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Ken Fisher

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2017-04-07
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2017-04-07
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  1. “Sometimes he told me the same stories over and over again because those were the ones he really wanted to drill into my head. And then also my grandfather was terribly important to me. One died before I was born and I didn't know him, but my paternal grandfather and I were very close and I idolized him and he was a big influence on my life in other ways, in ways of what's good, what's bad. What do you do? How do you do things? He was an important role model to me. He was in a lot of ways. There was a guy named Clarence Bennett after my grandfather died that became a kind of a substitute grandfather for me. He was a former New York life insurance guy. And he was also a great tree explorer. Tree explorer and a great explorer. He discovered the largest and oldest Western juniper in the world, still famous tree, the Bennett Juniper.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “Like right off the top of his head. I don't know that. I never knew if he was making him above the top of his head or if he pre-planned them. But they would do.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “Still choke up when I think about him. What he wanted me to be when I grew up, he was telling me in these fictional stories that he made up what he wanted of me.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “Yeah, but when I was very young, he was a father. And he was actually marvelous in weird ways. He was a weird man. When I say weird, I mean out the bell curve. And he was weird. I don't mean weird as bad. I mean weird as bad. No, I know exactly what you mean. And he was statistically unusual. He had Asperger's before Asperger's was understood. And on the other hand, he was this marvelous bedtime storyteller. And I didn't understand at the time that in the bedtime stories he was telling me, he was telling me what he wanted me to be.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “because they've never thought about that before because they were living in the house they were living in they weren't planning to move they weren't planning to change and activities in your 80s aren't something that anybody ever said in school oh here's what you should do when you're in your 80s because we don't have stuff like that”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “Life expectancy of a 50 year old had I looked at the terms that went with it and the life expectancy of the 50-year-old had grown by seven years in those 25 years more or less I got almost a year for every three that I lived Add it on to what the life expectancy of a 50 year old would be. And that process isn't over yet. We're still extending life. As we know it, and we're also making better quality of life later. And so all of the features, even again, we've got a lot of clients, we hear a lot of stories, widows and divorced people in older ages trying to figure out things like I'm 82 and my spouse died and now I want to move to be closer to where my grandchildren are and how do I go about finding some place where I can be an active, healthy 82-year-old because I am.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Young people ought to do age-appropriate stuff. People always ask, not always ask me, people often ask me, so what kind of advice would you give to an 18-year-old? And my view would be, well, if you're an 18-year-old guy, you know what I do? I chase girls. And if you were an 18-year-old girl, I'd worry about how the guys chase you. And I think that's age appropriate. And it's better to be chasing girls when you're 18 than chasing girls when you're a grandpa. That's for darn sure. And the fact of the matter is age-a-appropriate activity is one that people have a hard time scoping out correctly, but part of age-appropriate activity is realizing that you're going to live to be much longer likely than you envision that you will. When I was young, I bought a term insurance policy, and then I outlived the need of the term insurance policy, and it sat in a drawer for a long time. When I got to be post-50, I went back and looked at it. And in the 25 years, from 25 to 50.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “Well, you know, one of the problems we've always had in behavioralism is people don't save enough. And I'm not going to get on the soapbox about saving. People are what people are. But then when they get to be retirement age, whatever it is they have, they need to plan for a long time. And so if that's retirement agent, they don't have the money, that means they need to find another way to work. And, oh, I'm just going to get money from this or that or the other Social Security, what have you. Well, if you think you're going to rely on some dependency, you've made yourself a dependent, and that's a tough go too. You know, people get these things wrong, but we have a long life. Young people.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “The most brutal thing that I can do is run out of money when I'm really old. Age poverty is the most brutal thing that you could do to something.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “And of course it's a die. And of course, women didn't get to retirement age because it didn't work. And that was just a different world and the world has shifted. And now your time horizon post-retirement is so much longer, but people haven't emotionally learned to adapt to that and plan for that long time horizon that needs to really say.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “And ironically to that point, Barry, if you actually look at the survivors of the Donner Party, The survivors of the Donner Party, who by definition were tougher than the non-survivors lived to be really, really old, all of them because they were just tough. And the fact is that longer living leads to longer living. But in this day and age, within that longer time period, we have all of these advances being made in medicine that push our lives longer and longer. When I was young, when you were young, senior sports didn't exist. I just was reading about...”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “And this is not what the actuarial tables say. This is what I'm telling you probably happens on average 30 years. And that 30 years mid-90s.