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Common Stocks and Uncommon Profits and Other Writings (Wiley Investment Classics) PDF, ePub eBook


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Title: Common Stocks and Uncommon Profits and Other Writings (Wiley Investment Classics)
Author: Philip A. Fisher
Publisher: Published (first published November 30th 1957)
ISBN: null
Status : FREE Rating :
4.6 out of 5

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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 paperbac 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

30 review for Common Stocks and Uncommon Profits and Other Writings (Wiley Investment Classics)

  1. 4 out of 5

    Steve Bradshaw

    Bland, obvious and somewhat outdated. Disappointing given Warren Buffet's recommendation. I was hoping for some good ideas on identifying growth franchises that can be backed for long periods of time - most likely the common ground that Buffet finds with Phil Fisher, but instead I found a lot of obvious, MBA-style wisdom, short of real insight. Very little of what is presented is verifiable or backed up with data. The book is particularly dangerous as the basis of an investment manifesto for inve Bland, obvious and somewhat outdated. Disappointing given Warren Buffet's recommendation. I was hoping for some good ideas on identifying growth franchises that can be backed for long periods of time - most likely the common ground that Buffet finds with Phil Fisher, but instead I found a lot of obvious, MBA-style wisdom, short of real insight. Very little of what is presented is verifiable or backed up with data. The book is particularly dangerous as the basis of an investment manifesto for investors with less savvy than Fisher as today's most esteemed companies frequently trade at high valuations, leading to their systematic underperformance as the natural forces of competition and mean reversion do their work to undermine the market's unrealistic expectations (see David Dremen's Contrarian Investment Strategies for research backing this statement). Fisher had the experience and judgement to counteract these forces but most investors do not. Additionally, the valuation methodologies employed by the author are relatively simplistic and rely on a good deal of qualitative judgement. This may sound OK in theory but countless studies have shown otherwise, that because of innate biases, qualitative judgements tend to lead to underperformance over large samples of investors - bar a few seasoned veterans such as Warren Buffet and Peter Lynch). The main problem is that investors lack the discipline to remain unaffected by the cycles of euphoria and panic that characterise markets. The only proven way to instill this discipline is to base decisions on consistent valuation criteria - i.e. one cannot get away from the numbers. Fisher lays out a generic framework that would be a great scorecard for a business awards committee, but would be an unsatisfactory set of guidelines for long term investing success - particularly given the lack of attention on valuation. Anyone who disagrees with this statement should read Dremen's Contrarian Investment Strategies. Clearly most of Fisher's value-add came from industry scuttlebutt and qualitative judgement - unfortunately not something one can learn much about from a book. Common Stocks is not in the same league as Ben Graham's, The Intelligent Investor, which in my view can be employed by the average investor improve his long-term performance (and is backed by substantial research by the author and subsequent studies). For help on the qualitative aspects of investing one could do worse than reading the Buffet annual letters to shareholders. The introduction by Ken Fisher, Phil's son, must be one of the most arrogant and self-promoting forwards ever created and really puts a bad taste in the mouth at the outset..

