Fisher Investments’ founder, Executive Chairman and Co-Chief Investment Officer Ken Fisher answers viewer mailbag questions about falling home prices, new bull markets, inflation and more. Ken begins by discussing how falling home prices and a subsequent decline in new construction can negatively affect GDP growth. However, given the cyclicality of the Real Estate sector and its small size relative to the broad economy, falling home prices are unlikely to spark a recession on their own.
Ken then addresses what the start of the next bull market may look like. While no one knows exactly when a new bull market will start, it’s common to see pervasive investor skepticism during the bulls’ initial climb. Ken says current economic conditions are better than most people believe and, therefore, we’re likely to see positive economic surprises on a regular basis as 2023 progresses—a feature that could lift global stocks but likely requires investors to remain patient a bit longer.
Finally, with some investors concerned that rising minimum wages could push inflation higher, Ken reminds us that well-known economist Milton Friedman demonstrated long ago that wages follow inflation, not the other way around.
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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.
00:00 Intro
00:32 How Do Home Prices Impact The Economy?
02:23 What Will The Start of The Next Bull Market Look Like?
04:30 Would Passive Investing Work if Everyone Did It?
06:52 How Does Minimum Wage Affect Inflation?
