Latest news with #FisherInvestments
Yahoo
4 days ago
- Business
- Yahoo
Ken Fisher's Strategic Moves: Oracle Corp Sees Significant Reduction
Exploring Ken Fisher (Trades, Portfolio)'s Latest 13F Filing and Investment Adjustments Warning! GuruFocus has detected 5 Warning Signs with NVDA. Ken Fisher (Trades, Portfolio) recently submitted the 13F filing for the second quarter of 2025, providing insights into his investment moves during this period. Ken Fisher (Trades, Portfolio) is the Chief Executive Officer and Chief Investment Officer of Fisher Investments. He has been writing Forbes' prestigious "Portfolio Strategy" column for over two decades, making him one of the longest-running columnists in the magazine's 85+ year history. During his many years of money management and market commentary, Ken has distinguished himself by making numerous, accurate market calls, often in direct opposition to Wall Street's consensus forecast. He is the son of legendary investor Philip A. Fisher, and Ken is the only industry professional his father ever trained. Ken has also written three major finance books, including the 1984 Dow Jones best-seller, Super Stocks, and has been published and/or interviewed in many major global finance and business periodicals. The investment philosophy at Fisher Investments is based on the idea that supply and demand of securities is the sole determinant of their pricing. Furthermore, they believe that all widely known information has already been priced into the market. The way to add value, according to the Fisher strategy, is to "identify information not widely known, or to interpret widely known information differently and correctly from other market participants." Fisher Investments employs a team of research analysts to accomplish these tasks. Summary of New Buy Ken Fisher (Trades, Portfolio) added a total of 94 stocks, among them: The most significant addition was Canadian National Railway Co (NYSE:CNI), with 1,823,800 shares, accounting for 0.08% of the portfolio and a total value of $189.75 million. The second largest addition to the portfolio was Canadian Imperial Bank of Commerce (NYSE:CM), consisting of 1,251,017 shares, representing approximately 0.04% of the portfolio, with a total value of $88.61 million. The third largest addition was Adtalem Global Education Inc (NYSE:ATGE), with 335,605 shares, accounting for 0.02% of the portfolio and a total value of $42.70 million. Key Position Increases Ken Fisher (Trades, Portfolio) also increased stakes in a total of 332 stocks, among them: The most notable increase was Royal Bank of Canada (NYSE:RY), with an additional 5,289,330 shares, bringing the total to 5,723,581 shares. This adjustment represents a significant 1,218.04% increase in share count, a 0.28% impact on the current portfolio, with a total value of $752.94 million. The second largest increase was Sony Group Corp (NYSE:SONY), with an additional 16,280,542 shares, bringing the total to 101,878,066. This adjustment represents a significant 19.02% increase in share count, with a total value of $2.65 billion. Summary of Sold Out Ken Fisher (Trades, Portfolio) completely exited 107 of the holdings in the second quarter of 2025, as detailed below: Charles River Laboratories International Inc (NYSE:CRL): Ken Fisher (Trades, Portfolio) sold all 255,223 shares, resulting in a -0.02% impact on the portfolio. Tenable Holdings Inc (NASDAQ:TENB): Ken Fisher (Trades, Portfolio) liquidated all 1,233,591 shares, causing a -0.02% impact on the portfolio. Key Position Reduces Ken Fisher (Trades, Portfolio) also reduced positions in 522 stocks. The most significant changes include: Reduced Oracle Corp (NYSE:ORCL) by 8,714,141 shares, resulting in a -49.51% decrease in shares and a -0.53% impact on the portfolio. The stock traded at an average price of $161.13 during the quarter and has returned 50.54% over the past 3 months and 48.10% year-to-date. Reduced Salesforce Inc (NYSE:CRM) by 3,824,987 shares, resulting in a -47.5% reduction in shares and a -0.45% impact on the portfolio. The stock traded at an average price of $267.36 during the quarter and has returned -19.04% over the past 3 months and -29.48% year-to-date. Portfolio Overview At the second quarter of 2025, Ken Fisher (Trades, Portfolio)'s portfolio included 986 stocks, with top holdings including 5.18% in NVIDIA Corp (NASDAQ:NVDA), 4.8% in Microsoft Corp (NASDAQ:MSFT), 4.36% in Apple Inc (NASDAQ:AAPL), 3.37% in Vanguard Intermediate-Term Corporate Bond ETF (NASDAQ:VCIT), and 2.83% in Inc (NASDAQ:AMZN). The holdings are mainly concentrated in 10 of all the 11 industries: Technology, Financial Services, Industrials, Healthcare, Communication Services, Consumer Cyclical, Energy, Consumer Defensive, Basic Materials, and Real Estate. This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Miami Herald
27-07-2025
- Business
- Miami Herald
Why tariffs may not be a big deal after all