  2. 5 out of 5

    Punit Lohani

    If Graham is the king of quantitative analysis, then Fisher is the king of qualitative analysis of stocks. Read this book if your aim is to gain several thousand % in the long term by concentrating on few outstanding firms with excellent management. (For example, one could have gained more than 9000% by investing in GRUH Finance ( a subsidiary of HDFC) when it was a small firm in early 2000s) The book will help you to find future blue chips. Fisher's investing philosophy is focused on investing If Graham is the king of quantitative analysis, then Fisher is the king of qualitative analysis of stocks. Read this book if your aim is to gain several thousand % in the long term by concentrating on few outstanding firms with excellent management. (For example, one could have gained more than 9000% by investing in GRUH Finance ( a subsidiary of HDFC) when it was a small firm in early 2000s) The book will help you to find future blue chips. Fisher's investing philosophy is focused on investing in potential blue chips when they are still small thereby resulting in huge gains. Moreover, the book discusses several puzzling situations which a long term investor often comes across, especially when the markets are volatile. For example: Should one sell if his stock has reached insane valuations so as to purchase it later at lower prices? Or how important is the dividend yield when considering a stock for long term? Of course, Fisher's scuttlebutt technique and his 15 points for stock selection provide immense insights into the analysis style of Fisher. But be warned as these techniques are not as easy to practice. You'll hardly come across any mathematical formulas in Fisher's analysis. Yet this book provides such a compelling logic to understand the stocks that one will find it to be better than most of the quant dominated stocks books. Moreover, you'll discover that, at its core, the idea of growth investing is not much different from that of value investing. In fact, I am not surprised that Warren Buffet calls himself 85% Graham and 15% Fisher. Finally, this book is an excellent value buy. It is actually three books in one. These are: 1) Common Stocks and Uncommon Profits 2) Conservative Investors Sleep Well 3) Developing an Investment Philosophy. The third part contains some excellent ideas based on decades of investing experience of Fisher. This part will, however, benefit you only if you have some investing experience (at least 2-3 yrs). PS: By combining Fisher's ideas with those of Graham's, one can develop an excellent understanding of the stock markets. For perspectives on Indian markets, one can follow Parag Parikh and Mehrab Irani. Iran's articles have been collected into a book called Memoirs of my golden articles. Parikh's ideas on Behavioral finance are outlined in an excellent book called Stocks to Riches. Also, if possible read about Chandrakant Sampat.

  3. 5 out of 5

    Saeed

    رویکرد سرمایه گذاری وارن بافت در سهام به دو صورت بوده است یکی شرکت های ته سیگاری که از بنجامین گراهام یاد گرفته است به این صورت که همان گونه که ته سیگاری هایی در کف خیابان ریخته شده اند را می شود برداشت و از پک آخرش به رایگان کشید، در بازار سهام نیز شرکت هایی وجود دارند که مانند ته سیگاری در گوشه ای افتاده اند و پایین تر از قیمت واقعیشان قیمت گذاری شده اند، وارن با خرید این سهم های ارزان در کف قیمت و اعتقاد به این که روزی این سهم ها به قیمت واقعی شان برمیگردند، منفعت می برد. کتابی که فیشر نوشته رویکرد سرمایه گذاری وارن بافت در سهام به دو صورت بوده است یکی شرکت های ته سیگاری که از بنجامین گراهام یاد گرفته است به این صورت که همان گونه که ته سیگاری هایی در کف خیابان ریخته شده اند را می شود برداشت و از پک آخرش به رایگان کشید، در بازار سهام نیز شرکت هایی وجود دارند که مانند ته سیگاری در گوشه ای افتاده اند و پایین تر از قیمت واقعیشان قیمت گذاری شده اند، وارن با خرید این سهم های ارزان در کف قیمت و اعتقاد به این که روزی این سهم ها به قیمت واقعی شان برمیگردند، منفعت می برد. کتابی که فیشر نوشته است صورت دوم رویکرد وارن بافت را نشان می دهد که آن خرید سهم های گران قیمت است سهم های فیشری سهم های شرکت های رشدی هستند که دارای پارامترهای خوب بازار و مدیریت می باشند، در زیر باید ها و نبایدهای فیشری در مورد این شرکت ها را بخوانید: https://farachart.com/4217 در واقع این کتاب به معرفی شرکت های پیشتاز بازار و خرید سهام آن ها و نگه داری سهام و نفروختن این سهام تا پایان عمر می پردازد، درس های سرمایه گذاری خوبی می شود از فیلیپ فیشر آموخت که به حق دید خوبی در حوزه ی سرمایه گذاری به افراد می دهد. من کتاب سرمایه گذار هوشمند بنجامین گراهام را که بخش هایی از آن به فارسی ترجمه شده است را یک سال پیش خواندم، از آن کتاب چیز زیادی متوجه نشدم، ولی این کتاب به عنوان دومین کتاب در حوزه ی بازار سهام را به همه توصیه میکنم متن و نگارش کتاب اصلاً مهیج و چشم نواز نیست و نویسنده قصد ندارد که شما را سرگرم کند، ولی اگر صبوری کنید و کتاب را تمام کنید؛ مجهز به خرد والای نویسنده می شوید. از نظر فیشر، تحقیق، نقش کلیدی در سرمایه‌گذاری موفق دارد. او کلمه «scuttlebutt» را وضع کرد که شاید مهم‌ترین جنبه‌ی فلسفه‌ی سرمایه‌گذاری وی باشد «scuttlebutt» یعنی این که یک سرمایه گذار برود و تحقیق کند و مکان شرکت را ببیند از دیگران و کارکنان آن شرکت درباره ی آن شرکت سوال بپرسد. برای من خیلی عجیب بود که اسکاتلبات (این کار به این سادگی) مهم ترین اصل سرمایه گذاری یکی از نوابغ این کار است فیشر معتقد بود که اگر شرکتی نکته‌هایی که تعیین‌کننده‌ی پتانسیل رشد بلند‌مدت شرکت هستند را رعایت کند سهام آن شرکت علیرغم هر‌گونه زیان کوتاه‌مدت، نهایتا در دراز‌مدت به سود می‌انجامد. او گفته‌ی معروفی دارد مبنی بر این‌که اگر با تحقیق و تحلیل گسترده، شرکت درستی خریداری کنید، وقت فروش سهام آن، تقریبا «هیچ‌وقت» خواهد بود. https://farachart.com/4025

