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Fisher Investments Capabilities, by William Shepherd


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Learn about Fisher Investments background and services, presented by regional vice president, William (Bill) Shepherd, based in Denver, CO.

Learn about Fisher Investments background and services, presented by regional vice president, William (Bill) Shepherd, based in Denver, CO.

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  • 1. Corporate Headquarters Woodside, California An Introduction to the Private Client Group Serving the Investment Needs of Financially Successful Individuals13100 Skyline Boulevard | Woodside, CA 94062 | 800-568-5082 |
  • 2. Bill Shepherd Vice President Denver, CO 800-851-8845Bill Shepherd is an experienced financial professional who has been with Fisher Investments since2006. Based in Denver, Bill works with private clients in Colorado, Oklahoma and throughout theMidwest.Bill Shepherd has over 18 years of experience in the global financial services industry. Originallyfrom Boston, Bill earned his degree in Finance in Philadelphia before helping establish aninternational wealth management firm in Frankfurt, Germany. Bill helped expand the businessthroughout Europe and ultimately Asia. He and his family relocated to Singapore so Bill couldcontinue travelling and building the business there. Bill then returned to the United States andbegan working for Fisher Investments in Oklahoma before settling in Denver with his family. Billenjoys skiing, cycling and hiking.Bill can review and evaluate your current financial situation, discuss your investment goals andobjectives, and explain Fisher Investments’ approach to investing. Bill can also provide severalinformative resources.
  • 3. BackgroundIn 1979, Fisher Investments began managing discretionary assets with a fundamental belief incapitalism and how free capital markets function. In 1995, we began offering personalized portfoliomanagement directly to high net worth individuals. Throughout our history, Fisher Investments hasdeveloped innovative capital markets technologies for the purpose of generating excess return relativeto a benchmark. Our research has contributed to the definition of six distinct investment styles and othersignificant aspects of modern portfolio theory. The son of legendary investor Philip Fisher, founder andCEO Ken Fisher is a renowned innovator in investment theory and author of several investment booksand numerous academic studies. He popularized the now widely used Price-to-Sales Ratio, pioneeredthe identification of the small cap value stock universe and has been more recently involved with whatwe believe to be groundbreaking work in behavioral finance.Fisher Investments Timeline 1970 1975 1980 1985 1990 2001 2002 2011 Early 1970s Early 1980s 1993 2006 Ken Fisher is professionally Fisher Investments pioneers Ken Fisher publishes his third Ken Fisher publishes his critically trained by his father, Philip a new school of equity style book: 100 Minds That Made acclaimed fourth book: The Only Fisher, legendary investor and management: domestic Small the Market Three Questions That Count money manager Cap Value equity 1994 Fisher Investments 2007 1984 completes construction of its Fisher Investments Press is Ken Fisher becomes the headquarters facility in formed in partnership with “Portfolio Strategy” columnist Woodside, CA publisher John Wiley & Sons 1970s for Forbes magazine Ken Fisher also advises on mergers & acquisitions on a limited scale in the then- 1995 1984 Fisher Investments Private 2007 emerging field of technology Ken Fisher writes best-selling Client Group formalized Fisher Investments opens an finance book: Super Stocks exclusively for high net worth office in Vancouver, WA individuals Mid-1980s Late 1990s 2008-2011 Fisher Investments contributes Late 1970s The firm dedicates significant Ken Fisher publishes his fifth, to breakthrough definition of Ken Fisher’s theoretical work resources to the emerging field sixth, seventh and eighth books: six distinct investment styles pioneers a tool known as the of behavioral finance and the The Ten Roads to Riches, Price-to-Sales Ratio, now a core development of practical How to Smell a Rat, Debunkery element of modern financial applications to the portfolio and Markets Never Forget curriculum 1987 management process (But People Do) Fisher Investments registers with the SEC 2000/2001 Ken Fisher receives Journal 2009 of Portfolio Management Ken Fisher passes the 25-year 1979 1987 “Outstanding Article” award for milestone at Forbes magazine Fisher Investments is established Ken Fisher writes acclaimed groundbreaking research: and is now the fourth longest- as a sole proprietorship financial book: The Wall “Cognitive Biases in running columnist in Forbes’ Street Waltz Market Forecasting” over 90-year history 1970 1975 1980 1985 1990 2001 2002 2011
  • 4. Investment Philosophy» Core Principles• Fisher Investments manages discretionary assets with a fundamental belief in capitalism and how free capital markets function.• We start with the simple notion that supply and demand of securities are the sole determinants of securities pricing.• Correspondingly, we believe capital markets are relatively efficient discounters of all widely known information.• Therefore, to add value through active management we must identify information not widely known or interpret widely known information differently (and correctly) from other market participants.» Efficient Markets & Capital Markets Technology• An important principle in finance theory is that capital markets are relatively efficient—capital markets discount, or reflect, all widely known information.• News travels fast, so the knowledge and expectations of investors are absorbed by the market as quickly as they are acknowledged.• Profit-seeking investors act on every bit of news, rumor and speculation that is widely available, and any obvious opportunities vanish almost immediately because they become reflected in new pricing.• Some who believe markets are completely efficient conclude that attempting to beat the market is futile.• However, we believe it is possible to add value through active management by either accessing unique information or interpreting widely known information differently, yet correctly, by developing tools to understand information in unique new ways.
