Fisher Investments’ founder, Executive Chairman and Co-Chief Investment Officer Ken Fisher shares his expectations for stocks in 2023. As Ken details, he anticipates 2023 should be a good year for stocks for a multitude of reasons, namely a stable political backdrop and a better-than-feared global economy. Ken notes that the third year of a US president’s term is a historically positive period for stocks as a result of the increased political gridlock that follows US midterm elections. Additionally, Ken discusses how stocks perform particularly well in the third year of a president’s term when the preceding year’s returns were negative—as 2022’s were.
Ken goes on to address investor concerns surrounding a potential recession and high rates of inflation. Ken doesn’t see clear signs we are in a recession—pointing to healthy corporate revenues and robust loan growth. Instead, he thinks recession fears are a byproduct of dour investor sentiment following weak market returns in 2022. Ken also believes inflation should continue to decelerate. He observes how input costs—such as grain, lumber, crude oil and most metals—have fallen consistently since last summer and should eventually work their way through supply chains and translate into milder inflation levels, a positive surprise for stocks.
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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.