  4. 5 out of 5

    Joel

    When I first discovered my interest in investing, Common Stocks and Uncommon Profits is one of the first books I read. I remember being enthralled by the notion of taking what seemed incomprehensible and boiling it down to a simple decision--invest or not. Fisher's approach requires common sense and conviction, but most importantly, is repeatable. There are many awful "investing" books out there that seize on people's need to be cutting edge and innovative. Well, not everything changes every year When I first discovered my interest in investing, Common Stocks and Uncommon Profits is one of the first books I read. I remember being enthralled by the notion of taking what seemed incomprehensible and boiling it down to a simple decision--invest or not. Fisher's approach requires common sense and conviction, but most importantly, is repeatable. There are many awful "investing" books out there that seize on people's need to be cutting edge and innovative. Well, not everything changes every year. Eating in moderation and healthy on average will always be better than the latest fad diet. Investing with patience, after research, and with a long-term view, while avoiding ever-present behavioral pitfalls will always lead to better returns, better sleep, and a happier retirement. This is my second read of Fisher's book, so it was more of a quick review than my original detailed study. Nonetheless, here are some salient points that are worth listing (if for no other reason than my own review one day...): apply your time to solvable tasks not senseless economic predictions; a properly chosen stock might never be sold; trust smart investment research, not business insiders; speak to insiders to confirm research, not as an early source; and don't underestimate the importance of company culture.

  5. 4 out of 5

    Iliya Polihronov

    Buy great companies which you never plan to sell. That's the basic concept. The book focuses on and makes some excellent points on the qualitative side of security analysis. It's also a very easy read as quantitive standards aren't really discussed. I will definitely re-read it.

  6. 5 out of 5

    Kaloyan Drenski

    Although this book was written almost sixty years ago, the wisdom the legendary investor Philip Fisher shares through it remains of high value to everyone interested in the stock market, and investing as a whole.Honestly, it is a classic, that I also recommend to everyone who's goal is to understand what makes a company great, and how to distinguish it from the mediocre ones out there. It is a book full of wisdom, that will (at least) enlighten you, and help you make a better decisions. As for t Although this book was written almost sixty years ago, the wisdom the legendary investor Philip Fisher shares through it remains of high value to everyone interested in the stock market, and investing as a whole.Honestly, it is a classic, that I also recommend to everyone who's goal is to understand what makes a company great, and how to distinguish it from the mediocre ones out there. It is a book full of wisdom, that will (at least) enlighten you, and help you make a better decisions. As for the rating - 5/5 absolutely!

