Ken Fisher

Korea is structurally more volatile because Samsung and SK hynix dominate the index and the rest is a long tail, but Korea is a good market and AI/semiconductor importance will persist. The recent two-month correction is just volatility within a rising global stock market, so if global equities continue rising Fisher expects Korean equities to rebound.

Fisher highlights the 'midterm miracle': midterm elections typically reduce the incumbent party's legislative power, large legislative risk fades late in the midterm year, and US stock market history shows Q4 of midterm years has been positive 88% of the time with the following quarters positive about 85% of the time and the 9-month window from Q4 positive over 92% of the time, the strongest 9-month stretch in US market history. He expects H2 2026 and early 2027 to be quite strong for US stocks.

Fisher argues the current tech and AI excitement is not euphoria; it remains within optimism, with some froth and high valuations in major companies but not the late-stage 'pigs flying' phase associated with junk companies flooding public markets. Absent a large external shock such as COVID, he expects the bull market to continue into 2027 or longer and remains bullish on global equities.

Fisher expects crude oil prices to fade rather than sustain a catastrophic spike. Energy wars historically see oil rise into the conflict and then fall afterward; this time oil spiked to $138 before falling back and now remains below $80, signaling oil markets are not severely tight. Hormuz disruption is overstated because only around 14% of global oil actually exits the strait, Saudi east-west pipeline flows rose from 0.7m bpd to 7m bpd, Abu Dhabi increased pipeline exports, and high prices incentivize production increases elsewhere.