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In Episode 104, we welcome the legendary, Ken Fisher.\nMeb starts with a quick word of congratulations to Ken, as his firm just passed $100B in assets under management. The guys then discuss Ken\u2019s interest in fishing with a bow and arrow, which eventually morphs into a conversation about a millionaire who allegedly hid a million dollars somewhere in the Rockies, leaving clues to treasure-hunters searching for it.\nThe guys then jump into investing, discussing Ken\u2019s early days in launching Fisher Investments. They touch upon one of Ken\u2019s early claims to fame, championing the price-to-sales ratio. This leads to a conversation about being factor agnostic, which includes some interesting takeaways from Ken on capital pricing.\nSoon, Meb brings up Ken\u2019s book, Debunkery, and asks about one of its points: namely, the misbelief by so many investors that bonds are safer than stocks. What follows is a great commentary by Ken about short-term volatility risk versus opportunity cost risk. When you look at longer, rolling time periods, it becomes clear that stocks are far less risky than bonds. And in the long term, stocks are less risky than cash. Ken tells us that in his business, it\u2019s his job to focus his clients on the longer-term.\nNext, the conversation takes an interesting turn, touching upon the explosion of tech science, and how it\u2019s affecting our lives, as well as the capital markets. It bleeds into Meb suggesting that older investors tend to become more conservative or pessimistic, and so they tilt away from equities, and whether that\u2019s a behavioral challenge Ken has to address with his clients. Ken gives us his thoughts, concluding with that idea that people need to be relatively comfortable in capital markets with things that are generally uncomfortable.\nThe conversation then veers into politics and the effects on the market. Ken tell us that when you look at presidents and market history, our system gives presidents much less power to affect markets than most people believe.\nMeb jumps to Twitter questions, bringing up one that wonders how to position yourself in the end of a bull market. Ken gives us a fascinating answer which I\u2019m going to make you listen to in order to hear, but it tends to focus on large cap and quality.\nThere\u2019s way more in this great episode: capital preservation and growth\u2026 volatility (a great quote from Ken \u201cvolatility is your friend, it\u2019s not your enemy, if you use it correctly\u201d)\u2026 the media\u2019s impact on investor perception\u2026 the Fed and sovereign balance sheets\u2026 the senate bill trying to eliminate the ability of public companies buying back their own stock in the marketplace\u2026 housing (and the need to account for the full housing costs when calculating returns)\u2026 and of course, Ken\u2019s most memorable trade.\nWhat are the details? Find out in Episode 104.\nLearn more about your ad choices. Visit megaphone.fm/adchoices