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “Yes, exactly. If you understand that, but I don't think most of the world fully gets that it's a little like a boxing analogy where most people haven't been hit in the gut hard enough times the way a good boxer would to know how they react when they get hit in the gut. The good boxer actually knows what his risk tolerance is to a gut punch, but the average person doesn't and the market gives you gut punches all the time. Sure. We focus on needs orientation and then adapting the service to whatever that recent thing is that's a gut punch to keep the customer going to what they need. And what they need is almost always a much longer time horizon than they think. Because unlike prior generations, people are going to live longer than they ever have before. They need to stretch their money much further than they ever have. And the myopic view that says when I'm 65, I need to get real conservative was perfectly fine in the days that defined benefit pension plans.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “No, no, no. What I mean is an awful lot of people ask client questions like, so what's your risk tolerance? I did work 20 years ago that it's whatever”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “Because it provides a prophylactic protection. Likewise, our orientation in general is somewhat different, I think, than most people because we push very hard what we consider to be needs-based investing versus what we see as goals-based investing. Not a financial...”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “We want a prophylactic protection at the point of client intake. And so at the point the contract is signed, the service people come in, take over and start all over again. And they don't get commissions. So they're sitting there seeing, and the salespeople know that. So the salespeople are less prone to want to do the same.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “Event contacts a year where clients go to events and interact. This is not, these are not sales events, these are service events, where clients go to these events of different types all around the English-speaking world and a little bit in Germany, and talk to our people, some small events, some big events. We separate completely sales from service. So our salespeople do no service. It's completely specialized. We're extreme in specialization of labor, and we have been forever because I didn't want the salesperson to be able to do post-sales service because if the salesperson Does the boondoggle on the customer and lies and cheats and steals? And they do post-sales service. So you want someone else.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “So we have a whole series of different types and different sizes of customized client-only seminar and events to communicate to them how we're seeing things about various things. And that's because we've learned that different people receive information best differently. Sure. And so we have a huge clients at over, we have over 57,000 client.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “Win the industry. What we thought for a long time was that there was no reason you couldn't do these kinds of things in our realm of endeavor that other people weren't but were doing in other realms of endeavor. And what I've tried to do a lot in my career is to do things that people were doing in other realms of endeavor that they weren't in this. The 40 Act advisory world. And so we were early in computerization. We have all kinds of service models that we use that other people don't do. We've customized sales in ways that other people haven't.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “But I don't know anything about marketing compared to Procter& Gamble. That's my point. And the fact of the matter is, yes, I don't know anything about toothpicks. I have used the stuff, but occasionally. Occasionally. But no.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “If we were competing direct head on with Procter& Gamble for their business, we would get our clock cleaned. But you don't know anything.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  22. “Yeah, we do it differently than we used to, and it's not as effective as it was at first because when we were doing it at first, it was like going back to my phishing analogy the first time that you cast your line into a clear pool and there's no fish that have been taken out of the pool at all, your odds are greater than after you've taken 10 fish out. So, but yes, direct marketing works for us. And we know more about direct marketing, on the other hand, than we did when we started. We're not maestros at this. I disagree.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  23. “And so then I've also been prepared to operate by trial and error and trying this and it doesn't work. And you can do a huge amount of things on a small scale and testament and see if they work. And then if they work, do them on a bigger scale. And if they don't work, move on to the next one. Right. And so, you know, again, yesterday when I was here in town, investment news was giving me this award as one of their inaugural innovation winners. And we've just done a lot of things that people in our realm of endeavor always thought were stuff either you couldn't do or you shouldn't do. Not that they were illegal, but for example, you talk about our advertising people in our realm of endeavor have never advertised the ways we do. We started off doing direct mail and then we moved into direct email and then we moved into internet banners and we just kept rolling in marketing tests.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  24. “You know, as I told you the last time that I was here with you, I'm a youngest brother and my older brothers were by definition older, bigger, stronger. Both of them happen to be smarter. And I knew when I was a little kid that if I wanted something, I couldn't want what they wanted and take them head on. It just wouldn't work. And so I had to try to be, this is kind of the beginnings of me being what some people might call contrarian, but I had to figure out either different things I wanted or going about getting them a different way. And that's been true for me all of my life. I've always had the little brother complex. And the little brother complex from the beginning has had me trying to figure out how I could get what I wanted in the face of superior competition. And there's an abundant amount of big guns out there ready to shoot.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  25. “I'm unable to speak for most people, but we're comfortable with the business we do. I mean, the fact of the matter is that we have a very low termination rate, and basically we have happy clients, and we operate in lots of places. And we're not. I mean, as I've said often, we don't have any market share. I mean, we're bigger than others, but we don't have any market share. We're a peanut. Right. $80 billion is not a lot of money.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  26. “By any standard other than raw AUM where financial engines is bigger, but in all other ways than just straight AUM we're bigger than right.