Fisher Investments’ founder, Executive Chairman and Co-Chief Investment Officer Ken Fisher discusses what “market breadth”—the percentage of stocks leading the market as stocks rise or fall—tells you about the market looking ahead. Ken acknowledges that market breadth narrowed in 2023, but doesn’t think this portends a weaker market ahead.

According to Ken, slower growth economies—as seen in 2023—typically favor large, high-quality, growth-oriented stocks. Because there are only a handful of such stocks, it was natural for breadth to narrow. If slow economic growth persists in 2024, Ken thinks growth-oriented stocks will continue to outperform. However, if global economic growth reaccelerates, he says value stocks could lead as market breadth broadens.

For more of Ken Fisher’s thoughts on the markets, visit us at https://www.fisherinvestments.com.

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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.