Macro Insights Q1 2026

Fisher Investments

Ken Fisher

Research

71 Pages

Fisher Investments argues the bull market can keep running in 2026 despite elevated sentiment and tariff noise. The deck leans on solid corporate fundamentals, improving non US leadership, and a backdrop that looks late cycle but not euphoric.

Key Takeaways

Bull Markets Often Persist: 9 of 10 prior bull markets that passed 3 years made it to year 4.
New Highs Are Normal: Global equities reached higher levels within the next year 96% of the time after all time highs.
Speculation Is Rising: Margin debt and leveraged ETF assets reached roughly 4.0% of S&P 500 market cap.
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