New York, NY: Kenneth Fisher, the chief executive officer of California-based Fisher Investments Inc., told Reuters that the recent volatility in the financial markets has limited initial public offerings, but that the ultimate impact may not be too severe.
According to Fisher, a billionaire investor who manages his $41 billion investment firm, the financial markets may experience short-term halting, but the effects likely will not be felt in the long term.
"We're in a corrective action that will dampen IPOs, which will stall the market, but I think people are reading into this more significance than exists," Fisher told the news source.
Fisher, who has been the subject of scam and fraud complaints with his company, also commented on the race for the Republican nomination for president in the upcoming 2012 election.
The investment firm boss explained that Texas Governor Rick Perry presents risks in his unorthodox rhetoric, but that Republicans could ultimately end up embracing him.
"Northeastern button-down country club Wall Street Republicans who feel uncomfortable with their feet in the mud or the dust probably look at Perry as a wild man, and yet they probably come to change their view if Perry succeeds in the process in the same way that they always have," Fisher told the news provider.
Fisher, who has also served as a columnist for Forbes during his career, offered his comments to the news source after he had been hit with a number of complaints over the past decade over his investment business.
According to a Bloomberg Businessweek article posted in May 2004, Fisher's investment business was the subject of scrutiny from a number of former clients who claimed the CEO's advertising promises did not match up with the firm's actual effectiveness.
Specifically, the former clients reportedly disputed the concept of Fisher Investments as offering custom-tailored investor portfolios, according to the news source.
In fact, former Fisher Investment counselor Dan Laimon said that virtually all of the portfolios are the same, despite the discrepancy in income and objectives of the various clients.
"Almost 99% of the Fisher portfolios are identical in their composition," Laimon told the news source at the time, adding that such uniformity was strange due to the "very wide range of their clients' investment objectives, income requirements, and risk tolerance."
The news source reports that while the Securities and Exchange Commission inquired about Fisher Investments in the early 2000s, the agency decided not to take any disciplinary action.
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According to Fisher, a billionaire investor who manages his $41 billion investment firm, the financial markets may experience short-term halting, but the effects likely will not be felt in the long term.
