Tags: Fisher | Global | Stock | Rally

Fisher: Global Stock Rally Will Continue for Years

Thursday, 08 Apr 2010 08:11 AM

By Dan Weil

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The global bull market in stocks will last for at least a few more years, led by gains in emerging markets, says Ken Fisher, the billionaire CEO of Fisher Investments.

He stresses that the United States isn’t leading the rally. “America is 23 percent of global GDP,” Fisher says.

“The market is being led by the 25 percent of global GDP that is collectively the emerging market countries. That world will continue to lead,” he recently told Bloomberg.

Investors are very pessimistic about stocks, which ironically is a bullish sign, Fisher says.

“It’s a bull market that’s climbing a classic wall of worry. ... I believe this bull market will carry on for at least several years.”

While some experts say corporations’ unwillingness to spend their cash hoards represents a negative sign, Fisher disagrees.

“That’s a normal cyclical reaction,” he said. “Coming off the bottom of a big bear market, corporations are scared like everyone else and holding on to cash.”

Eventually that cash will turn into a positive factor as corporations spend it on investment or share buybacks, Fisher says.

He recommends that investors focus on the materials, industrial, consumer discretionary, technology and, to a lesser extent, energy sectors.

Investment guru Laszlo Birinyi also is bullish on stocks, at least when it comes to the U.S.

He sees the Standard & Poor’s 500 Index rising another 13 percent this year, to about 1,325.

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