Key Points: Tariffs initially caused market anxiety and a 19% S&P 500 decline from February to April.A feared spike in inflation from tariffs hasn't materialized yet. Companies have largely managed tariffs by negotiating lower prices, absorbing costs, or modest price increases, keeping overall inflation mostly in have rebounded as the tariff impact proved less severe than expected. Better-than-forecast outcomes and ongoing trade deals have lifted the S&P 500 to an all-time estimated tariff duties are not being collected because of enforcement complexity. This, along with over 50% of imports not being subject to tariffs, has lessened the drag on the economy. It wasn't that long ago that President Donald's Trump's tariff strategy kicked up a hornet's next of debate. Those favoring tariffs, which are taxes on imports, argue that they are the best way to kick-start U.S. manufacturing. Opponents believe tariffs are inflationary, sparking higher prices that can derail the U.S. economy, risking recession. The truth may wind up landing somewhere in the middle. Tariffs can slow an economy, particularly if they increase quickly and significantly, like what President Trump originally proposed this spring. However, billionaire fund manager Ken Fisher, founder of Fisher Investments, points out that in the U.S., tariffs' impact may be more muted than expected. Image source:Legendary fund manager Paul Tudor Jones equated the originally proposed tariffs as the biggest new tax since the 1960s. In February, President Trump enacted 25% tariffs on Canada and Mexico. He also implemented a 25% tariff on autos, a 10% tariff on all imports, and after much wrangling, a 30% tariff on China. Related: Billionaire fund manager explains why so many missed the stock market rally The end result of those tariffs is that the average effective tariff rate currently is 20.2%, the highest since 1911, according to the Yale Budget Lab. JPMorgan Chase calculates the effective tariff rate was 2.3% in 2024, and is about 17% currently. Either way, a big bump in import taxes led many to worry that U.S. companies would be forced to pass along higher-than-normal price increases, causing inflation to spike and household and business spending to fall. That concern contributed heavily to the S&P 500's 19% tumble from all-time highs in February to the low in April. While risk remains that companies will see revenue growth and earnings slow because of the impact of tariffs, so far, inflation remains manageable. The Consumer Price Index for June showed headline inflation of 2.7%, up from 2.4% in May, but below the 3% inflation rate registered in January. It appears as of now that companies are successfully navigating the tariff hit, mostly through a combination of negotiating lower prices with exporters, absorbing some of the costs, and more modest price increases. More Tariffs: Luxury carmakers have a more aggressive tariff battle planTop 6 cars, SUVs, & trucks that may avoid tariffs, Consumer Reports saysAmazon's quiet pricing twist on tariffs stuns shoppersLevi's shares plan to beat tariffs, keep holiday prices down Of course, some industries - such as autos, appliances, apparel, and furniture - are hit harder by tariffs. Still, overall, inflation has yet to reach levels suggesting a major retrenchment in spending that could further weaken the economy. The better-than-hoped outcome, coupled with optimism that ongoing trade deals, such as the one recently reached with Japan, which lowered tariffs to 15% from 25%, would result in lower tariffs than initially feared, has helped the stock market recover all of its losses since February. The S&P 500 closed on July 26 at an all-time high. Ken Fisher founded Fisher Investments, a money manager with $332 billion in assets under management, in 1979. Over his 45-plus year career, Fisher has seen a lot of good and bad economies and markets. Related: Another automaker is forced to shift strategy due to tariffs He's not a fan of tariffs, saying previously that they historically hurt the country imposing them more than the country they've been imposed upon. Still, he also points out that the widespread threat associated with a tariff-driven economic recession may not be as big as some make it out to be. "Tariff terror abounds, but 'tariffied' investors miss what markets don't," wrote Fisher on X. "While universal tariffs are foolish and a real economic negative, their real world bite is often muted." Fisher had previously forecast that enforcing tariffs would be incredibly difficult, and that we'd see significant difficulty in collecting them. He also opined that high tariffs would likely cause the black-market import business to soar. He appears to be right. "Through June, roughly 39% of estimated tariffs duties were actually collected - far less than many feared - owing to tariff enforcement's complexity," said Fisher. "Markets move on the gap between reality and expectations, and it's always bullish when reality settles in better than overly dour expectations." Fisher also pointed out that over 50% of imports aren't subject to tariffs. This isn't to say that the U.S. economy would be better off without tariffs in terms of growth, but only that the drag on the economy may not be as bad as originally feared. According to Yale Budget Lab, current tariffs are reducing U.S. GDP this year by about 0.8%. In short, the stock market priced in a worst-case outcome from tariffs, providing plenty of room for positive surprises. Anything less than terrible can be viewed as a win that may lift analysts expectations for revenue and profit growth - the lifeblood of stock market returns. Related: Legendary fund manager has blunt message on 'Big Beautiful Bill' The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
26-07-2025
- Business
