Kenneth Fisher Lost Nearly Three Billion Over A Controversial Comment: His Current Net Worth?
‘Choice of words matters’ turned out to be life-time lesson for billionaire investment analyst & founder of Fisher Investments, Kenneth Fisher, after his dirty sexist joke take a toll of nearly $2.7 billion to his firm.
Already in controversies with comments & lament on the leadership of Abraham Lincoln to end slavery, the San Francisco native again led furore after he compared selling a mutual fund with ‘asking a woman in a bar for s*x’, in October 2019- this time, it didn’t slip out easily as before.
Soon after, the company experienced a shock wave of losses as many public pensions and institutional investors pulled out ties & a chunk of money from Fisher’s firm.
Cheap Comments Proved Too Costly: Faced Loss Of Around $2.7 billion
With an applaudable history since its foundation in 1979 with $250, Fisher’s firm Fisher Investments currently is at its peak, managing $65 billion for around 65,000 individual investors- totals above $100 billion in assets for private and institutional clients.
However, success doesn’t mean anyone can tackle enrage if an individual has a wrong choice of words.
During a conference on October 8, 2019, sponsored by Tiburon Strategic Advisors, Kenneth Fisher commented that getting client’s trust was same as “trying to get into a girl’s pants.”
Being such a huge media figure, Kenneth’s poor & cheap joke began to take effect, as many public pensions and institutional investors took out nearly $2.7 billion from the firm.
Sources report that 3 state pension funds in Philadelphia, Boston and Iowa pushed roughly $1.2 billion.
Philadelphia’s board of pensions ended their connection with Fisher Investments.
As reported, the state of Michigan, Iowa, on October 11, withdrew $600 million from Fisher Investments, while the Boston city pulled out pension fund money of $248 million on October 16, 2019, & terminated their relationship.
Later, Kenneth released a statement of apology:
Some of the words and phrases I used during a recent conference to make certain points were clearly wrong and I shouldn’t have made them. I realize this kind of language has no place in our company or industry. I sincerely apologize.
Fisher’s clients Goldman Sachs and pension funds from Florida and Los Angeles stated about their relationship review after such off-colour comments. Later, Goldman pulled $234 million from the company.
Any Drastic Effect In Company’s Worth?
Despite being criticized with such viral comments, it seems the aftermath seems quite ineffective yet for the American billionaire’s firm.
Before the February 2022 conference issue came up, Fisher’s company accounted for $14 billion from public pensions and state and municipal governments managements.
As reported, last year, in 2018, Fisher Investments managed $94 billion. Well, according to Financial Times’ Top 300 list, Fisher’s company became top 300 US-based Registered Investment Advisors (RIAs) for 6 consecutive years (2014- 2019).
How Much Kenneth Fisher Owns In 2019?
According to online sources, Kenneth owns the net worth $4.1 billion as of November 2019. The 68-year-old billionaire currently ranks #617 among the Billionaires 2019 as per Forbes.
Back in 2017, the father of 3 was estimated to be worth $3.8 billion.
Apart from being the founder and chairman of Fisher Investments, Fisher also aided considerable earnings as the author of 11 books about investing. With the first book Super Stocks published in 1984, Kenneth Fisher’s most recent book The Ten Roads to Riches released in April 2017, the second edition of The Only Three Questions That Count (2012).
Well, the American billionaire owns many properties across the United States, primarily in Washington State and Northern California. Moreover, he owns a 2,000 acres area of redwood timber in Mendocino, bought for $4 million.
Active In Charity
Amid many controversial statements over the years, Kenneth Fisher along with his wife Sherrilyn Fisher, indeed have active participation in charity works.
He gave $3.6 million to Kenneth L. Fisher Chair in Redwood Forest Ecology at Humboldt State in 2006, which aims to supports redwood ecology research & provide necessary equipment & environment to graduate students.
Moreover, Fisher & his wife donated $7.5 million to Johns Hopkins University that funds Sherrilyn and Ken Fisher Center for Environmental Infectious Diseases.