肯尼斯·L.费希尔

Kenneth Lawrence Fisher (born November 29, 1950) is an American billionaire investment analyst, author, and the founder and executive chairman of Fisher Investments, a fee-only financial adviser. Fisher's Forbes "Portfolio Strategy" column ran from 1984 to 2017, making him the longest continuously running columnist in the magazine's history. Fisher is now known for writing monthly, native language columns in international outlets. Fisher has authored eleven books on investing, and research papers in the field of behavioral finance. In 2010, he was included in Investment Advisor magazine's "30 for 30" list of the 30 most influential people in the investment advisory business over the last 30 years. As of January 2026, his net worth was estimated at $13.2 billion.

Life and work

Kenneth Fisher was born in San Francisco, California, the son of influential stock investor Philip A. Fisher. Fisher was raised in San Mateo, California. As a 13-year-old, he earned $1.20 an hour picking fruit, sawing and fertilizing. He dropped out of high school and went to Cal Poly Humboldt to study forestry, and graduated with an associate degree in economics in 1972. Humboldt State recognized Fisher with its Distinguished Alumni Award in 2007. In 2015, Fisher was appointed to the board of advisors of the Forbes School of Business at Ashford University.

Over the past few decades, Fisher helped Fisher Investments become one of the largest independent money managers in the world.

In 2007, Fisher and Thomas Grüner founded Grüner Fisher Investments in Germany.

Starting Fisher Investments in 1979 with just $250, Ken grew Fisher Investments to over $275 billion in assets under management by 2024. By the end of 2025, this figure had risen to over $386 billion.

Fisher Investments

Fisher is founder and chairman of Fisher Investments, an independent money management firm. He founded the firm in 1979, incorporated in 1986, and was CEO until July 2016, when he was succeeded by long-time employee Damian Ornani. Fisher remains active as the firm's executive chairman and co-chief investment officer.

In June 2024, Fisher Investments announced Advent International and the Abu Dhabi Investment Authority agreed to purchase a minority stake in the company worth between $2.5 billion and $3 billion. The deal valued Fisher Investments at about $13 billion and was the first outside investment in the company. Fisher retained majority beneficial ownership and more than 70% of the voting shares following the sale, which completed in early 2025.

Investment research and philosophy

Fisher's theoretical work identifying and testing the price-to-sales ratio (PSR) is detailed in his 1984 Dow Jones book, Super Stocks. James O'Shaughnessy credits Fisher with being the first to define and use the PSR as a forecasting tool. In Fisher's 2006 book, The Only Three Questions That Count, he states that the PSR is widely used and known, and no longer as useful as an indicator for undervalued stocks.

According to The Guru Investor by John P. Reese and Jack M. Forehand, in the late 1990s, Fisher defined his investment philosophy after studying the stock returns and P/E Ratios between January 1976 and June 1995 of six investment categories: large-cap value, mid-cap value, small-cap value, large-cap growth, mid-cap growth, and small-cap growth.

Small-cap value was not defined as an investing category until the late 1980s. Fisher Investments was among the institutional money managers offering small-cap value investing to clients in the late 1980s.

Columns, books and other media

Fisher is well known for his investment columns, which currently run in the New York Post and 18 other countries. Fisher's Forbes 'Portfolio Strategy" column ran from 1984 to 2017. Fisher also publishes regular YouTube videos answering common investor questions and appears on major US and international broadcast media, including Bloomberg TV, CNBC, CNBC Asia, CNN International and Fox News.

Fisher has authored eleven investing books, six of which were national best sellers:

Super Stocks (1984)

The Wall Street Waltz (1987)

100 Minds that Made the Market (1993)

The Only Three Questions That Count (2006)

The Ten Roads to Riches (2008)

How To Smell A Rat (2009)

Debunkery (2010)

Markets Never Forget (2011)

Plan Your Prosperity (2012)

The Little Book of Market Myths (2013)

Beat The Crowd (2015).

The Only Three Questions That Still Count, The Ten Roads to Riches, How to Smell a Rat, and Debunkery were all New York Times bestsellers.

In 2015, Fisher released Beat the Crowd: How You Can Out-Invest the Herd by Thinking Differently. In an interview with CNN Money, Fisher discusses how media hype around major economic events have already been priced into stock markets globally, and why investors are better served worrying about factors the market is ignoring. Fisher released the Second Edition of The Only Three Questions That Count in April 2012, the Second Edition of The Ten Roads to Riches in April 2017, and the Third Edition of The Only Three Questions That Count in November 2025.

Philanthropy

In 2006, Fisher gave $3.5 million to endow the Kenneth L. Fisher Chair in Redwood Forest Ecology at Humboldt State. The gift supports redwood ecology research in perpetuity and provides support for graduate students, laboratories, and field equipment; the research has focused particularly on canopy studies. Fisher's goal in creating the chair was to transform our understanding of trees and forests.

In 2012, Fisher and his wife gave $7.5 million to Johns Hopkins University to fund the new Sherrilyn and Ken Fisher Center for Environmental Infectious Diseases. After much deliberation, the Fishers’ donation was approved.

Political activity

Together with his spouse, Fisher contributed $250,000 to Donald Trump's 2020 presidential campaign.

In the 2024 presidential campaign cycle, FEC records show Fisher did not contribute to Trump, Joe Biden or Kamala Harris, but gave to others, including Republican and Democratic candidates, and Robert F. Kennedy Jr.