(Yahoo Finance) This week’s impeachment inquiry against President Trump surrounding his late July phone call with the President of Ukraine isn’t set to end the bull market in stocks.
That’s the assessment from billionaire investor Ken Fisher, founder and executive chairman of Fisher Investments.
“There is nothing that’s going on now that isn't in my opinion pre-priced and that would stop a bull market,” he said.
The stock market barely flinched when House Speaker Nancy Pelosi (D-CA) announced an impeachment inquiry earlier this week.
“This is kind of a circus,” Fisher said, referring to the political battle that is heating up in relation to Trump’s phone call with Volodymyr Zelensky. “And circuses in the longer term don’t make or kill bull markets or bear markets. Will we have more circus? We’re going to have circus all the way through the November 2020 elections. If you don’t expect the elections to have drama, you’re missing what elections are all about.”
Plus, even with the political uncertainty surrounding the impeachment inquiry, another political process is taking place: the narrowing of prospective 2020 presidential candidates.
“With that comes falling uncertainty — as you move down to a two person competition,” Fisher noted. “Then we move to where one of those people will win. We always get a winner and the market pre-prices that.”
Ken Fisher’s market outlook
Fisher characterizes the current environment as an “okay world.”
“It’s not a great world, but it’s an okay world and skepticism and negativity are very high,” he said. “Negativity and skepticism are priced into the market now.”
As the market starts to realize that we’re in an “okay world,” Fisher said it should be a fairly material positive surprise for markets, and the markets will pre-price that “and move forward over the next year in the same form of begrudging, grinding, relatively joyless bull market that we’ve had which is long, moves in spurts and then boringness.”
