Fisher Investments’ founder, Executive Chairman and Co-Chief Investment Officer Ken Fisher answers viewer mailbag questions about biotech performance during a recession, if it’s a good time to purchase energy stocks, his opinion on the Fed and more. Ken starts by addressing if biotech stocks typically perform well during a recession. According to Ken, categories that tend to perform best in the early stages of a new bull market are often the categories that got hurt the most in the preceding bear market. A less economically sensitive category, biotech, was not hit as hard in 2022, and is less likely to bounce the most in the new bull market.

Ken then addresses whether lagging energy stocks offer investors a good buying opportunity. Similar to biotech, Ken says the energy sector—which outperformed through most of 2022—is less likely to outperform in the early stages of a new bull market. Steady production volumes and a supply chain that has adapted to dislocations caused by the Ukraine-Russia conflict are likely to keep downward pressure on energy prices and stock performance.

Next, Ken discusses his views on the Federal Reserve. Ken says that central banks have two primary functions: banking system regulation and monetary policy to control inflation. When it comes to regulatory functions, Ken believes central banks, while not perfect, do a relatively good job. However, he’s less comfortable with central banks’ monetary policy decisions because central bankers don’t have a great track record of forecasting economic conditions.

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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.

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