被忽略的股市風向球 殖利率曲線正透露利多訊號
By Ken Fisher, Business Weekly, Wednesday, September 17, 2025
噓——有項關鍵經濟指標發出了正面訊號，多數人卻視若無睹，認定它早已失效，那就是全球「殖利率曲線」（yield curve）。洞悉其中奧秘便能掌握優勢。
Read MoreKen Fisher writes monthly, native language columns in major media organs around the world, including the New York Post in the United States; The Daily Telegraph in the United Kingdom; Denmark’s leading business newspaper, Børsen; Singapore’s The Business Times; Taiwan’s Business Weekly; Caixin—often called the “Bloomberg of China”; Israel’s Calcalist; South Korea’s largest business paper, Chosun Weekly Biz; Japan’s Diamond Weekly; Spain’s largest business website and newspaper, elEconomista; Saudi Arabia’s Al Eqtisadiah; Mexico’s El Financiero; Germany’s Focus Money; Canada’s most read newspaper, The Globe and Mail; Switzerland’s leading business paper, Handelszeitung; the Hong Kong Economic Journal; Argentina’s Infobae; Ireland’s Irish Independent; Belgium’s La Libre; the United Arab Emirates’ The National; France’s L’Opinion; Sweden’s Privata Affärer; Italy’s third-largest newspaper and number one business paper, Il Sole 24 Ore; the Netherlands’ largest newspaper, De Telegraaf; and Austria’s Trend. In total, his 25 unique columns span more countries in more total volume than any other columnist of any type ever.
Ken is perhaps best known for his "Portfolio Strategy" column in Forbes magazine, which ran from 1984 through 2016, making him the longest continuously running columnist in Forbes’ history.
Not all past forecasts were, nor future forecasts will be, as accurate as those presented here. Forecasts are Ken Fisher's personal forecasts of the overall market as published in Forbes and do not represent the performance of Fisher Investments. Past performance is no guarantee of future returns. Investing in securities involves the risk of loss.
By Ken Fisher, Business Weekly, Wednesday, September 17, 2025
噓——有項關鍵經濟指標發出了正面訊號，多數人卻視若無睹，認定它早已失效，那就是全球「殖利率曲線」（yield curve）。洞悉其中奧秘便能掌握優勢。
Read MoreBy Ken Fisher, Infobae, Monday, September 8, 2025
¿Entorpecerá la demografía argentina la recuperación económica del país? Los alarmistas advierten que el desplome de la natalidad derivará en una escasez de mano de obra que pondrá en jaque a las empresas, mientras que el envejecimiento poblacional aumentará las cargas sobre los trabajadores. Nada de eso tiene sentido. Aunque el mito persiste, la historia demuestra con creces que una población joven no es la clave del éxito económico. Veamos por qué.
Read MoreBy Ken Fisher, Business Times Singapore, Sunday, September 7, 2025
WILL gold keep running? It is outshining most liquid assets in 2025. Up 20 per cent through Aug 22 and 56 per cent since the end of 2023, its gains top US, Singapore and world stocks – to say nothing of Singapore and global bonds’ puny returns. Singapore’s status as a global finance and transit hub has goldbugs flocking to stash their gold on its shores – adding to its allure.
Read MoreBy Ken Fisher, La Libre, Friday, September 5, 2025
Aïe ! Les pessimistes craignent que la vigueur de l'euro étouffe la croissance des actions de la zone euro enregistrée en 2025. L'euro a gagné 13 % face au dollar, 10 % face au yuan et 6 % face à un panier de 41 devises pondéré du commerce extérieur – une mauvaise nouvelle selon eux, à laquelle s'ajoutent les droits de douane.
Read MoreBy Ken Fisher, Privata Affärer, Friday, September 5, 2025
Är Sveriges ekonomi ”utrotningshotad”? Demografer hävdar att de sjunkande födelsetalen i Sverige och Europa förebådar arbetskraftsbrist och nedlagda verksamheter – samtidigt som ickeproduktiva gamlingar suger märgen ur arbetarna. Strunt. En åldrande befolkning är ingen broms för utvecklingen – den är ett bevis, skriver Ken Fisher i en krönika.
Read MoreBy Ken Fisher, Hong Kong Economic Journal, Thursday, September 4, 2025
現在是出手的時候嗎？全球股市於2025年初經歷急跌後屢創新高，恒指亦重返近2021年高位。然而，市場憂慮亦隨之加深：持倉者，你應沽貨嗎？非持倉者，你應買入嗎？ 這些問題都問錯了。投資者應提出更關鍵的問題：你的長遠目標和需要是什麼？這些才是左右投資決策的考慮因素，而非任何隨意的指數水平。讓我來解釋一下 ...
Read MoreBy Ken Fisher, Handelszeitung, Wednesday, September 3, 2025
Die Stärke des Frankens sorgt für Diskussionen. Doch eine Untersuchung zeigt: Wechselkursschwankungen haben kaum Einfluss auf Aktienmärkte.
Read MoreBy Ken Fisher, L'Opinion, Wednesday, September 3, 2025
Les marchés réagissent le plus fortement à des facteurs qui passent inaperçus. Cette vérité fondamentale a prévalu tout au long de mes plus de cinquante ans d’expérience en gestion d’actifs. Les événements très médiatisés font quelque peu bouger les actions sur le court terme, mais seuls des facteurs largement inaperçus (et donc non-intégrés par les cours) suscitent des mutations profondes et durables.
Read MoreBy Ken Fisher, Calcalist, Tuesday, September 2, 2025
האם מזומן הוא הנכס הטוב ביותר? בשל עליית הריבית מאז 2022 והקונפליקטים הצבאיים, רבים הגדילו את ההחזקות שלהם במזומן, כי הוא נכס בטוח, ללא תנודתיות, ולכן מעטים גם שואלים שאלות לגביו. אבל אתם צריכים לשאול. המזומן פוגע בתשואת תיק ההשקעות לאורך זמן, ויכול להפוך את קצבת הפנסיה שלכם לאכזרית. אז הנה כמה נקודות למחשבה וכלים שיעזרו לכם לקבוע מהי כמות המזומן הנכונה עבורכם בתיק ההשקעות.
Read MoreBy Ken Fisher, Australian Financial Review, Tuesday, September 2, 2025
It is human to fight the last war – in this case, recent years’ nosebleed price rises. But it’s time to move on, despite lingering fears from some investors.
Afraid of inflation reawakening? A spike in the headline consumer price index from June’s tame year-on-year figure of 1.9 per cent to July’s 2.8 per cent – led by electricity and coffee – sent chills up many investors’ spines.
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