the power of the consumer is really a big trend, right? You see it on every industry, right? Consumer preferences have to be met. They have so many choices. And that's certainly true in private wealth management, right? There are many different choices. And I think it's really good for clients in that they are seeing a broad array of different models. And every firm is therefore going to have to figure out what's the model that works best for them and the clients they want to serve.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, it was, but the book is much more important than the film in that. I think it was written in the 40s, but it was written about the 30s. It was a little bit based on Huey Long, but more importantly, it's about it's got so many themes, but it's about history. It's about how you can't, you have to accept and learn to accept your history, but also change. Unintended consequences of actions is a big theme of the book. It's magnificent. It also reminds that geography and climate are something we don't think about as much anymore, but when you read that book about the south in the 30s, you feel the heat and the humidity and the dust, and you realize how that affected the way people lived in ways that we are sort of immune from today. So it's a great American novel that brings in many important social themes.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“Let me tell you another book that I recommend to everyone, which used to be quite well known. I don't think anyone under 50 knows of it, but all the King's Men by Robert Penwarand. Does that ring a bell with you? Sure. Yeah. And it was a movie.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, and Mike Wallace, now, has just done a second book, which goes from, I think, 1898 to 1917 or something like that. So it's a much shorter time frame, but gets into the next period.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“Maybe 20 years ago, I forget the author's names, but there's a second version coming out, but it is a very big book. And the reason it's so wonderful is it actually goes through the first 300 years of New York City and highlights both all the accidental forces that made New York become what it is today. And the primary one is that the Dutch influence on New York is really what made it such a commercial center from inception. We tend to think of us, I think we tend to think about the English influence, but the Dutch influence was really much more important to what the city became over time.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“I confess I'm not reading anything now. I tend to be in high work mode this time of the year, but I love books, again, that help connect the dots, a book that I read that I recommended to many people is Gotham, which is, I think it's Gotham, a history of New York to 1898 or so, I think was written.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“One thing I love about investing is connecting the dots. Everything's interconnected. Everything can have unintended consequences. When I was young and at Morgan Stanley, Barton Biggs was in Martin Stanley. He's since passed away. And Barton Biggs used to take a big trip every year and write about it. And the reason I'm highlighting that is that clients loved it because it reminded them of the big picture, reminded them to keep focusing on the long term and recognize all these interconnected issues as opposed to being very focused on one particular stock or something that was really quite ephemeral as opposed to the longer term. So I gave him enormous credit for helping people think broadly.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“Know, I wish I could say I had a couple of incredibly important ones. I really didn't, and I regret that because I do think it's so important. The one thing I did learn, though, was to make sure I got diverse opinions from people because everyone has biases and everyone has some blind spots. So I have found it's really good to ask multiple people questions over time to get help.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“I can't get into it. No, I think a lot of people think it's slow, but I think it's riveting because I am a bit of an Anglophile. I do love House of Cards, and I'll probably still love it without Kevin Spacey. I love oranges and new black, so I could go on. Orange is the new black is a tough.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“And the other really interesting thing for most of my younger colleagues is that I do believe that we're in a golden age of television. I do think that the sopranos unleash the most amazing sets of programs ever. And so when I have any free time on long holiday weekends, I do binge watch everything that I haven't seen, just like a teenager might do. Okay.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“No social media, no Twitter, no Facebook. No social media at all, which makes me a bit of a Luddite, I admit. But the thing they are learning sometimes is that I read a lot about what's going on. So I'm actually much more up to date on what's trending than they would expect me to be.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, you might have gotten a sense I'm a pretty disciplined person. I work a lot. My young colleagues know I'm not on any social media.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“The Bernstein sellside research group is, as I said, incredibly well regarded and well positioned to gain market share in a world where pressures are indeed changing the nature of the business quite substantially.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“It is investment management and research and our sell side San Francisco Bernstein continues to win accolades in the quality of the research they provide.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“We focus on providing great financial returns and the appropriate risk adjusted returns for our clients, whether they be institutional, private clients, or retail channel. So it's a really wonderful place to be working since everyone knows our goals and objectives and how we apply resources to achieve them. So I think it's a great model because I do believe strongly that companies should have a core competency to exploit in a world where depth and breadth matter more than ever.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“I didn't realize the merger was 2000. I thought it was after. The Alliance Perensi merge was 2000. And actually, our brand now is AB, which is great, nice and snappy. And it's a wonderful firm and that everyone in the firm is focused on one thing, which is providing great outcomes for our clients, because we only do one thing, right? We do investment research and management. So that's a real luxury relative to being in a financial conglomerate that has tons of different unrelated businesses.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“It is a fascinating situation, isn't it? We actually looked back over time at all geopolitical events back to about World War II to show that it actually has always been the case that geopolitical events get a lot of headlines but have very little impact on the markets. The only time they do is when something political works into the real economy. So for example the OPEC oil embargo in the 70s, which did affect the economy, of course. But many other things that we think of, the Cuban Missile Crisis, you name it, they really had very little impact on the market. And I think as time has gone on, there's been more appreciation of that, which is one of the reasons markets have been relatively complacent through lots of scary headlines, because what matters over time, of course, is what companies are doing in terms of earnings growth, in terms of getting momentum for the long run. And that's what investors really...”