2023 will be like 1967's 'roaring bull market': Billionaire investor

Fisher Investments founder and chairman Ken Fisher argued Wall Street is on the verge of a "roaring bull market" akin to 1967's "summer of love," which saw a stunning stock rally. Fisher told "Varney & Co." that inflation is deader than a doornail – markets just don't know it yet.

KEN FISHER: First, to see it [bull market], you have to see that 2022, almost anything you say about it, could be said almost perfectly the same way about 1966 or just slightly differently. Rate hikes, explosive inflation out of nowhere, big regional war, the most divisive era in U.S. politics. You could go to recession expectations, the anticipation of capitulation, and a bear market that was the same magnitude, started almost the same day in January, and almost the same day in October - the fourth quarter rally almost exactly the same size, a strong start to 1967, like we're having now. And, in reality from all that, 1967 is the year when inflation peaks and falls, interest rates plateau, we don’t get the recession because widely anticipated recessions are met by mitigation and anticipation. It's the most parallel period in modern history. 

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I believe inflation is dead. It's deader than a doornail, it just doesn’t know it. The fact is inflation is a process, input costs lead to producer prices which lead to consumer prices. If you look at input costs like commodities, or you look at processing costs like freight costs, all these on average are down to where they were more than a year ago, or lower.