Veteran investor Ken Fisher, executive chairman and co-chief investment officer at Fisher Investments, pushed back strongly against market skeptics, reaffirming his bullish outlook for the global economy despite persistent doubts surrounding politics, tariffs, and the upcoming U.S. midterm elections.
Speaking in a recent interview, Fisher reminded viewers that he has long argued patience would be rewarded, even suggesting that investors could see “miracles” by 2026. According to him, recent economic data may already be moving faster than expected, validating his optimism.
Why Worry Can Be Good for Markets
Fisher explained that widespread concern is not necessarily a bad sign for investors. In fact, he believes that fear plays a crucial role in sustaining bull markets.
“Everything that tends to be worried about usually has anticipation leading to mitigation,” Fisher said, noting that markets often price in risks long before they actually materialize. This process reduces the likelihood of severe surprises and helps support long-term gains.
He emphasized the concept of the market’s famous “wall of worry”—a phenomenon where stocks continue to rise despite constant skepticism. According to Fisher, bull markets tend to end only when optimism becomes excessive and the doubts finally disappear.
“The more ‘yeah-buts’ I hear, the better I feel,” he explained. Those concerns, he argued, keep enthusiasm in check and allow markets to keep climbing rather than overheating.
Midterms and Legislative Gridlock
One of Fisher’s key arguments centers on U.S. midterm elections. While many investors fear political uncertainty, Fisher views midterms as a stabilizing force for markets.
Historically, he noted, midterms often lead to increased political gridlock, reducing the risk of sweeping legislation. With fewer major policy changes expected, markets gain clarity and confidence. Stocks, he said, typically price this in well ahead of time, which helps explain why markets often perform strongly in the period following midterm elections.
Tariffs: More Talk Than Damage?
Asked about lingering concerns over tariffs, Fisher appeared largely dismissive. He argued that the constant discussion surrounding tariffs may now be more damaging than the policies themselves.
Rather than focusing on trade fears, Fisher reiterated a view he first shared a year ago: that the current bull market would be driven primarily by international equities. European stocks, in particular, remain central to his outlook, along with select markets in Japan, Canada, Mexico, Latin America, and South Korea.
According to Fisher, this global leadership trend remains firmly intact.
Executive Orders and Market Stability
Addressing concerns that political outcomes could derail the domestic agenda, Fisher said major disruption is unlikely. He pointed out that the president has already relied heavily on executive orders and is likely to continue doing so.
At the same time, he expects legislative activity to slow even further as political divisions deepen. This quieter environment, Fisher believes, reduces uncertainty rather than increases it.
“Markets prefer predictability,” he said. “And quieter legislatures usually provide exactly that.”
Confidence Rooted in History
Fisher concluded by emphasizing that his confidence is grounded not in short-term optimism, but in historical patterns. From midterm cycles to investor psychology, he sees familiar forces at work—forces that have consistently favored patient, long-term investors.
As markets continue to face skepticism, Fisher believes that very skepticism may be the reason the bull market still has room to run.