  7. 4 out of 5

    Sean

    This book challenged me given its emphasis on growth investing and the scuttlebutt approach. I think I struggled with it because I prefer the simplicity and inherent beauty of the value investing methodology. I invest by identifying undervalued assets, analyzing measures of profitability, liquidity, solvency, and cash flow. I parse the balance sheet in particular and income statement and cash flow statement to a lesser extent. Phil Fisher recommends an alternative approach. He prefers to researc This book challenged me given its emphasis on growth investing and the scuttlebutt approach. I think I struggled with it because I prefer the simplicity and inherent beauty of the value investing methodology. I invest by identifying undervalued assets, analyzing measures of profitability, liquidity, solvency, and cash flow. I parse the balance sheet in particular and income statement and cash flow statement to a lesser extent. Phil Fisher recommends an alternative approach. He prefers to research a company's management, its sale force, its research arm, its employee relations, and other qualitative factors to determine the growth in a company's earnings over the long term. I had assumed prior to reading this book that such an approach would add little value given the difficulty of predicting future earnings growth. I have not completely changed my mind after reading Fisher's book, but I do at least appreciate his perspective and think that formulating an opinion on a company's earnings growth drivers should matter in addition to determining whether a company's shares trade at a sufficiently low multiple to earnings, book value, and cash flow. Fisher argues from first principles in this book. As opposed to other great investment books including the Intelligent Investor, Security Analysis, and Investments by Bodie, Kane, and Marcus, this book falls short in its quantitative rigor. Fisher claims that dividends do not matter as much as most investors believe. I'd like to believe him. But I've also seen charts showing the long-term dominance of dividend-paying stocks over non-dividend paying stocks. Moreover, Fisher claims to favor growth stocks over value stocks with low price-to-earnings ratios. Over time, though, low price-to-earnings stocks outperform high price-to-earnings stocks. Again, I wanted to believe Fisher and favor a growth-investing philosophy; but I don't think the empirical data supports his earnestness for a growth over value approach. Nonetheless, this book challenged me and deserves kudos for its originality and boldness.

  8. 4 out of 5

    Joao Correia

    Having read the Benjamin Graham classics on value investment, and was expecting something similar with "Common Stocks and Uncommon Profits", yet it is a completely different book. Philip A. Fisher doesn't go into the details of fundamentals analysis, because his investment focus is growth stocks he does something much more interesting, he goes into the detail of how is the company actually run and what are its prospects, linking this analysis to whether or not that stock is investment worthy, Having read the Benjamin Graham classics on value investment, and was expecting something similar with "Common Stocks and Uncommon Profits", yet it is a completely different book. Philip A. Fisher doesn't go into the details of fundamentals analysis, because his investment focus is growth stocks he does something much more interesting, he goes into the detail of how is the company actually run and what are its prospects, linking this analysis to whether or not that stock is investment worthy, i.e. if the company has what it takes to have above average growth in the future. So, even though Common Stocks and Uncommon Profits and Other Writings is presented as an investment book, it is actually a book full of deep meaningful insights on business strategy. I recommend it to anyone interested in management. I must also highlight the touching intro written by the author's son, Kenneth L. Fisher that really gives a humane image of Philip A. Fisher, putting a face on the insights and helping the reader understand the reasoning and the experiences behind the development this investment philosofy.

  9. 5 out of 5

    Timothy Chklovski

    Not giving Phil Fisher 5-stars is a bit like saying "Renoir sux". Probably reflects more on me than on the author or book. Still, of the many investment books, this left me least comprehending how to develop confidence in a growth-type company, nor did it delve into non-profitable growth. One of the most valuable notions may be just that such companies exist -- and make for very rewarding investments. That said, BYD is likely a "Fisher" company.

  10. 5 out of 5

    Steve

    Dated, not worth reading. I'm sure it was groundbreaking when it was first written, but pretty mundane by any standard today.