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, it does create those new risks. Studies have shown that back in the day when people could only look at their accounts once a year, maybe once a quarter, they stayed long-term investors, but now that they have daily information, they tend to do more things more quickly. So continually keeping...”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“Nowadays, obviously, we all know that everyone can get real time quotes on their phones. There's a ton of information. You can look at all day long. The problem is a lot of it's not very good. So information is not judgment. Information is not assessment. It's not perspective. And so the challenge is cutting through all the information to get to truly good advice. So that's created actually more of a challenge because the more information people have, the easier it is to react to it as opposed to keeping their eye on the long term, which for most individuals is indeed the right thing to do.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“Would have to say speed and information. I love looking at video clips from the 1987 market crash because you see reporters standing at the top of the New York Stock Exchange with pages giving them handwritten notes about what was happening on the floor.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a really interesting topic because I do think there's going to be much more segmentation in that getting cheap exposure is a good thing for many people, but paying fees for a broader advice model also makes sense. I think there will be an appropriate demand for transparency of fees and for clear value in what a client is getting for those fees. So I think these are good trends for clients.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“Absolutely. And that's been the case for at least a decade now with interest rates being so low. You know, the old decades ago when people used to talk about switching to bonds, bond returns were in the mid-single digit. And of course, at these levels, that would be unconscionable to have a heavy bond weight if you need the money to work for decades to come. So most firms have indeed encouraged clients to maintain a good equity weight when they retire. It's ever more important because of longevity. And the other thing that's important is to assume that your expenses grow with inflation over time so you capture the risk of living for quite a long time.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“Longevity risk is the biggest risk clients have. People worry about market returns, but just think that nothing in human history has prepared people for a world where they work for 40 years and then may have to live on what they save for the next 30 or 40 years. Now, for very wealthy people, it's a different dynamic, but still, it's a very different thing when you're talking about living perhaps as long as you have worked, right? When you go back to why Social Security was created, people used to die a few years after they retired. So it's a very different ball game. So the dynamics have changed dramatically, and it's very important now to think about money lasting for many, many decades.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, we didn't talk too much about outliving money, but I'm glad you raised that because that indeed longevity risk is we always remind clients the biggest risk they have.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“I have the incredible luxury of a lot of diversification in my daily life. My team is working on long-term asset allocation projects. We're working on long-term planning projects. We're publishing for both our clients. We're creating communications for advisors. We're meeting with clients if our perspective can be useful to a client meeting. So we have a vast array of different things going on at a given time. We speak in front of public forums in terms of groups. So lots of diversification. But what's good about all of it is that we have a lot of interaction with clients and therefore can see what issues really matter to people and where we can be helpful and more clear in communicating.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“We let inflation be is a variable, i.e. we are not saying we know where inflation will go. We do when we do forecast, we do 10,000 trials and inflation is one of the factors that does unfold over time. It can be very high, it can be very low. And remember, deflation can be as bad as inflation. But we want to show a range of expected outcomes for inflation as well, because you're so right. Inflationary environments that are extreme can be very dangerous.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“It really gets to what I said before about modeling. If we can show that even in very poor market conditions, they will be in a good place. That is very reassuring to people. So we do indeed do our planning to the 90th percent confidence level to make sure people know that even in very poor conditions, they'll be fine.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“It has nothing to do with intellectual knowledge, it has everything to do with embedded psychology. And as I've said, you don't know until the person explains whether it's something in their background or just their personal makeup, which makes them very conservative and fearful that terrible things could happen that could indeed wipe out their financial nest act.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“And you could have two people with exactly the same amount of money, and they could have a whole different view as whether they have enough or they're going to run out of money. And both could be in very good places, but they each have a very different perspective. So we clearly focus a lot on making people understand the likely financial outcomes of all the decisions they can make so that they have the confidence and the understanding to actually make very good judgments about long-term planning.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“Going to focus just on the private client business. Sure. And what's interesting there is that it has nothing to do with asset size. People are people and everyone has their own personal preference for risk and return.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, you raised a really good point, which is that the transparency that the internet has permitted has made it hard for companies to hide. And that's a good thing. So I do think there's a much greater awareness that good behavior is necessary. And I think that's going to be very helpful in reinforcing more good behavior down the road.