Some great fighting words form money manager Ken Fisher.
Fisher said the concept of a “new normal” is “idiotic,” pitting him against money managers including Mohamed El-Erian, the CEO of Pacific Investment Management Co., which coined the term to describe a world of high unemployment, more regulation, and the shrinking importance of the U.S. in the global economy.
“We are chimpanzees with no memory,” Fisher said at the Forbes Global CEO Conference in Sydney. “The next 10 years are going to be just as good as the 1990s. The problems in this current environment we think are so different, and so new and so unique. It’s the same stupid old normal we’ve always had. We’ve got a great future.”
It doesn’t sound like he went far beyond that in his reasoning, but maybe Dow 38,820 isn’t so ridiculous.
Of course, Fisher has long been bullish, and we’re pretty sure got hammered during the downturn.