  11. 4 out of 5

    Tim O'Hearn

    This book is significant and its author is a legend. However, we're kidding ourselves if we list this among investing must-reads in 2017. Phil Fisher pioneered an early type of long-term investing where he would pore over financial statements and call employees working every post of the company. You're wasting your time if you do this today. Back then, such fundamentals weren't priced in as efficiently as they are in today's markets, and Phil did well for himself (though nobody knows how well). H This book is significant and its author is a legend. However, we're kidding ourselves if we list this among investing must-reads in 2017. Phil Fisher pioneered an early type of long-term investing where he would pore over financial statements and call employees working every post of the company. You're wasting your time if you do this today. Back then, such fundamentals weren't priced in as efficiently as they are in today's markets, and Phil did well for himself (though nobody knows how well). How much of it was luck? We'll never really know. In Common Stocks and Uncommon Profits (and Other Writings) (2nd edition) you'll trudge through the entirety of Phil's investing philosophy. He invested through the Great Depression and WWII and came out with some actionable investing advice. His writing style is old-fashioned--certainly in a way that conveys eternal wisdom but not in a way that is conducive to one wanting to continue reading the book. I picked it up in 2014, resumed it last night, finished it today, and the sum of knowledge gained by this rapidly-aging pedant has been zero. Of particular interest was the idea in the mid-50s that "The very rich and the very poor each year grow smaller in number." I'm assuming this was true at the time of writing, but at some point became perpetually untrue. Phil Fisher doesn't cast a wide net of predictions, but one thing that impressed me was that his understanding of the future of semiconductors seemed to be ahead of its time (and correct). Part of me wished he could have predicted the consolidation of wealth and erosion of the middle class that was fueled largely by semiconductor technology, but that type of foresight would have been godly. He seems to be highly suspicious of diversification. He admits to practicing it but doesn't have a well-rounded approach. The benefits of diversification weren't published until the late sixties, if memory serves me correctly. While Phil gets a free pass, this book is dangerous to the uninitiated due to outdated advice such as what's contained here. For this reason, you should choose a modern book like A Random Walk Down Wall Street and avoid classics regardless of what Warren Buffet tells you to do. See this review and others on my blog

  12. 5 out of 5

    James Lan

    The book was really good in giving you the mindset of how to find and what to look for in the potential winning stocks. In this book, it is mainly focusing on looking at the company's fundamental. The book teaches you how to use the scuttle butt method or a method that is used to extract information related to the company's performance and evaluate whether this company is worthwhile for investment. Moreover, it also teaches when to buy and more importantly when to sell. It also point out common The book was really good in giving you the mindset of how to find and what to look for in the potential winning stocks. In this book, it is mainly focusing on looking at the company's fundamental. The book teaches you how to use the scuttle butt method or a method that is used to extract information related to the company's performance and evaluate whether this company is worthwhile for investment. Moreover, it also teaches when to buy and more importantly when to sell. It also point out common mistakes of investors to remind what not to do and what to watch out. The most important part and the part that I find to be very useful is the last chapter of this book which discuss about the investment philosophy and the author prior investment examples, which he elaborated in a bibliography-like story. Because there are so many investment principles in this book, the author kindly wrote down summary of every chapters and everything he discussed in the book at the end of the last chapter. The book really taught me a lot and I found it to be very useful and applicable, even in Thai's market. Personally, I really like the part where he discussed about new things in the company; he said "one should look for a company that do 'research' to create 'new products' that can generate a strong revenue for the company at least several years and the revenue should cover the whole researching cost for it to be a worthwhile investment". I'm strongly recommending this book to anyone who are seriously looking for a good investment book and for those who work in the financial field especially one who works in brokerage firms. They must have this book! Warren Buffet said that he listens to whatever Phillip A. Fisher said. I believe now that make two of us.

  13. 4 out of 5

    Isaac Breese

    Common Stocks And Uncommon Profits by Philip A. Fisher is a book about investments and how to be successful when investing in stocks. Fisher divides his book into three parts. First with common stocks, conservative investments, and developing an investment philosophy. In these sections Fisher emphasizes what to look for in a growth stock, the characteristics of a profitable business, and how his experiences in the stock market helped to develop his own philosophy. There are many things that I Common Stocks And Uncommon Profits by Philip A. Fisher is a book about investments and how to be successful when investing in stocks. Fisher divides his book into three parts. First with common stocks, conservative investments, and developing an investment philosophy. In these sections Fisher emphasizes what to look for in a growth stock, the characteristics of a profitable business, and how his experiences in the stock market helped to develop his own philosophy. There are many things that I like about this book. A few of these things are that it gives a very detailed description of what to look for in a profitable investment as well as what makes a good business. For example, in chapter three of section one Fisher explicitly describes in fifteen points, what to look for in a common stocks when you are planning to buy. Fisher also describes the characteristics of a good business in which he goes in depth in section two by explaining the management, strategic marketing, financial skill, and people that make up an excellent company. However, when he is explaining how the most successful companies operate, her often uses certain companies that are all in the same industry so the reader never really knows how businesses in other fields of interest to them operate and how they gain wealth as well. Although Fisher is very repetitive in the companies he uses in his examples, I would recommend this book to aspiring investors. This information this book gives is very detailed and it gives the reader insight on what to look for in a common stock including what to buy, when to buy, and when to sell. I

