Fisher Investments’ Ken Fisher Discusses Biotech & Energy Stocks, Central Bankers & More

Fisher Investments’ founder, Executive Chairman and Co-Chief Investment Officer Ken Fisher answers viewer mailbag questions about biotech performance during a recession, if it’s a good time to purchase energy stocks, his opinion on the Fed and more. Ken starts by addressing if biotech stocks typically perform well during a recession. According to Ken, categories that tend to perform best in the early stages of a new bull market are often the categories that got hurt the most in the preceding bear market. A less economically sensitive category, biotech, was not hit as hard in 2022, and is less likely to bounce the most in the new bull market.
Ken then addresses whether lagging energy stocks offer investors a good buying opportunity. Similar to biotech, Ken says the energy sector-which outperformed through most of 2022-is less likely to outperform in the early stages of a new bull market. Steady production volumes and a supply chain that has adapted to dislocations caused by the Ukraine-Russia conflict are likely to keep downward pressure on energy prices and stock performance.
Next, Ken discusses his views on the Federal Reserve. Ken says that central banks have two primary functions: banking system regulation and monetary policy to control inflation. When it comes to regulatory functions, Ken believes central banks, while not perfect, do a relatively good job. However, he’s less comfortable with central banks’ monetary policy decisions because central bankers don’t have a great track record of forecasting economic conditions.
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Investing in securities involves a risk of loss. Past performance is never a guarantee of future returns. Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations. The foregoing constitutes the general views of Fisher Investments and should not be regarded as personalized investment advice. Nothing herein is intended to be a recommendation. The opinions expressed are subject to change without notice.

[@andrewlamothe4996]

Ken, thanks for doing what you do. I'm wondering if the euphoria stage of a bull market will ever be possible again given the influence of social media (in all forms) on investors.

[@diamondlion47]

Thanks guys, this channel is infinitely better than the recession doomsaying on most of media these days. They really want to convince you to sell while they are buying tech. Druckenmiller was going on and on about recession but look at his 13f and he's loading into Nvidia and AMD loool. Watch what they do, not what they say.

[@dennispage6353]

Great segment Ken! You answered questions I didn't even ask but have been wondering about.
Question: Do you think the 'midterm miracle' is over and that we might be at the beginning of a new bull market with typical market forces now having greater effect than the 'midterm miracle?'

[@sandrofraiss7197]

Thank you !

[@Colin-pg2su]

Ken, Thank You.

[@probablyonthemoon]

Please do more of these, they're awesome

[@johnnorris9874]

Thanks!

[@mindaugas7223]

Hello, Ken,
How to spot market trend breaking points?

[@yunremigio]

the most fact-based q&a. enjoy the videos very much. Greetings from germany.

[@tombodet7918]

Interesting and True commentary

[@BenjaminOTayo]

Very informative. Thanks for sharing!

[@Alan-wl5de]

thank you for your video

[@user-jf7wb4mj5w]

Great!!!

[@yukiw1185]

thanks , been taught a lesson

[@petermaharajh2088]

I love these videos!!!!!

[@benwrights4606]

The best. Read Beat the Crowd years ago, and it still stands the test of time.

[@adnanhussain8217]

Is it true that the markets tend to go up even before the rate cuts and if yes then what If there is no cut ?

[@jayros5]

The trees out your window never move at all lol!

[@gordong2457]

Thanks

[@bcrudup1]

Are we in a Recession? If so, how long will it last?

[@probablyonthemoon]

Slightly unrelated, but still a question: What advice do you have for a 20-something year old to become a billionaire in the next 3 decades? If you were a 20-something year old right now, what would you do?

[@stephanschleim]

Question: How important is money, in your view, compared to other values in life? (For example, family, friends, spirituality, justice…)

[@vjrevankar346]

Laugh and world laughs with you. Cry and you cry alone. Don't expect to be loved as you can only give love, you are lucky if you can receive it.

[@gmo709]

Maybe you could use an AF ratio (actual to forecast) and adjust their forecast based on history to fix it. I guess that wouldnt work well unless there is a reliable pattern or delta.

[@sebholding]

Hello Mr Fisher, since American banks have been beaten down by the market since the beginning of January 2022, whereas fears of a banking crisis have been overblown according to your own analysis, do you think it is a good idea now to invest in a diversified portfolio of banks stocks, for example through an ETF ? Sébastien Maurice

[@alexgamble4718]

Do you think the Fed has learned the lessions of the 70s inflation episodes? Or will the Fed once again back off inflation once unemployment rises from the rate hikes?

[@Dr.Dumpnpump]

Buffett sure thinks energy is a buy right now, he seems to be buying every share possible of OXY.