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  27. “We spend a lot of money advertising. We spent a lot of time doing a lot of things. People see our advertising. I told you that earlier, and they think of us in terms of advertising, they just don't see all the rest of what we do.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  28. “Yes, invest. I believe that in this era, if you do not, no matter what your tactics are going to be, if you don't think globally, there's quite a lot of, I don't have any political arguments, but I study politics, but I don't have any political arguments that I'm passionate about in terms of making. But the populism movement is a nationalistic movement wherever it exists. But that doesn't mean you shouldn't also be thinking globally at the same time.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  29. “But let me just say that in the long term, and this is so basic that people can't get it, in the long term, pricing is controlled by shifts in the supply of securities, not demand. Demand doesn't fluctuate by as big a bandwidth as supply can because supply has created or destroyed by shifts in paper product. And if you got the right economics and a little bit of regulatory cost, you can overwhelm any level of demand. And in the long term, you will. In the short term, you won't. And in that case, we have a very long history that shows that U.S. and foreign returns end up eventually in the same place. They just do it in wildly varying cycles. And one leads for a long time, then the other catches up, then the other takes over. And it is axiomatic that eventually foreign catches up with U.S. And so then you can debate when. But the point is that the passive investor that's gone U.S. only has to be prepared for long periods where U.S. underperforms.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  30. “And if, in fact, you want to be passive, you have to come to a self-searching argument when that moment occurs. Do you switch to a passive vehicle that gives you more foreign exposure? And if you do that, is that a passive decision or is that an active decision using passive vehicles?”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  31. “It's the global business newspaper. And if you don't think global in this era, you're actually parking up the wrong tree. I just want to take a second to go off on a tangent. Sure. America. Led the market for years and years now, and I believe that this is the year where foreign takes over in US legs and that that accelerates in the back half of this year. And I might be wrong about that, but it'll happen at some point if I'm wrong about it now. And the folks that, and I don't have a problem with passiveness, but the folks that are passive with US only. Better be prepared than to be in a three four year period where they're not actually getting what they think of as well as the other stuff”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  32. “Well, A, I still write a monthly column as I have for four years at the Financial Times, and you can go to their website. My older stuff is, you know, all on Forbes still I write around in other places and I'm hoping to find a new home post Forbes in America for things that aren't the Financial Times. I love the Financial Times. It's a great publication. I encourage anybody to read the Financial Times because it really is the global business newspaper.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  33. “Lending practices now that allow people to borrow money at Again, going back to my point about the traditional Alfred Marshall concept of economic marginality has been marginalized. The fact is, paying up a little bit in the private market for loan market is actually cheap compared to equity capital today on an after-tax basis. So, you know, going back to the so-called infamous 1990 Fed model, forget about the treasury rate, but think about corporate rates and think about tax rates and adjust them, it's actually much cheaper and better for the company on average unless you're thought of as a very low quality company to be borrowing money rather than issuing stocks.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  34. “It's clearly been a bull market. It's clearly been long, and it's been joyless. And what that means is we haven't gotten to the exuberance part, and it's usually in that optimism transitioning to exuberance to get high levels of IPO. In my 1987 book, you know, I wrote a lot about how IPO means it's probably overpriced. And the fact of the matter is that IPOs are done at the pricing benefit of the company, at the issuer, not the pricing benefit of the consumer. Investing publicly. So in the process of this, we haven't really gotten to that phase. Regulatory costs are higher because the sarvanes-Oxley. The public has become, in the aftermath of 2007-9, often critical of things that relate to public companies in terms of attacking people. People don't like to, management executives, people don't like to be attacked. And so you say, why do I want to do that? And then there's actually lots of what are thought of as alternative.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  35. “Well, I think the two are somewhat separate issues. The thinking of it from the public company's viewpoint, Sarbanes-Oxley increased the costs for small companies going public. The IPO market has not been buoyant because in the John Templeton phraseology, bull markets are born on pessimism, growing skepticism, mature in optimism, and die of euphoria. And we clearly have had a very long bull market that's been what I've referred to for a long time as the most joyless bull market in history because we haven't had those multiple years of very high annual terms. That's a great.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  36. “Is there going to be a Are we going to have still in a process of falling uncertainty and I don't want to get into fighting about right now, but we've gone through a period of falling uncertainty and we're going to continue this year into more falling uncertainty and that's why we have a bull market. But in that, as you have fallen uncertainty, you typically extend forecasts further out into the future. And as you extend those forecasts further out into the future, people become more growth-oriented.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  37. “Doesn't go away complete because when Mr. Trump gets elected, we still have now you have a new set of uncertainty, but it's less than we had before.