Tags: ken | fisher | stock | rally

Ken Fisher: Stocks Never Cheaper Than Now

By Julie Crawshaw   |   Tuesday, 21 Apr 2009 12:20 PM

This stock rally is too big to be a bear, says Fisher Investments CEO Ken Fisher, who believes the rally may drive the S&P 500 to 70 percent above last month’s lows.

"Stocks are cheaper compared to long-term interest rates than they have been in anyone's life," Fisher told Bloomberg.

Fisher — who admits he was overly optimistic two years ago — now advises investors to “overweight” emerging market stocks and energy producer shares.

He also likes metal and raw material producers, consumer companies reliant on discretionary spending and technology makers.

Fisher suggests “underweighting” makers of household products, healthcare, and telephone companies. His Fisher Global Total Return strategy lost 3.2 percent annually during the five years that ended on March 31, according to Morningstar data.

Analysts estimate profits at S&P 500 companies decreased for the seventh straight quarter in the January to March period, the longest stretch since at least the Great Depression.

“We believe an historic drop in stock prices is inevitable,” Carl Weinberg, chief economist at High Frequency Economics wrote in a statement dated today, Bloomberg reports.

“We expect both falling inflation and a huge selloff of equities as first-quarter earnings reports hit the wires to keep bond prices rising.”

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This stock rally is too big to be a bear, says Fisher Investments CEO Ken Fisher, who believes the rally may drive the S&P 500 to 70 percent above last month’s lows."Stocks are cheaper compared to long-term interest rates than they have been in anyone's life," Fisher told...
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