Posted on 09/28/2010 6:09:12 AM PDT by blam
Ken Fisher: PIMCO's New Normal Is "Idiotic", The Next Decade Will Be Amazing
Joe Weisenthal
Sep. 28, 2010, 8:25 AM
Some great fighting words form money manager Ken Fisher.
Bloomberg:
Fisher said the concept of a “new normal” is “idiotic,” pitting him against money managers including Mohamed El-Erian, the CEO of Pacific Investment Management Co., which coined the term to describe a world of high unemployment, more regulation, and the shrinking importance of the U.S. in the global economy.
“We are chimpanzees with no memory,” Fisher said at the Forbes Global CEO Conference in Sydney. “The next 10 years are going to be just as good as the 1990s. The problems in this current environment we think are so different, and so new and so unique. It’s the same stupid old normal we’ve always had. We’ve got a great future.”
It doesn't sound like he went far beyond that in his reasoning, but maybe Dow 38,820 isn't so ridiculous.
Of course, Fisher has long been bullish, and we're pretty sure got hammered during the downturn.
[snip]
(Excerpt) Read more at businessinsider.com ...
A fool and his money are soon parted.
Amazing?
The entire western world is in debt and at best it has a plateau. The aging population demands pensions and health care when the few young don’t want to produce anything.
Yeah amazing
At this point I can’t imagine anyone being bullish. The bull markets are driven by innovation. What innovative ideas are on the horizon that would not be squashed by government interference and regulations?
Fishers dad was a smart man....
Fisher makes his money from management fees. He can’t tell his clients to hide their money under the mattress.
The next round of innovations will most likely come out of eastern Europe. Places like the Czech Republic or Slovenia where they still understand the meaning of freedom....
My 401k was rescued because I transferred half my assets to PIMCO. Sometimes the apple falls pretty far from the tree.
As long as Obama and the Dems are in power, I'm a bear.
I think there are a number of innovations that are ready to go but are being held back until the economy recovers.
Innovations without sales are just costs.
Meh. what they DON'T want to deal with, myself included, is the parasitic bureaucracy and regulatory mechanisms that glom on to anything productive to render it a slave to the state ASAP.
Meh. what they DON’T want to deal with, myself included, is the parasitic bureaucracy and regulatory mechanisms that glom on to anything productive to render it a slave to the state ASAP.
What a load of garbage. Who didn’t get hammered in 2008? By that logic, we should only follow the permabear broken clocks who were right in 2008 but wrong for years before that and wrong since. Pretty stupid. Fisher was wrong in 2008 but right in 2007 and 2009. Oh yeah and 2006. And 2005. And 2004. And 2003. And 2002. And 2001 because he got bearish in 2000 so he was right then. And 1999. And 1998. See where I’m going with this? And 1997. And 1996 . . . blah blah blah
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