Common Stocks and Uncommon Profits and Other Writings

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John Wiley & Sons, Jun 11, 1996 - Business & Economics - 271 pages
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Hailed by Forbes magazine as "one of the seminal figures of modern investment thinking," and a "giant" by investment wizard Warren Buffett, Philip Fisher is one of the most influential investors of all time. Admired for his investment success, he is even more widely respected for his sound investment philosophies—philosophies that have withstood the test of almost forty years and that are regarded as gospel by the investors of today.

These principles and theories were introduced by Fisher in Common Stocks and Uncommon Profits. Initially published in 1958, it is today considered an invaluable reference for investment success. Now, for the first time, a new, single edition brings this timeless classic together with the investment wisdom and insight offered in Fisher's other acclaimed writings—Conservative Investors Sleep Well and Developing an Investment Philosophy.

As the first to consider a stock's worth in terms of potential growth rather than price trends and absolute value, Fisher laid the foundation for many of today's popular investment beliefs. His principles of selecting long-term growth stocks for their emerging value over short-term trades for initial profit continue to be studied and applied by today's top finance professionals.

In Common Stocks and Uncommon Profits, Fisher shares his philosophy, offering valuable insights into the most fundamental and important aspects of buying and selling stock. Here are solid guidelines on when and what to buy, sound reasons for selling common stock, as well as critical information on profit margins and dividends. There is also Fisher's famous list of Top-Ten "Don'ts" for investors, complete with warnings against buying into promotional companies, over-stressing diversification, following the crowd, and buying stock just for the "tone" of its annual report.

As an ideal complement to Common Stocks and Uncommon Profits, Conservative Investors Sleep Well and Developing an Investment Philosophy explore, respectively, the myriad intricacies of conservative investments and the genesis of Fisher's unique philosophy. Both selections offer further insight into the wisdom of this great investor. As indispensable today as when they were first published, these classic writings provide keys to investment success which every investor will relish.

"You will find lots of jewels in these pages that may do as much for you as they have for me."—from the Introduction by Kenneth L. Fisher Forbes columnist

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 finance professionals, but are also regarded by many as gospel. He recorded these philosophies in Common Stocks and Uncommon Profits, a book considered invaluable reading when it was first published in 1958, and a must-read today.

Acclaim for Common Stocks and Uncommon Profits

"I sought out Phil Fisher after reading his Common Stocks and Uncommon Profits...When I met him, I was impressed by the man as by his ideas. A thorough understanding of the business, obtained by using Phil's techniques...enable one to make intelligent investment commitments."—Warren Buffett

"Little known to the public, rarely interviewed and accepting few clients, Philip Fisher is nevertheless read and studied by most thoughtful investment professionals . . . everyone will profit from pondering—as Warren Buffett has done—the investment principles Fisher espouses."—James W. Michaels Editor, Forbes

"My own copy [of Common Stocks and Uncommon Profits] has underlinings and marginal thoughts throughout."—John Train Author of Dance of the Money Bees

 

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Contents

What Scuttlebutt Can Do
16
What to BuyApplying This to Your
51
When to Buy
61
When to Selland When Not to
77
The Hullabaloo about Dividends
86
Five Donts for Investors
96
CONTENTS
103
Five More Donts for Investors
108
The First Dimension of a Conservative
154
The Third DimensionInvestment
172
The Fourth DimensionPrice of
181
More About the Fourth Dimension
187
Developing an Investment Philosophy
201
Learning from Experience
214
The Philosophy Matures
228
Is the Market Efficient?
243

How I Go about Finding a Growth Stock
136
Summary and Conclusion
147
Conservative Investors Sleep Well
149
Appendix Key Factors in Evaluating Promising Firms
256
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About the author (1996)

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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