Buy U.S. Stocks, Not Brexit Hysteria

Great Britain's decision to leave the European Union may alter the way Europe does business, but U.S. investors should not view it as a complete game changer, said Ken Fisher, executive chairman of Fisher Investments. 'I think people fear that this is the tipping point of a much bigger thing but I seriously doubt that it is,' said Fisher. 'It's probably just a myopic moment when we soon return to more normal traditional senses of what we value.' Similarly, Fisher does not see the so-called Brexit's impact on the U.S. presidential race, and in turn the American economy, as being outsized either, despite commonly drawn parallels to Republican nominee Donald Trump's populist-driven candidacy. 'I actually don't know that over a period that most anybody cares about, like two years, the president can make that much difference anyway,' said Fisher. Fisher said central bankers have lost a lot of their power to drive the economy because they 'have already spent their bullets.' He said they have no ability to raise or lower interest rates and can only 'jawbone', which he sees as ineffective.