Learn These Key Lessons From 2025

Ken Fisher, founder, Executive Chairman and Co-Chief Investment Officer of Fisher Investments, reflects on 2025 and shares lessons investors can carry forward into 2026. Ken highlights how 2025 defied middling expectations, with US stocks underperforming relative to previous years while European markets unexpectedly surged despite recession fears.

According to Ken, 2025 serves as a powerful reminder that "common expectations" and consensus forecasts are often misleading. He notes that while many experts predicted single-digit returns at the start of the year, the global market saw returns closer to 20%. Ken explains consensus views are usually already pre-priced into the market, meaning the reality often surprises to the upside or downside.

Looking toward 2026, Ken advises remembering that whatever everyone is talking about—like AI bubble fears in 2025—is likely already pre-priced. Ken says instead of focusing on those widely discussed things, you should be thinking about something else.

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Investing in securities involves a risk of loss. Past performance is never a guarantee of future returns. Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations. The foregoing constitutes the general views of Fisher Investments and should not be regarded as personalized investment advice. Nothing herein is intended to be a recommendation. The opinions expressed are subject to change without notice.