Fisher Investments’ founder, Executive Chairman and Co-Chief Investment Officer Ken Fisher believes the stock market performance during 1966 and 1967 could signal what to expect from stocks in 2023. Ken compares important similarities between the 1966-67 period to 2022-23 in terms of social, political, and economic factors. For example, both periods feature a spike in interest rates tied to fears of high inflation, spending on social programs, and an expensive regional war dominating news cycles. Just like the 1966 market downturn was followed by a strong bull market the next year, Ken believes the 2022 bear market will likely be followed by a strong 2023 as investor concerns fade.
Ken also says this year’s pervasive economic recession fears remind him of 1967. While recession in 2023 is still possible, the same recessionary fears occurred in 1967, yet no recession unfolded. So, while 2023 may not be another ‘Summer of Love’, Ken thinks positive market surprises lurk just beyond the horizon.
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Investing in securities involves a risk of loss. Past performance is never a guarantee of future returns. Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations. The foregoing constitutes the general views of Fisher Investments and should not be regarded as personalized investment advice. Nothing herein is intended to be a recommendation. The opinions expressed are subject to change without notice.
