Common Stocks And Uncommon Profits.

Philip A. Fisher

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In Circulation

Widely respected and admired, Philip Fisher is among the most influential investors of all time. His investment philosophies, introduced almost forty years ago, are not only studied and applied by today's financiers and investors, but are also regarded by many as gospel. This book is invaluable reading and has been since it was first published in 1958.

The updated paperback retains the investment wisdom of the original edition and includes the perspectives of the author's son Ken Fisher, an investment guru in his own right in an expanded preface and introduction "I sought out Phil Fisher after reading his Common Stocks and Uncommon Profits...A thorough understanding of the business, obtained by using Phil's techniques...enables one to make intelligent investment commitments." Warren Buffet

What will you learn from this book

  1. Quality of the Company: Fisher emphasizes the importance of investing in high-quality companies with strong management, durable competitive advantages, and innovative products or services.

  2. Long-Term Investment: He advocates for a long-term investment horizon, focusing on companies with potential for sustained growth over several years.

  3. Scuttlebutt Method: Fisher introduces the "scuttlebutt" approach, emphasizing the importance of conducting extensive research, including talking to employees, customers, suppliers, and competitors, to gain insights into a company's prospects.

  4. Management's Vision and Integrity: He stresses the significance of trustworthy and capable management with a clear vision and strong ethical values.

  5. Understanding the Business: Investors should thoroughly understand the nature of the business, its industry dynamics, and potential for future growth.

  6. Margin of Safety: While Fisher focuses on qualitative factors, he also considers the importance of a margin of safety in investing, ensuring a reasonable valuation relative to the company's intrinsic value.

  7. Patience and Discipline: Successful investing requires patience and discipline, avoiding emotional decisions and staying committed to well-researched investment theses.

  8. Portfolio Concentration: Fisher advocates for concentration in a few high-quality stocks rather than spreading investments thinly across numerous companies.

  9. Continuous Learning: Investors should continuously learn and stay updated about companies, industries, and market trends to make informed investment decisions.

  10. Balancing Quantitative and Qualitative Factors: While Fisher's approach leans towards qualitative analysis, he doesn't completely disregard quantitative factors, suggesting a balanced consideration of both qualitative and quantitative aspects of investing.

Language English
ISBN-10 9780471445500
No of pages 292
Font Size Medium
Book Publisher John Wiley & Sons
Published Date 19 Sep 2003

About Author

Author : Philip A. Fisher

2 Books

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