  • 5. Client Services & Communications» Account Personalization• To construct a portfolio strategy consistent with your goals and objectives, Fisher Investments must understand your complete financial picture as it relates to the assets we will manage. Depending on your individual financial position, we will apply a strategy we feel best fits your particular situation.• As your circumstances change over time, your portfolio may also need to change—so Fisher Investments will periodically reassess your needs.• When choosing the optimal long-term investment strategy and engineering the near-term tactics for your portfolio, some of the factors we may consider are below. ― Investment Objectives: Is your primary goal for your portfolio to target long-term growth? To provide a certain level of cash flow? Some combination? ― Your Time Horizon: How long do you expect or need your money to be working toward your objectives? ― Cash Flow Requirements: How should your portfolio be managed to accommodate your cash flow needs, should you have them? ― Outside Income and Assets: How are your outside assets positioned and how does your managed account fit into your overall net worth? Do you receive cash flow from sources other than your portfolio? ― Capital Gains: How can we address the impact of capital gains taxes?* ― Restrictions or Customizations: What other personal needs or desires should we consider? ― Risk Tolerance: Are you comfortable with our recommendation and is it suited to your stated investment objectives and time horizon for your portfolio?• Any needs or changes will be discussed with your personal Investment Counselor, who stays in contact with you about any important developments related to your account. Your Investment Counselor oversees your account and communicates your situation to other groups internally. The Investment Policy Committee makes all strategic investment decisions.*Fisher Investments is not a tax adviser and does not provide tax advice.
  • 6. » Service Structure You Custodian Client Account Investment Counselor (IC) Vice President A third-party custodian will Coordinator (CAC) A liaison between you and the Your local contact is responsible for house the assets managed by Investment Policy Committee. This relationship management throughout Responsible for setting up Fisher Investments. They will primary point of contact will ensure the set-up process and thereafter. your account with the custodian. process trade confirmations your portfolio is constructed and This person is an expert in the and monthly statements. managed consistent with your required documentation and will oversee the funding process. objectives and specifications. Trading Research Investment Policy Committee (IPC) Implements the IPC’s Innovative department The IPC consists of Ken Fisher, Jeff Silk, investment decisions while that provides the IPC with Andrew Teufel, Bill Glaser and Aaron Anderson. striving to execute trades high-quality, timely The IPC is responsible for setting investment with the lowest overall information. policy and making the firm’s strategic investment trading cost. decisions.» Client Communications• On-Demand Communications—Your Investment Counselor will call you to keep you apprised of our strategy and current thinking, as well as regularly reviewing your portfolio and investment objectives.• Trade Confirmations and Monthly Brokerage Statements—Provided by your custodian. Your custodian will also offer complete online access to your account.• Quarterly Reviews—A quarterly publication published under the direction of the IPC that discusses retrospective performance, economic and market conditions, our future market outlook and other relevant topics.• Quarterly Reports—Statements and a portfolio analysis of your holdings provided by Fisher Investments.• Fisher Forecast Seminars—Throughout the year, we hold a series of Fisher Forecast Seminars across the country to provide our clients with the latest information regarding our global market forecasts, current events impacting financial markets and our current portfolio strategy.• Investment Roundtables—Held across the country, these small forum, in-depth discussions allow you the opportunity to gain insight and perspective from senior members of our Research Department.• Fisher Friends—Fisher Friends is an experience we don’t believe you will find at any other financial firm. This unique, client-only event is simply a chance for Fisher Investments clients to meet other private clients in their area in an informal setting, with no involvement from Fisher Investments staff (aside from a brief introduction).•—An online resource providing daily news aggregation and proprietary market commentary to keep you up-to-date on important and relevant news and events.• Capital Markets Update Video—Twice a year, Fisher Investments produces a video featuring a roundtable discussion with the IPC discussing current views on the market and economy.
  • 7. DisclosureNo guarantee is made regarding the accuracy of any market forecasts or the success of any investment strategy.Pastperformance is no guarantee of future returns; risk of loss is involved with investing in stock markets. Investing inforeign securities involves additional risks including the risk of currency fluctuations.