12-03-2019
Ken Fisher, CEO of Fisher Investments, made some controversial comments at an exclusive financial management conference on October 8th that continues to have a large financial impact on his business. Attendees were required to maintain confidentiality about what happens during the conference but one attendee was so offended, he made a video about it and posted it online.In the viral post, Alex Chalekian called Fisher’s speech a “true debacle.” In the video, Chalekian asserted that Fisher spoke about “genitalia,” “picking up on a girl,” commented, “don’t show him what’s in your pants,” referenced Jeffrey Epstein, disparaged charities, and discussed what it is like to “trip on acid.” Chalekian claimed he discussed these comments with other attendees, learning that other men and women were offended and how coming to these types of conferences made them uncomfortable. He also claimed that others had said Fisher has a reputation for making these comments, including in the workplace. It is alleged that Fisher had previously commented that “slavery should never have been abolished.” There are tweets by him supporting this view. A female attendee, one of just twenty women in a room of 220 guests, said she was “stunned” by the speech.
After receiving widespread media coverage, there have been consequences for Fisher and his company. Reportedly, the company has lost about $3.9 billion in institutional assets out of the estimated $94 billion it manages. Retail clients have mostly remained with public institutions disassociating from him. Fisher initially admitted to saying most of the words but claimed Chalekian heard them out of context and misconstrued his meaning. He did apologize later. He also said he regretted agreeing to speak at the event and wondered if anyone would be truthful at the event going forward. He was reportedly banned from the event in the future. The New York Times has reported that a letter from Fisher Investments was sent to clients and employees announcing the formation of a “diversity and inclusion task force” soon after the video was posted.