Leaving Brown Brothers in 1987, Fisher created Fisher Capital Management, and a separate funds-management firm, Fisher Ewing Partners, managing both firms until 1997. In 1993, he was a candidate in the special election for the U.S. Senate seat in Texas, which was vacated by Lloyd Bentsen when the latter became U.S. Secretary of the Treasury, but took fifth place in a 21 candidate field behind State Treasurer Kay Bailey Hutchison, U.S. Senator Bob Krueger, U.S. Congressman Joe Barton, and U.S. Congressman Jack Fields.