Fisher Investments Research Capabilities

Research Milestones

• Price to Sales Ratio
  In the early 1980s, Fisher Investments pioneered the use of the Price to Sales Ratio and detailed its relevance as a tool for investment analysis.
• Small Cap Value
  Fisher Investments pioneered the identification of the small cap value equity universe in the mid-1980s and continues to be a leader in this style of equity management.
• Style Cycle Research
  In the early 1990s, Fisher Investments was nationally recognized for developing research on investment styles and cycles. The company used these advancements as the foundation for a new series of broad equity mandate strategies: Global Total Return, Foreign Equity, and US Total Return.
• Behavioral Finance
  More recently Fisher Investments' focus has been on the emerging field of behavioral finance and understanding not just the tools of finance, but also how investors use these tools. Its research has led to practical applications of behavioral finance that currently play an active role in Fisher Investments' portfolio management process.

Selected Behavioral Finance Publications*

• Sentiment, Value, and Market-Timing
  By Ken Fisher and Meir Statman
• Consumer Confidence and Stock Returns
  By Ken Fisher and Meir Statman
• Blowing Bubbles
  By Ken Fisher and Meir Statman
• Investor Sentiment and Stock Returns
  By Ken Fisher and Meir Statman
• Cognitive Biases in Market Forecasts: The Frailty of Forecasting
  By Ken Fisher and Meir Statman
• A Behavioral Framework for Time Diversification
  By Ken Fisher and Meir Statman
• The Mean-Variance-Optimization Puzzle: Security Portfolios and Food Portfolios
  By Ken Fisher and Meir Statman