Fisher Investments’ founder, Executive Chairman and Co-Chief Investment Officer, Ken Fisher, explains why current consumer debt levels aren’t a harbinger of recession. While some investors focus on absolute debt levels, Ken thinks it’s important measure consumer debt relative to total assets—household balance sheets. Ken acknowledges consumer debt has risen recently, but stresses consumer balance sheets have been gradually improving for several decades and are still healthy today.

According to Ken, today’s investors are biased to look for problems, even where none exist. Therefore, Ken believes heightened concern about perennial issues—such as consumer debt levels—indicates investor sentiment remains skeptical, which is typically a positive backdrop for stocks.

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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.