- Yahoo
Billionaire fund manager explains why so many missed the stock market rally
Billionaire fund manager explains why so many missed the stock market rally originally appeared on TheStreet. Stock market rally leaves many on sidelines after huge move Since President Trump paused most reciprocal tariffs on April 9, the stock market's gains have been eye-popping. Following a nausea-inspiring 19% drop from mid-February through early April, the S&P 500 has marched over 25% higher, setting new records in July. The gains likely have surprised many investors who were convinced that the economy was on the precipice of disaster, facing tariff-driven inflation and inevitable job situation, however, has proven far better than feared. So far, tariffs' impact on inflation has been muted, and the unemployment rate has stayed mostly flat. The potential for a better-than-hoped-for economy has left many on the sidelines, convinced that stocks will roll back to new lows. According to billionaire fund manager Ken Fisher, the thinking that led investors to sell stocks during the downturn may be deeply flawed. Fisher, the founder of Fisher Investments, a money manager with over $332 billion of assets under management, is worth a staggering $11.7 billion, good enough to rank 261st on Bloomberg's Billionaires Index. Fisher clearly knows a thing or two about making money in the market. This week, he explained, in one word, one of the biggest mistakes investors make in periods like this, while also offering a simple solution. Fisher Investments Ken Fisher sums up huge investor problem with blunt description Fisher has been investing professionally since founding Fisher Investments in 1979, so he knows a thing or two because he's seen a thing or two. His long career includes navigating the inflation-fueled early 1980s, Black Monday in 1987, the Savings & Loan Crisis, the Internet boom (and bust!), the Great Recession, Covid, and 2022's bear all those periods, he's noted one big mistake many investors make that slows their path to financial freedom, something he described recently with one word on "X" as "Breakevenitis." It's understandable to get nervous about portfolio values during market pullbacks, corrections, and bear markets. Retirement is expensive, and surging US debt creates a real risk that Social Security may not be able to keep pace with inflation in retirement, making the value of our investments in our retirement and personal accounts even more important. However, market drawdowns are common. Pullbacks of about 5% happen on average once per year, while 10% corrections occur every few years, according to Capital Group. Even 20% of bear markets are relatively frequent if you consider a 40-year career, happening about every six years. As a result, how investors react during these many sell-offs can significantly impact portfolio balances in your sixties, when retirement is knocking on the door. Fisher explains why 'breakevenitis' is so dangerous to investors Market sell-offs are usually driven by fear that is either false or overdone, according to Fisher. In either case, investors tend to sell during the downturn or near the low to limit losses because the pain of loss significantly exceeds the good feelings that come with gains, something economic behaviorists like Daniel Kahneman and Richard Thaler have considered extensively. Kahneman helped develop prospect theory, which popularized the concept of loss aversion. This theory states that people prefer small guaranteed outcomes over larger risky outcomes. Thaler's work maintains that the risk of loss is twice as powerful as the pleasure of that backdrop, it's not hard to understand why investors' emotionally driven decision-making often results in illogical choices, and breakevenitis is a prime example. Fisher describes it as the desire by investors who held through the downturn to sell their stocks once they return to flat, or breakeven. Fisher points out that rallies off downturns that return stocks to prior highs rarely roll over again and back to new lows. Instead, they continue higher, leaving sellers hoping to be proven right disappointed and portfolio values impaired. "People that get out looking for an all-clear signal later invariably miss the big gains," wrote Fisher. How to avoid breakevenitis and build a bigger portfolio Emotions have an outsized impact on our decisions, and since the stock market has historically traded higher over time, decisions that result in selling can often damage portfolios the most. Fisher thinks a simple solution can allow your portfolio to avoid falling victim to breakevenitis. "Breakevenitis is a disease that affects people, and there's a simple cure for it. Every time you get a correction and you're tempted to get out... look at the history of the returns after correction and after bear markets. No matter which you're in... the returns are bigger than any risk you could possibly have." For example, according to Sam Stovall of CFRA Research, the S&P 500 historically gains 38% in the first year of a new bull market and 12% in year two. Fisher recommends that if you feel emotionally driven to sell, consider the money you could leave on the table when stocks find their footing. While selling can protect you in the short term from losses, getting back in requires you to be right twice. You must get out before the