Common Stocks and Uncommon Profits and Other Writings

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Wiley, Aug 29, 2003 - Business & Economics - 292 pages
11 Reviews
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

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In 1958, for the first time, an investment guide made The New York Times’ bestseller list. Since then, that book, Philip A. Fisher’s Common Stocks and Uncommon Profits has become a classic of the personal finance genre, educating students and influencing top investors such as Warren Buffet. More than half a century after its publication, Fisher’s advice on doing your homework so you can select long-term growth stocks still resonates. While some of the companies he refers to are long gone, many are still thriving, and though some of his examples evoke nostalgia (in 1958, for instance, color TV was new), he presciently calls for the coming of flat screen television. The book, which also includes Fisher’s later writings, shows how he teased out great insights by asking companies “What are you doing that your competitors aren’t doing yet?” getAbstract recommends this seminal classic on investing to business students, rookie securities analysts and private investors.
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I would like to make it clear that this book worth 4.5 out of 5 to me. It would be a perfect book to read if Fisher could write in a more interesting way. But such comment would be too harsh to Fisher as he's not a professional writer. The book may be a little dull in general, but the theories and principles are priceless for any Value Investment with long-term goals.
As a growth stock investor, Fisher's achievement in his investment, both in theory and practical, should be highly recognized. Unlike the conventional theories in finance industry, Fisher dig deep into the core business, the management, the R&D and so forth of a potential investment before he make a real move. Charts, graphs and statistics are just minor part of Fisher's evaluation system.
The 13 scuttlebutts evaluation system, divided into (i) Functional Factors, (ii) People Factors, and (iii) Business Characteristic are valuable wisdom and should never be ignore when evaluating a stock. By practicing Fisher's principles, we help to delevarage our risk in the non-statistic way and help us to learn the big picture of such industry which help us make better decision.
In short, this book is the bible-like piece that you should never miss if you are serious in common stock investment.
 

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About the author (2003)

PHILIP A. FISHER began his career as a securities analyst in 1928, and founded Fisher & Company, an investment counseling business, in 1931. He is known as one of the pioneers of modern investment theory.

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