  14. 4 out of 5

    Matthew

    An excellent and thoughtful book on the investing process. It also debunks my previous conception of value investing as going only for old, staid companies, Fisher makes a beeline for the growth-oriented stocks that he thinks will multiply several fold in value over the coming years -- only he won't overpay for them. I like, also, the short autobiography at the end, especially his quotation of Shakespeare: "There is a tide in the affairs of men which, taken at the flood, leads on to fortune." Str An excellent and thoughtful book on the investing process. It also debunks my previous conception of value investing as going only for old, staid companies, Fisher makes a beeline for the growth-oriented stocks that he thinks will multiply several fold in value over the coming years -- only he won't overpay for them. I like, also, the short autobiography at the end, especially his quotation of Shakespeare: "There is a tide in the affairs of men which, taken at the flood, leads on to fortune." Strikingly, parts of the book seem so fresh and relevant, written as they are some two decades ago. This makes me wonder: perhaps an age, an era, is less defined by technology/infrastructure and more by whether the thoughts and ideas of men in earlier years continue to be echoed by those of later years. Some peripheral details, of course, are no longer relevant, but much of the investment process, the observations of investor behavior, the insights on good management, still resonate. Coincident to this, the Shakespeare quote was written before the stock market evolved! I don't think we're quite in the same era though; however, it is curious to imagine what Shakespeare observed to make such comments. I wonder if it is from a History play - perhaps men's fortunes in politics are shaped as much by seizing opportunity and riding momentum as they are in investing.

  15. 4 out of 5

    Amir

    The great investor Phillip Fisher wrote this book more than fifty years ago. In this book Mr. Fisher describes interesting ways of acquiring more information about companies that you wish to invest in. He describes how to identify outstanding companies, how to determine companies' competitive advantages, and what to look for when buying a company, as well as when to sell a company and when not to. Don't miss reading part two of the book, "Conservative investors sleep well." This book is a must fo The great investor Phillip Fisher wrote this book more than fifty years ago. In this book Mr. Fisher describes interesting ways of acquiring more information about companies that you wish to invest in. He describes how to identify outstanding companies, how to determine companies' competitive advantages, and what to look for when buying a company, as well as when to sell a company and when not to. Don't miss reading part two of the book, "Conservative investors sleep well." This book is a must for those who are investing from a business point of view. The book provided a great framework and understanding of the questions that you need to ask before investing in a company and where one should look for answers. The author even utilizes a method that is more common today than in the past - a list of don'ts. Many of the companies that appear in the book do not exist anymore but I believe that the book lessons are as valid as they were 50 years ago. Many will say “these are simple and basic lessons”, but how many investors really go through his checklists and discover the true business behind the ticker? Highly recommended for the business mind investor

  16. 4 out of 5

    Huy

    I have mixed feelings about this book. The general idea of the book enforces the importance of intrinsic value, that if an investor does his due diligence in researching common stocks, owning just a few stocks for long-term promises handsome reward. However, the method or framework for evaluation provided in the book is hard to carry out for retail investors without contacts or connections. The framework also relies much on qualitative assessment, completely dismisses quantitative and statistica I have mixed feelings about this book. The general idea of the book enforces the importance of intrinsic value, that if an investor does his due diligence in researching common stocks, owning just a few stocks for long-term promises handsome reward. However, the method or framework for evaluation provided in the book is hard to carry out for retail investors without contacts or connections. The framework also relies much on qualitative assessment, completely dismisses quantitative and statistical data. The book might be useful for fund managers, or investors with sufficient connections that they can have a meeting with a company management to carry out the mentioned assessment. Otherwise read this book with a pinch of salt.