downturn and back in on the upswing. It's tough to do that, especially when emotions are running amok. What does this mean for investors? Stocks typically go higher and lower than you think possible. Because people don't all act at once to buy or sell, when stocks are rising after a sharp sell-off, money trapped on the sidelines waiting for another dip often trickles back into stocks, helping to support stocks on pullbacks. Of course, anything can happen, but Fisher's point is that those invested in the stock market who stay the course do better than those who react emotionally, succumbing to things like 'breakevenitis.' If you're investing in individual stocks, all bets are off. Stocks can, and often have, gone to zero. However, suppose you're investing in a diversified fund or index. In that case, the odds are that a stock market recovery following a sell-off can create an opportunity for greater growth, suggesting that investors who hold pat, or dollar-cost average into the sell-off, fund manager explains why so many missed the stock market rally first appeared on TheStreet on Jul 25, 2025 This story was originally reported by TheStreet on Jul 25, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
18-07-2025
- Business
- Forbes
Does Your Work Feel Meaningless? How AI Job Redesign Sparks Motivation
Does Your Work Feel Meaningless? How AI Job Redesign Sparks Motivation Everybody is trying to figure out how to utilize AI best to deal with too many meetings, too many tools, and too many people who are quietly quitting. If your job feels harder than it should, the problem may be baked into the work itself. A lot of the structure around modern jobs was designed before today's technology and expectations existed. Now, with AI entering the scene, smart companies are starting to take a closer look. Not just at how to use the newest tool, but whether the work even makes sense anymore. Some organizations like TI People found that they can determine where friction builds up and use job redesign to reduce stress, increase motivation, and bring back a sense of progress. Why AI Job Redesign Is Key To Improving Motivation Why AI Job Redesign Is Key To Improving Motivation I remember interviewing Ken Fisher of Fisher Investments, who told me that what matters less in interviews is what people say they can do, and more about what they will actually do. But that also raises a bigger question: should some of that work even be done at all? The same goes for AI. Instead of asking what AI can do, it might be more useful to ask what AI should be doing. Forward-thinking leaders are stepping back to assess the flow of tasks inside their organizations. They are asking where time is being wasted, what is causing delays or confusion, and which tasks actually drive progress versus those that simply fill up the calendar. Instead of trying to automate everything, they are identifying friction points first. That includes where employees are duplicating effort, bouncing between systems, or filling out reports that lead to nowhere. In my own experience teaching online, I'm constantly shifting one score from one software platform to another. It's tedious, and it adds no value to the learning process. That kind of repetitive work is everywhere. Across different industries, people are spending hours doing things that look productive but serve no real purpose. Maybe organizations didn't have many options in the past. But now, smart companies can begin layering in AI tools to improve speed, accuracy, or personalization. This approach gives people their time and energy back. What AI-Powered Job Redesign Looks Like In Practice What AI-Powered Job Redesign Looks Like In Practice At a recent HRNxt event, I was impressed by a presentation from Volker Jacobs, founder and CEO of TI People. He shared how his organization, in collaboration with The HR Congress, took a bold approach to rethink how work gets done. Instead of focusing on job titles or big-picture roles, they zoomed in on tasks, what people actually do day to day, and examined whether those tasks still made sense in today's environment. Their approach created a fictional company called Alpha to explore how AI might affect daily tasks in HR. What made it powerful was that it used real input from fifteen large organizations across Europe. These companies shared detailed job descriptions, demographics, software platforms, industry context, and even staffing costs. All of that data was combined with a knowledge base co-created by over 150 contributors, including academics, HR professionals, AI tools, and business leaders. The goal was to map where friction was happening and test small changes to how tasks were done. The simulation pointed to wasted time in places like slow approval processes, unclear ownership of reports, and repetitive handoffs. By redesigning just a few of those tasks, companies saw a boost in clarity, energy, and employee motivation, before AI was even applied. They found that fixing tasks first freed up more time and reduced more frustration than simply layering AI onto broken processes. Some companies started with hackathons or sprints to identify what work no longer made sense. Others formed small model teams to pilot changes and scale what worked. The key takeaway was that motivation improved when people felt their time was being used better. Why