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An Introduction to the Private Client Group
Serving the Investment Needs of Financially Successful Individuals
Woodside, California Of ce
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Matthew Goldhaber has been with Fisher Investments since 2007 and serves Illinois, Indiana and Missouri.
Previously, he worked in the Private Banking and Investment Group at Merrill Lynch.
His background and experience equip Matt to help investors understand the multitude of options currently
available and discern which may be best for them, given their personal goals and objectives. Matt enjoys working
with prospective clients to review their current investment strategy and determine whether Fisher Investments
might be a good fit.
Matt received his MBA from the University of Chicago and his undergraduate degree from Indiana University,
where he majored in business. He lives in Lake Forest, IL with his wife of 12 years and his 3 boys.
Matthew Goldhaber
Senior Vice President
Lake Forest, Illinois
800-851-8845

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Please see page 6 for disclosures.
© 2015 Fisher Investments. All rights reserved.
®
Background
Throughout our history, Fisher Investments has developed innovative capital markets technologies for the
purpose of helping clients reach their goals. Our research has contributed to the definition of six distinct
investment styles and other significant aspects of modern portfolio theory. The son of legendary investor
Philip Fisher, founder and CEO Ken Fisher is a renowned innovator in investment theory and author of
numerous books and academic studies. He popularized the now widely used Price-to-Sales Ratio, pioneered
the identification of the small cap value stock universe and has been involved with what we believe to be
groundbreaking work in behavioral finance.
1970 1975 1980 1985 1990 2000 2005 2015
1970 1975 1980 1985 1990 2000 2005 2015
2008-2015
Ken Fisher writes seven new
books: The Ten Roads to Riches,
How to Smell a Rat, Debunkery,
Markets Never Forget (But
People Do), Plan Your
Prosperity, The Little Book of
Market Myths and Beat the
Crowd
1993
Ken Fisher writes his third
book: 100 Minds That Made
the Market
1993
Firm assets under management
reach $1 billion for first time
2006
Ken Fisher writes his critically
acclaimed fourth book: The Only
Three Questions That Count
Late 1970s
Ken Fisher’s theoretical work
pioneers a tool known as the
Price-to-Sales Ratio, now a core
element of modern financial
curriculum
2000/2001
Ken Fisher receives Journal
of Portfolio Management
“Outstanding Article” award for
groundbreaking research:
“Cognitive Biases in
Market Forecasting”
1970s
Ken Fisher engages in a wide
array of investment activities,
including M&A consultancy in
the then-emerging field of
technology, custom research,
and portfolio management
Mid-1980s
Fisher Investments contributes
to breakthrough definition of
six distinct investment styles
1984
Ken Fisher writes best-selling
finance book: Super Stocks
2007
Fisher Investments enters into
a joint venture, Grüner Fisher
Investments, an investment
adviser offering investment
services in Germany
1987
Ken Fisher writes acclaimed
financial book: The Wall
Street Waltz
1984
Ken Fisher becomes the
“Portfolio Strategy” columnist
for Forbes magazine
Early 1980s
Fisher Investments pioneers
a new school of equity style
management: domestic Small
Cap Value equity
Early 1970s
Ken Fisher is professionally
trained by his father, Philip
Fisher, legendary investor and
money manager
1995
Fisher Investments Private
Client Group formalized
exclusively for high net worth
individuals
1979
Fisher Investments is established
as a sole proprietorship
2014
Ken Fisher passes the 30-year
milestone at Forbes magazine
and is now the third longest-
running columnist in Forbes’
over 90-year history
Fisher Investments Europe
Limited is established in the
United Kingdom
2000
2004
Firm assets under management
reach $25 billion for first time
Firm assets under management
reach $50 billion for first time
2013
Fisher Investments Timeline

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Please see page 6 for disclosures.
© 2015 Fisher Investments. All rights reserved.
®
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.
• An important principle in finance theory is that capital markets are relatively efficient discounters of 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 oportunities vanish almost immediately because they become reflected in stock prices.
• 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.
Capital Markets Technology
• Fisher Investments applies proprietary capital markets technology to seek out and process opportunities
to exploit such information. Our capital markets technology (i.e. proprietary research tools) is developed
through the study of finance theory, history and empiricism.
• We utilize a top-down investment process based on applying capital markets technology to the analysis
of a wide range of economic, political and sentiment drivers to formulate forecasts and develop portfolio
themes. The strategy attempts to exploit the structure of equity markets and capitalize on country and
sector/industry cycles as they come into and out of favor.
Investment Philosophy

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Please see page 6 for disclosures.
© 2015 Fisher Investments. All rights reserved.
®
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
perodically 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.
World-Class Client Services & Communications
• 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.
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?

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Please see page 6 for disclosures.
© 2015 Fisher Investments. All rights reserved.
®
World-Class Client Services & Communications (Continued)
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, Monthly Statements and Online Access—Provided by your custodian.
• Quarterly Reports—Statements and a portfolio analysis of your holdings provided by Fisher Investments.
• 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.
• 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 and Fisher Client Forums—Held across the country, these small forum, in-depth
discussions are opportunities to gain insight and perspective from senior members of our Research and Client
Services Departments.
• Fisher Friends Events—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).
• MarketMinder.com—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.
You
Custodian
A third-party custodian will
house the assets managed by
Fisher Investments. They will
process trade confirmations
and monthly statements.
Responsible for setting up
your account with the custodian.
This person is an expert in the
required documentation and
will oversee the funding process.
Trading
Implements the IPC’s
investment decisions while
striving to execute trades
with the lowest overall
trading cost.
Research
Innovative department
that provides the IPC with
high-quality, timely
information.
Investment Counselor (IC)
A liaison between you and the
Investment Policy Committee. This
primary point of contact will ensure
your portfolio is constructed and
managed consistent with your
objectives and specifications.
The IPC consists of Ken Fisher, Jeff Silk,
Bill Glaser and Aaron Anderson. The IPC is
responsible for setting investment policy and
making the firm’s strategic investment decisions.
Local Vice President
Your contact responsible for
relationship management
throughout the account
set-up process and thereafter.
Client Account
Coordinator (CAC)
Investment Policy Committee (IPC)
Service Structure

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®
Please see page 6 for disclosures.
© 2015 Fisher Investments. All rights reserved.
®
Disclosures
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 or a reflection of the performance of Fisher Investments or its clients.
Nothing herein is intended to be a recommendation or a forecast of market conditions. Rather it is intended to illustrate a point.
Current and future markets may differ significantly from those illustrated here. Not all past forecasts were, nor future forecasts may be,
as accurate as those predicted herein.
© 2015 Fisher Investments. All rights reserved.

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