Ken Fisher suggests to RIA client on X to close his account if he thinks he's 'childish' for saying Trump tariffs are 'stupid, wrong, arrogantly extreme'

Ken Fisher called the bluff of an RIA client, firmly but warmly, right in front of his 430,000 “X” social media followers after blasting Trump's tariffs in the most derisive terms.

The chairman, co-chief investment officer of Fisher Investments, told “PatriotUSA32-MAGA” that he “maybe … shouldn't be a client.” 

The suggestion was prompted after the X user wrote to Fisher that he – as an RIA – was out of line for calling Trump's tariffs “stupid, wrong [and] arrogantly extreme.”

“As a Fisher customer, I do NOT appreciate these political and childish comments,” the X user wrote to Fisher. 

”If you disagree with Trump's plan to rebalance trade to be more fair to the US, tell me in investment/financial terms."

Plano, Texas-based Fisher serves over 175,000 clients globally, and it managed just under $300 billion as of March 31, just before the post-tariff market slump.

Down my fairway

Though Fisher could probably afford to lose PatriotUSA32-MAGA, he wrote back to his customer in a way that explained his message – in softly chiding terms.

“Pretty sure tariffs are more in my wheelhouse than that of either the President or the advisers that helped him to [write] what he unveiled Wednesday,” his post states.  

“So, as I said, I don’t usually make comments about presidential activities with this or any president, but in this case, it is right down my fairway. Sorry you don’t like anyone disagreeing.”

Though Fisher stays mum on presidential matters, he is most triggered by taxes that he thinks are levied counter-productively or unfairly. 

He largely moved his company from California to Camas, Wash., over tax issues. 

Then, when Washington state also developed annoying taxes, he again made a move – to Texas. See: With 15,000 Fidelity, Schwab and Vanguard staffers there, Dallas metroplex notches Fisher Investments headquarters almost as a formality; Ken Fisher and 1,200 staff are already Lone Star denizens

Meaningful negative

Fisher joins a host of conservative billionaires who reached their tipping point in recent days after tiptoeing around the tariff issue. Sharp stock losses and the beginnings of an all-out trade war with China were the tipping points.

Like Fisher, Elon Musk also flipped his rhetoric with a vengeance, albeit directing his attack at Peter Navarro. Trump's tariffs architect. Musk called him “dumber than a sack of bricks” based on his tariff scheme.

Still, Fisher Investments was playing down tariffs as a very outside threat as recently as its article published on April 4th. 

It described three “scenarios.” The No. 1 and No. 2 scenarios were most likely and made it so tariffs could be largely ignored.

The third scenario comes closest to reality, although Fisher initially discounted it. 

“Countries react with hostility, band together and retaliate," he wrote.  

"This looks less probable, but we acknowledge the possibility, and it would be negative. To this point, we have argued new tariffs don’t have the scale to erase global GDP growth. But full US implementation and global retaliation would be a meaningful negative.”

Since publishing that third scenario, China has signaled that it will retaliate massively. See: For Xi, China’s Strongman Leader, Ceding to Trump Is Not an Option

Still bullish

Asked why Fisher responded yesterday after remaining quiet, his spokesman replied: 

“Tariffs are bad, but these are terrible. You and everyone already know that. 

"The point of Ken’s 'X' post was that the fear is bigger than the actual problem, which will help stocks as investors slowly come to realize that."

Fisher makes the point in a video, in articles, and on ‘X’ that his outrage at the tariffs is not a bearish call on the market. 

For one thing, the markets have already corrected. Second, the US is not even set up to collect tariffs, and in reality, 15% tariffs translate to about 1.5% historically.

Looming bloodbath

The tariffs, in other words, will collapse under their own weight. Yet, at this stage, he doesn't mind helping that process along.

And, keeping his fellow conservatives in power, he writes in an X response.

“If GOP congressional members don’t get Trump’s tariffs reined in pretty quickly, the midterms – not that far away, the campaign starting this fall -- will be a bloodbath for them big time.”

In the end, Fisher proved why he is the king of the RIA business. PatriotUSA32 - MAGA, responded amicably to his comments. 

“I am not even saying we are disagreeing. My comments had nothing to do with your ‘position,’” he posted. "My objection was simply the tone. Maybe you need to run for President. I will consider your suggestion. Thanks."

Looking for gains

On tariffs, "Trump is beyond the pale by a long shot,” says Fisher. 

"What Trump unveiled on Wednesday (Apr. 2) is stupid, wrong, arrogantly extreme, ignorant trade-wise and addressing a non-problem with misguided tools.

“Trade deficits have, by themselves, never been causal or predictive of anything – ever. His statement that they are ‘a loss’ is wrong," he adds.

Fisher Investments is long equities. 

In early February, Fisher predicted strong market gains by year-end 2025, particularly in European equities, although it warned that major market volatility was likely, including a correction of up to 20%.

"Single-period stock market comparisons are always iffy, but it may well be this goes something like the 1998 stock market correction leading to a 26% annual return," Fisher continued.

“Near as I can tell, [tariff trouble] will fade and fail, and the fear is bigger than the problem, which from here is bullish."