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Billionaire investor Ken Fisher says markets hit with at least 7 ‘scary stories’

Ken Fisher, founder of Fisher Investments, weighed in on current market volatility, arguing Tuesday that investors are struggling to get all the “scary stories” into their heads. economy simultaneous.

Fisher, “Cavuto: Coast to CoastU.S. stocks were down more than 2% on Tuesday amid fresh concerns over a slowing economy on the tech-heavy NASDAQ Composite.

stock Security Last Change Change %
Me: DJI DOW JONES AVERAGES 31928.62 +48.38 +0.15
SP500 S&P 500 3941.48 -32.27 -0.81%
me:COMP NASDAQ COMPOSITE INDEX 11264.448243 -270.83 -2.35

Although its portfolio value has plummeted since the first quarter, Fisher told homeowner Neil Cavuto that it still depends on a lot of its big tech. stocks which continues to fall.

“What I think in this market is not every day, but most of the time, when you have a big bearish day, technology “Yesterday aside, when you have a big day, technology goes higher than the market.”

RECORD ‘UNIQUE’ GAS PRICES FOR THIS LONG TIME: AAA

Fisher later argued that “once we hit the bottom, whenever that happens, I think the technology will take off.”

“I think what goes down the most on the downside will go up when it reverses and we move on to the next stage,” he continued.

Stocks had some tough weeks in anticipation and tracking. half a point rate hike by the Federal Reserve. This was the second of several increases expected this year as the central bank tries to combat high inflation not seen in four decades.

Billionaire investor Ken Fisher

Ken Fisher, founder of Fisher Investments, explains what is shaking the markets. (via Getty Images by Jonathan Fickies/Bloomberg)

Now the expectation is that the Fed will take aggressive steps to reduce inflation. Remains close to 40-year highsIt dampened investors’ appetite for holding assets perceived as higher risk, according to April data released earlier this month.

“This is a period where I think it’s hard for people to understand what’s going on because we’re experiencing something that we don’t normally have, that’s normally either in a correction or in the early stages of a bear market.” , there are one or two great scary stories,” Fisher told Cavuto.

“This time, I can count seven scary stories happening at the same time – and people have a hard time understanding them all at once.”

He noted that these “scary stories” included fears of recession, interest rates and oil, as the gas price broke records for two weeks in a row.

On Tuesday, the national average for a gallon of gasoline was $4.59, slightly higher than the previous day and about 50 cents higher than the previous month. according to AAA.

According to the association, tighter supply and increased demand pushed gas prices higher.

stock Security Last Change Change %
USO UNITED STATES OIL FUND LP 81.96 -0.01 -0.01%
BNO UNITED STS BRENT OIL FD LP UNIT 32.39 0.00 0.00%

On Tuesday afternoon, Brent crude futures for July rose nearly 30 cents to $13 a barrel, and US West Texas Intermediate crude futures for July delivery fell slightly to $110 a barrel.

Brent was up 0.7% on Monday, while WTI was almost flat.

fisherman He pointed out that the COVID-19 lockdowns in China, as well as the war between Russia and Ukraine, are putting pressure on investors trying to get past the point where these problems converge.

“Do we have to run away from the large numbers of bees stinging us, or is this something potentially more deadly?” posed.

“It’s hard for people to address this issue,” he continued. “I call it the pessimism of not believing it because whatever you say has ‘yes-buts’.”

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Fisher also noted that he does not expect the US to experience an economic slowdown, not a recession.

“I don’t think we’re going to see a scary world,” he told Cavuto. “I think we’re going to see a slow growing world.”

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