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“I think the fact that conversations are being held at the company level in public forums is really good and everyone's having conversations they might not have had before. And openness leads to good results and good outcomes and much more honesty, candor, and effectiveness. So I think this is indeed a good spot to be in. The time will tell, but I am most focused on how exciting the brilliant young women that are coming up are doing and the impact I think they will have because there is so much more conversation about women making sure their voices are heard, about taking care not to in any way make anything seem like it's male oriented and I think there's a lot of good things that are happening because of that.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“I will not go that far. I will say that I think some of the frustrations that some people may have had in their careers, I didn't have and was very fortunate in every firm I worked for not to have had those”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“So let me start by saying I'm a partner at our firm, and that is wonderful in that I and my other senior female colleagues are very focused on coaching, mentoring, and sponsorship of young women. That is absolutely a dominant force. When I was younger, I was kind of lucky in that I never felt the need to fit in, and that meant that I wasn't looking as much for female role models as perhaps some people might have been back then. And therefore, it didn't stymie me because I always thought that if you had good ideas and were contributing, you would be rewarded. So I was very lucky that it didn't trouble me too much. But I think it's important. Am I reading too much?”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“Problem with any kind of pay measurements is that it's very hard to actually look at identical jobs. I would argue that certainly at my firm and every firm I know, people get the same pay for identical jobs. That's the challenge is actually saying each job how you measure each job.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“Things have definitely gotten better. It's very obvious that the industry wants women for the right reasons, i.e. we want diversity of thought. We want women, we want people of color, we want to have much more different kinds of input. So many studies have shown how much better teams are when they are diverse, and we want to have that advantage. And also our clients expect it, which is good. I think you get a lot of positive reinforcement. And I do think one of the reasons things are getting better is that companies are so much more flexible than they ever were before. And that's good for men and women, right? The fact that there is much more you can work remotely, these are all good things that encourage a fluid, an adaptive workforce that benefits everyone.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“As it was precise. And therefore, bond funds are much better for clients who need to pull money out of their funds as opposed to selling an individual bond at a very poor price in a less liquid market.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“There has been enormous press over the years about problems with bond funds, which our clients understand are not true, i.e. people who hold individual bonds usually don't mark their bonds to market and therefore are not paying attention to the actual price loss they may have when rates rise. Bond funds, in contrast, especially intermediate bond funds that are intentionally diversified across the term structure are looking to take advantage of changing yield curve shapes or looking to take advantage of short-term rates rising, you name it, so they can reinvest coupons in higher yielding bonds when rates rise. And therefore, bond funds are very flexible, especially when rates rise, to let you take advantage of the changes that occur. There's another factor which is very important. It's the bond liquidity is no longer as broad.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“We do think the pockets of stress in the job market indicate that wage pressure can develop. But none of us have a crystal ball in this, but we do expect that to be a source of upward pressure. So we do think that rates will be rising, but as I said, gradually our current forecast, though, is for four Fed rate hikes in 2018. And we do think we'll start to see rates picking up a bit from here, especially as the central banks in other parts of the world fall into step as well.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“You are right, we've been talking about it for a long time. I think some clients are beginning to think it's a broken record. But when you think of how strong the global economy is, and although remember, inflation has been the mystery here. Inflation has been so low for so long. If the economy continues to be as robust as it has been, it is likely inflation will take up a bit. And even a little bit will encourage central banks to become less accommodative. We expect rates to move up gradually and modestly over time. We can't wait, though. This is getting a little bit tiresome to have rates stay as low as they have.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“High active share. Very little correlation with the benchmarks itself. And in fact, we have services that are benchmark agnostic. Equity services we're saying, you know, don't even think about benchmarking us. We have some concentrated portfolios with 20, 25 stocks. And when you have that conviction and the time to have it work, those are nice satellites to have around core portfolios.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“Clearly active and passive should and can coexist. There is a role for passive. And as a research-based firm, we have to acknowledge, as we do, that the cheapness of passive, which has come down a lot in the past 40 years, means that investors can indeed get very cheap access to all many pockets of the market they couldn't before. So for clients who have relatively short timeframes, who are very focused on getting market returns, there's nothing wrong with passive. But for clients who want a chance of outperforming over time and do have a longer time horizon where Active has time to play out, have more, I think it means more options now than they had before in that active managers know they need to really show their value. They can't be index huggers. They need to have high conviction in their strategies and have to be able to communicate why they should play out over time. But you do need time for active strategies to work.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“I will say we spent a lot of time with clients reminding why you have diversification, right? You never know when things will change. And therefore, we remind there will always be times when you hold something that is out of favor or doing less well than you would like. And certainly holding non-US stocks ever since the financial crisis has been a drain on returns until 2017 But we know that over time they will trade places, they do, they have 2017 showed that this year non-US stocks continue to outpace the US for dollar-based investors. And that is the power of diversification for long-term investors. And our clients are long-term investors. So they do embrace the idea that diversification will help them get the returns they expect, but the amount of risks they're willing to tolerate over time”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source