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Ken Fisher: Bull Market Only 50% Completed

By Dan Weil   |   Wednesday, 26 Sep 2012 09:41 AM

Billionaire investor Ken Fisher remains optimistic about stocks and thinks the bull market is only about half over.

In terms of time, that would mean another 3 ½ years of rising stock prices. In terms of return, that would mean another 100 percent increase in the Standard & Poor’s 500 Index.

In an interview with CNBC, the Fisher Investments CEO cites legendary investor John Templeton’s aphorism that bull markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria.

Editor's Note: See the Disturbing Charts: 50% Unemployment, 90% Stock Market Crash, 100% Inflation

“We clearly haven’t got past the skepticism phase,” Fisher says.

“Therefore, we’re going to move from that skepticism eventually to some form of optimism. That means people who haven’t been in the market will get in, they will capitulate and put prices higher.”

Large-cap stocks have outperformed the market as a whole this year, Fisher notes.

“Usually that happens just about 40 to 60 percent of the way through the time of a bull market, so I think we’re probably about halfway through the bull market and we have several years fully to run,” he says.

Pick almost any stock among the 70 biggest and you have a winner, Fisher says.

BlackRock, the world’s largest money manager, agrees with his bullishness, at least when it comes to next year.

The firm sees the S&P 500 Index ending 2012 at 1,450, near present levels, Reuters reports. But it predicts a 5 percent rise from there to 1,525 by mid-2013.

Editor's Note: See the Disturbing Charts: 50% Unemployment, 90% Stock Market Crash, 100% Inflation

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