Fisher Investments Macro Insights Q4 2019

10/30/2019

Long, flat periods followed by gains have been a hallmark of this bull, which should continue with volatility into 2020.

Fisher Investments Macro Insights Q3 2019

07/18/2019

We expect the market to continue accelerating in this bull’s final third – albeit at a slower pace in the second half of the year – on the back of post-correction highs.

Fisher Investments Macro Insights Q2 2019

04/09/2019

Equities have rebounded strongly from 2018’s lows, demonstrating a V-shaped recovery associated with prior corrections. We expect equities to accelerate through the bull market’s final third.       

Fisher Investments Macro Insights Q1 2019

01/25/2019

2018’s market decline was driven more by fear than fundamentals, a classic characteristic of corrections which typically feature strong V-shaped recoveries. We expect the bull market to resume selling pressure from the end of 2018 to ease and corporate and economic fundamentals remain solid.

Fisher Investments Macro Insights Q4 2018

10/31/2018

With US midterm elections on the horizon, we expect the bull market to continue as investors begin to appreciate underlying fundamentals and fears of a trade war and Eurozone breakup dissipate.

Fisher Investments Macro Insights Q3 2018

10/16/2018

Inflation and trade war fears are overblown and we expect the bull market to continue accelerating upward.

Fisher Investments Macro Insights Q2 2018

6/29/2018

Despite Q1’s pullback, we expect the bull market to continue. The global economy is in full expansion mode while corporate earnings growth remains strong.

Fisher Investments Macro Insights Q1 2018

1/31/2018

Bull markets typically have steep gains early, flatten out in the middle, and reaccelerate upward I the final third.

US Commentary

12/01/2017

The S&P 500 rose 3.1% in November, bringing year-to-date gains to 20.5%. After 13 straight monthly gains--the second-longest on record--some question whether the streak can continue.

European Opportunities

10/09/2017

Europe is early in its credit cycle with positive momentum in economic drivers and underappreciated balance sheet strength, which should allow most European Banks to accelerate credit growth with improved profitability for at least the next few years.

A Closer Look at Poland

09/04/2017

As the largest economy in Eastern Europe with a strong economic relationship with developed Europe, Poland offers broad exposure to the European market.

Expanded 2016 US Election Commentary

11/9/2016

The voters have spoken and Donald Trump will be America’s next President. The Republicans will keep both houses of Congress, losing only a handful of seats. S&P 500 futures plunged in overnight trading, but short-term volatility is normal and US markets have since stabilized, closing the day after elections in positive territory. Markets move most on the gap between reality and expectations. People fear Trump’s campaign pledges, but politicians’ promises rarely become reality.

Brexit - Initial Market Commentary

6/29/2016

The British people have officially voted to leave the European Union (EU). While Scotland, Northern Ireland and London supported remaining in the EU, Wales and the remainder of England overwhelmingly voted to leave. At final tally, 52% voted “Leave” versus 48% “Remain”. This piece breaks down the intricacies of the Brexit decision and analyzes the variables behind the uncertainty clouding the markets.

Retail Recession Label Does Not Fit

5/26/2016

In the Q1 2016 earnings season, some department stores reported weaker-than-expected results with news of declining sales and profits. Media was quick to dramatize the reports with cries of a US “retail recession” and assertions that the consumer is tapped out —all bad signs for US growth looking forward. However, in this piece, we would humbly suggest that is incorrect.

Brexit - Potential Market Impact

5/20/2016

On June 23rd, a public referendum will decide whether the United Kingdom remains in the European Union (EU). Britain’s possible exit from the EU, popularly named “Brexit”, has been the subject of heated debate with a number of high profile supporters on either side. This piece examines the likelihood of Brexit discusses potential implications for equity markets.

FI on False Fears

3/28/2016

An in-depth analysis that debunks prevailing fears around China’s Debt & GDP growth, US oil industry debt, and the Fed’s balance sheet.

EM Corporate Debt

2/18/2016

A summarized analysis that puts EM corporate debt into perspective and reveals the portion denominated in USD.

About Fisher Investments

Founded in 1979, Fisher Investments is an independent, fee-only investment adviser with $115 billion under management.* Fisher Investments maintains four principal business units, Fisher Investments Institutional Group, Fisher Investments Private Client Group, Fisher Investments 401(k) Solutions Group and Fisher Investments International Group, which serve a global client base of diverse investors. The clients of Fisher Investments and its affiliates include over 175 large institutions and over 65,000 high net worth individuals. Founder and Executive Chairman Ken Fisher’s “Portfolio Strategy” column for Forbes ran from 1984 through 2016, making him the longest continually running columnist in the magazine’s 90+ year history. He has also authored several New York Times bestsellers on finance and investing. (*As of 10/31/2019)