Meaningless Work Still Dominates Modern Jobs Why Meaningless Work Still Dominates Modern Jobs Requiring Job Redesign When employees say they are burned out, it is often not the number of hours. It is the lack of impact. Gallup has consistently found that disengagement rises when people feel their work does not matter. That is especially true when processes are broken, when it takes six approvals to move forward, or when feedback gets lost in long email chains. My own research around curiosity has shown that when people do not understand the purpose behind their work, they stop asking questions. That leads to even more stagnation and quiet quitting. The bigger problem often is not resistance to AI, but the buildup of meaningless tasks that block progress and wear people down. How Redesigning Work Benefits Everyone, Not Just HR How To Handle Job Redesign So Work Benefits Everyone, Not Just HR You have probably lived it. Waiting for access to a tool that should have been granted last week. Copying and pasting data from one platform to another. Sitting in meetings that could have been solved with a two-sentence Slack message. These are annoying, add up to hours lost every week, and they are part of what makes modern work feel overwhelming. That is why efforts to redesign work need to be inclusive. HR might lead the process, but the insights should come from every level. When companies used models like Alpha, they found that even small tweaks, like rethinking how one report gets created or who owns a certain approval, could make a difference fast. The point is not to overhaul the whole system, but to find the tasks that are doing more harm than good. What You Can Do Now To Rethink And Redesign Work What You Can Do Now To Rethink Job Redesign You do not need a new platform to start fixing this. You need curiosity and a willingness to listen. Ask your team what slows them down. Where are they repeating work? What parts of the process feel confusing, pointless, or draining? Start collecting those stories and treat them as data. Then look at how work is actually getting done, not how it is supposed to get done on paper. Map it out. Where are the bottlenecks? Who is in too many meetings? Who is constantly jumping between systems? These are signs of friction. Once you spot them, you can test small changes by creating a pilot project and forming a model team. Then you can try a quick job redesign before committing to a full transformation.
Business Insider
08-07-2025
- Business
- Business Insider
OT Management, LLC Announces Strategic Leadership of Daniel John Impens to Advance Retail Trading Education
OT Management, LLC, a Boston-based trading education and empowerment firm, has officially announced the strategic leadership role of Daniel John Impens, former Head of Research at Fisher Investments and Market Economist at Goldman Sachs. Impens now serves as Strategic Partner at OT Management, where he is leading a national initiative to provide advanced trading education and strategic tools for retail traders. Impens brings more than three decades of institutional finance experience to OT Management, including key roles at J.P. Morgan and other top-tier financial institutions. His career spans work in portfolio strategy design, volatility hedging, and structured products, having been instrumental during both the 2001 dot-com downturn and the 2008 global financial crisis. After leaving Goldman Sachs, Impens opted to shift focus from institutional finance to the retail sector. His appointment at OT Management is part of a broader strategy to build a platform where individual traders can access education, tools, and frameworks typically reserved for institutional clients. Impens has championed three primary initiatives under OT Management: Decentralized Education Models — Curriculum designed around execution strength and strategic thinking, rather than speculative techniques. Strategy Translation System — A proprietary process to convert institutional-grade strategies into accessible formats for non-professional traders. Collective Capital Alliance — A scalable development program aimed at creating disciplined, high-performing retail traders across the U.S. To date, over 12,000 users have participated in OT Management's training programs, with a growing number demonstrating competitive performance in options, crypto, and intraday markets. A Data-Driven Philosophy Daniel John Impens continues to lead weekly training sessions, review trader strategies, and contribute to OT Management's internal knowledge base. Known for his disciplined approach and emphasis on repeatable models, Impens remains committed to elevating retail trading from speculation to skill. 'We're not here to gamble. We're here to take control,' said Impens. 'The market doesn't discriminate — it rewards those who are prepared.' About OT Management, LLC OT Management, LLC is a Boston-based firm dedicated to trading education and strategic empowerment for retail investors. The company develops data-driven training programs and proprietary systems to help individuals build sustainable, long-term trading skills. OT Management operates under the belief that trading is not a matter of luck or hype, but of discipline, structure, and continuous learning. Company Headquarters: 131 Dartmouth Street, Floor 3 Boston, MA 02116 Media Contact: Contact
