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Kenneth Lawrence Fisher (born November 29, 1950) is an American billionaire investment analyst and the founder and chairman of Fisher Investments, a fee-only financial adviser. Fisher's Forbes "Portfolio Strategy" column ran from 1984 to 2017, making him the longest continuously-running columnist in the magazine's history. Fisher has authored eleven books on investing, and research papers in the field of behavioral finance. He is on the Forbes 400 list of richest Americans and as of 2020 is worth $4.3 billion. In 2010, he was named to Investment Advisor magazine's "Thirty for Thirty" list of the 30 most influential people in the investment advisory business over the last 30 years. , Fisher's firm manages over $100 billion.

Early Life and work
Kenneth Fisher was born in San Francisco, California, the third and youngest son of Dorothy (née Whyte), from Arkansas, and influential stock investor Philip A. Fisher. Fisher was raised in San Mateo, California. He went to Humboldt State University to study forestry, but graduated with a degree in economics in 1972.

Over the past few decades, Fisher has helped Fisher Investments become one of the largest independent money managers in the world. He started his firm in 1979 with $250 and it has grown to over $100 billion in assets under management.

In 2007, Fisher and Thomas Grüner founded Grüner Fisher Investments in Germany.

Fisher has three adult sons, Nathan, Jesse and Clayton. Nathan Fisher is the senior executive vice president of Fisher Investments 401(k) Solutions.

Early career
After college, Fisher worked at his father’s money management firm, Fisher & Co., and as a merger and acquisitions consultant. In 1979, seven years after graduating from college, he founded Fisher Investments with $250. The firm has grown to over $100 billion in assets under management.

Fisher Investments
Fisher is founder and chairman of Fisher Investments, an independent money management firm. He founded the firm in 1979, incorporated in 1986, then served as CEO until July 2016, when he was succeeded by long-time Fisher Investments employee Damian Ornani. Fisher remains active as the firm's executive chairman and co-chief investment officer.

Investment research and philosophy
Fisher's theoretical work identifying and testing the price-to-sales ratio (PSR) is detailed in his 1984 Dow Jones book, Super Stocks. James O'Shaughnessy credits Fisher with being the first to define and use the PSR as a forecasting tool. In Fisher's 2006 book, The Only Three Questions That Count, he states that the PSR is widely used and known, and no longer as useful as an indicator for undervalued stocks.

According to The Guru Investor by John P. Reese and Jack M. Forehand, in the late 1990s, Fisher defined his investment philosophy after studying the stock returns and P/E Ratios between January 1976 and June 1995 of six investment categories: big-cap value, midcap value, small-cap value, big-cap growth, midcap growth, and small-cap growth.

Small-cap value was not defined as an investing category until the late 1980s. Fisher Investments was among the institutional money managers offering small-cap value investing to clients in the late 1980s. Ken Fisher is a capitalist and scholar of behavioral finance. His 2006 book The Only Three Questions That Count outlines how Fisher believes investors can use behavioral finance to understand and beat the market by knowing what others don’t. He has been published in academic journals like the Journal of Behavioral Finance, Journal of Financial Research, Journal of Investing, and Journal of Portfolio Management.

Books and other authorship
Fisher has authored eleven investing books: Super Stocks (1984), The Wall Street Waltz (1987), 100 Minds that Made the Market (1993), The Only Three Questions That Count (2006), The Ten Roads to Riches (2008), How To Smell A Rat (2009), Debunkery (2010), Markets Never Forget (2011), Plan Your Prosperity (2012), The Little Book of Market Myths (2013), and Beat The Crowd (2015). The Only Three Questions That Still Count, The Ten Roads to Riches, How to Smell a Rat, and Debunkery were all New York Times bestsellers.

In 2015, Fisher released Beat the Crowd: How You Can Out-Invest the Herd by Thinking Differently. In an interview with CNN Money, Fisher discusses how media hype around major economic events have already been priced into stock markets globally, and why investors are better served worrying about factors the market is ignoring. Fisher released the Second Edition of The Only Three Questions That Count in April 2012, and the Second Edition of The Ten Roads to Riches in April 2017.

Awards
Fisher has a Bernstein Fabozzi/Jacobs Levy Award for his research on market forecasting, which he published in 2000 with Meir Statman of Santa Clara University.

In 2007, Fisher received the Distinguished Alumni Award from Humboldt State University.

In 2009, Fisher received the inaugural Tiburon CEO Summit award for Challenging Conventional Wisdom. In 2010, Fisher was on Investment Advisor’s “Thirty for Thirty” list. A year later, Investment Advisor Magazine ranked Fisher, as one of the top 25 most influential figures in the financial industry.

In 2015, Fisher was appointed to the Board of Advisors of The Forbes School of Business at Ashford University.

Interests
Fisher's ongoing study of redwood ecology, particularly the emerging field of study of redwood canopies, grew from his childhood in San Mateo, California, near ancient redwood logging camps. Fisher's personal library contains more than 3000 volumes of regional logging history.

In 2006, Fisher gave $3.5 million to endow the Kenneth L. Fisher Chair in Redwood Forest Ecology at Humboldt State. The gift supports redwood ecology research in perpetuity and provides support for graduate students, laboratories, and field equipment; the research has focused particularly on canopy studies. Fisher's goal in creating the chair was to transform our understanding of trees and forests. Fisher helped fund the Save-the-Redwoods League initiative to study how climate change may impact coastal Redwoods.

In 2012, Fisher and his wife gave $7.5 million to Johns Hopkins University to fund the new Sherrilyn and Ken Fisher Center for Environmental Infectious Diseases.

They also donated $500,000 to the San Mateo Public Library Foundation for the Kenneth and Sherrilyn Fisher Journalism Center.

Controversy
In October 2019, Fisher came under criticism for using sexual references during a private fireside chat at a conference sponsored by Tiburon Security Advisors.

Reporting from Bloomberg L.P contended that Fisher had made derogatory remarks a number of times before. Within weeks of the incident, institutional investors withdrew more than $2.7 billion in assets managed by his firm - Fisher Investments.

Fisher in his defense said his comments were misinterpreted and taken out of context when reported. In a memo to employees, Fisher Investments Chief Executive Officer Damian Ornani wrote, “Ken’s comments were wrong.” In the memo Ornani also noted the firm was taking steps to address diversity and inclusion within the organization.

Works

 * Super Stocks by Kenneth L. Fisher. McGraw-Hill. 1990.