The S&P 500 is up roughly 20% this year and that's in-line with what's traditionally seen in a bull market, according to billionaire Ken Fisher, chairman of Fisher Investments.

"This year in the U.S. stock market is the average annual return of a bull market in history," Fisher said in an interview with TheStreet. "It's not an above average year - people forget that."

Fisher expects foreign stocks to outperform U.S. stocks over the next year. 

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