Fisher Investments’ Michael Hanson on equity market euphoria
INTERVIEWSERIES
Michael Hanson, Senior Vice President of Research, Fisher Investments
October 2026
Podcast
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In this exclusive interview, Michael discusses equity market euphoria. He explains what equity market euphoria is, how long periods of euphoria historically last, how to identify it and what to do about it from a portfolio management perspective in the context of today’s equity markets.
Watch the full interview where we ask Michael:
What is market euphoria and how do you identify it in listed equities?
Historically, how long do periods of euphoria last in equity markets?
How robust are the usual sentiment measures like pricing in identifying equity market euphoria?
Once signs of equity market euphoria are identified, what are the critical considerations for investors from a portfolio management perspective?
What is your assessment of investor sentiment today and are you seeing indications of equity market euphoria?
Michael Hanson, Senior Vice President of Research, Fisher Investments
Michael is a Senior Vice President of Research and a member of the Investment Policy Committee (IPC) at Fisher Investments. In those roles, Michael oversees the Research Group and is responsible for the development of capital markets and securities research.
Michael joined Fisher Investments in 2002 and has served on the firm’s five-member IPC since 2017. Prior to his current role, he held a variety of positions, including Vice President of Portfolio Management Communications, Capital Markets Team Leader and Institutional Client Services Manager. Before joining the firm, he worked at Bear Stearns as a Corporate Finance Analyst in the Global Technology Group.
Michael regularly meets with clients globally, sharing the firm’s market outlook, current portfolio positioning and answering questions. He is the author of six books, including ‘20/20 Money: See the Markets Clearly, Gain Focus and Invest Better than the Pros’. He was also a lecturer at the Haas School of Business at the University of California, Berkeley, where he taught investment management topics.
Michael received his undergraduate degree from Claremont McKenna College and his doctorate in Depth Field Psychology and Mythology from Pacifica Institute.
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