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  38. “Last year was a perfect example. At the beginning of the year, you got 16 Republicans running for president. Nobody knows who's going to nominee you going to be. You got five people running on the Democratic side. Most people think Hillary Clinton will be the nominee. Then you don't know which one of those will win. You got a Brexit vote coming up. Nobody knows what will happen, but it scared people a lot. There was a lot of, at the beginning of the year with the correction that occurred, there was a lot of fears about China implosion. You go on and on with uncertainty at the beginning of last year. By the time you get to the end of last year, all it's gone away. Get”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  39. “So, a standard thing that happens, you know, one of the things that's important in thinking about the market in general is people say, and it's not true, that markets hate uncertainty. What markets hate is rising uncertainty. Markets like high levels of uncertainty that are falling. If you got high level of uncertainty that are falling, you're moving to lower levels of uncertainty in markets like that a lot. So when that happens and you...”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  40. “Lousy businessmen become the head of a great business model, they become seen as great soon. And so I'm really looking for those attributes. And then that finally comes the valuation feature last. I've never been a believer that valuations are predictive of much of anything. And there's a time, in fact, where I High valuations because that's the time where people are paying up for quality and for perception”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  41. “Aware truly of their relative competitive position and are they doing things to try to maximize that? And I am a fan of Mr. Buffett's line that, and I'm not sure that I'm paraphrasing him perfectly, but that when a bad management meets a great business model or vice versa, it's a management's reputation that's likely to change, not the business. Great businessmen don't usually turn a lousy business into a great one. It could happen, but it's not the usual thing. And lousy businessmen don't usually destroy a great business model. It does happen, but it's not the usual. Usually...”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  42. “But it's not just funny accounting. That's right. But it's not just that. It's also if it's... In a sector, but it doesn't really seem like it's the sector and it doesn't act like the sector. I want that quality. So I throw a bunch out and then I look among the others for what I call competitive advantages and competitive advantages are things like low cost production, high relative market share, superior distribution system. And then I looked”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  43. “Not completely, but it comes toward the end of the process. And then that decision comes to where I'm prepared to throw out some of the baby with the bathwater. So I look at the universe of those and then I say, okay, I want to throw out the ones that have funny accounting because I always distrust funny accounting. Sure. That doesn't always mean that they're bad, but it means they're different. And I want the category. So if they do things, if they're weird for the category, I'm going to throw them out too. That might be exceptionally good, but I'm prepared to throw out exceptionally good.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  44. “Overweight to this and underweight to that and this and that, then I need to own five out of these 17. And then I'm going to look at those 17, and I need to own three of these 20. And that's where the stock picking comes. It's extracting the actual stock picking is extracting those from the ones that fit the criteria.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  45. “BB SP 500 could be the world, could be IFA, could be whatever your benchmark is. You pick the benchmark. And then I say it's made up of this stuff in these proportions. And then I think these are the parts of the world in those proportions that would do better or worse. And I'm going to want to overweight here and underweight there. And that would be both by things like geography, but also things like sector and things like size and things like valuation. I'm not a constant guy. I want to be a value guy or a constant guy. I want to be a growth guy because sometimes the one does better and the other sometimes small talks do better. Sometimes big stocks do better. Sometimes foreign stocks do better. Sometimes U.S. stocks do better on and on and on. And so I winnow that down and that leads me to what I was earlier kind of referring to as the ponds you want to be in. And then I say, so now I need to own if I'm going to be.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  46. “So the way I would start looking at the world is I would say I'm managing against this part of the world here. And it has geographic.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  47. “So, I would describe myself as a top-down guy, not a bottom-up guy. Okay. Most of the world kind of sees itself as bottom-up.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  48. “It's called lousy. I'm not really a good stockpicker. So I'm thought of as a stockpicker in some ways, but I'm really not. What I'm good at doing is sort of like somebody that goes fishing and I figure out a good pond to fish in. As opposed to actually being good at getting the fish specifically. So if you...”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  49. “There's a better way to do by owning principal underlying securities. Let's do that a different way. Fundamentally, what the insurance company does is takes the money, invests in a bunch of securities with a lot of fees put on top, and somehow you're supposed to get this magical, spectacular return. Well, if that's the case, why aren't these the greatest active managers in the world? And why haven't they actually come to take all of the business that passive does away from all the passive people? Because they're so great at doing this stuff that they can put these complicated big fees on doing the same things that other people would do. In fact, that's all nonsense. The fact of the matter is they buy principal underlying securities. The people can accomplish the same end result if done correctly with principal underlying security and have it be much cheaper.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  50. “Then the reality is that, as I said earlier, it is almost never true that these people, customers, really understand what the annuity contract does correctly and are almost always appalled when they truly find out. And while there are exceptions to that, they're rare. And I'm delighted for the exceptions, but almost always, whatever it was they thought they were going to do with the annuity.”

    2017-04-07 · Masters in Business · Interview With Ken Fisher (Part 2): Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source