  17. 5 out of 5

    Jimmy Huynh

    A well written book on the fundamentals of long position strategy. Fisher goes into detail in explaining the rationality behind each of his recommendations/strategies. Fisher uses fictional examples as well as sharing his real life experiences as well. Specifically, I found his 15 point system to be relevant as opposed to the many outdated finance strategies/books out there as well as his approach on finding & researching growth stocks towards the end of the book. Overall a great book and I A well written book on the fundamentals of long position strategy. Fisher goes into detail in explaining the rationality behind each of his recommendations/strategies. Fisher uses fictional examples as well as sharing his real life experiences as well. Specifically, I found his 15 point system to be relevant as opposed to the many outdated finance strategies/books out there as well as his approach on finding & researching growth stocks towards the end of the book. Overall a great book and I recommend it to all who are interested in long-term growth stocks.

  18. 5 out of 5

    Caracalla

    Quick read and informative. Very interesting writing on the way successful companies work in the 1950's (not massively different to today). Touch of the Horatio Alger to stretches of the prose. Fisher basically says he gets all his information from his stockbroking pals which is bad news for any newbies and once sorta tells you to just go to an investment advisor instead of trying it yourself. His focus on information gather correlates with my experience of how difficult it is to find out about Quick read and informative. Very interesting writing on the way successful companies work in the 1950's (not massively different to today). Touch of the Horatio Alger to stretches of the prose. Fisher basically says he gets all his information from his stockbroking pals which is bad news for any newbies and once sorta tells you to just go to an investment advisor instead of trying it yourself. His focus on information gather correlates with my experience of how difficult it is to find out about companies. The low grade because of the fact it was a chore more than an interest/pleasure read.

  19. 4 out of 5

    Dvir Oren

    read only the summary think long term ignore mr market research your companies well look to buy when there's a temporary drop in the stock price To be a successful investor, you have to be willing to dig. A company’s true value is based on so much more than its stock price alone! If you’re willing to put in the detective work, you stand to reap great rewards no matter whether you’re a conservative investor or a high-risk one.

  20. 4 out of 5

    Roope Keto

    I try to summarize this book really briefly: This book emphasizes growth. And that's easily understandable when you take fishers's attitude of long-term holding. So, you look for a company with a potential and competence. "it's better to get great company with a good prize than a good company with a great price"

  21. 5 out of 5

    Alaeddin Hallak

    The key message in this book: To be a successful investor, you have to be willing to dig. A company’s true value is based on so much more than its stock price alone! If you’re willing to put in the detective work, you stand to reap great rewards no matter whether you’re a conservative investor or a high-risk one.

  22. 4 out of 5

    Gabriel Pinkus

    Buffett said he's 85% Graham and 15% Fisher... I can now see why. Fisher goes beyond the 10K. Fisher's teachings have inspired me to learn about business in a new dimension, allowing me to look at a company's core business, operations, and management, and see how that information might not be reflected in financial statements. Must-read for any investor.

  23. 5 out of 5

    Caleb John Philbrick

    One of the great investment texts. Fisher goes beyond the annual report and suggests that investors dig deeper into fundamentals, focusing on high quality/high return businesses. He posits that the best time horizon is forever, certainly an approach taken by Buffett, who was significantly impacted by Fisher.

  24. 5 out of 5

    George Jankovic

    Most people know that Warren Buffett follows Ben Graham's investment style. He usually credits Graham for his success. But when his partner Charlie Munger introduced him to this book, Buffett realized how important the management and brand are to the companies. He changed his investment style to the one of "buying great companies at fair prices" and the rest is history. It's a great book.

  25. 5 out of 5

    Vilmantas

    This is one of the greatest books of investment in history. It's not a surprise that this is one of the top picks by Warren Buffett. In addition, Warren Buffett is using P.A.Fisher's philosophy in his investing. If you want to become smart value investor - it's a must read. Don't invest until you read this book. Good luck in your journey, my friend. ;)

  26. 5 out of 5

    Thersya

    Es un clásico de inversión en bolsa. Aunque es cierto que ha cambiado mucho el mundo bursátil ( ya no hay que solicitar a la empresa los informes financieros o entrevistas con los ejecutivos - está todo más al alcance hoy en día) sigue siendo un buen libro para reflexionar sobre qué empresas elegir para nuestra cartera, por qué hacerlo y cuánto tiempo deberían formar parte de nuestro portafolio.

  27. 4 out of 5

    Andrés

    The investment advice provided is reasonable and straightforward, but like most good advice the problem is in the execution. However, the writing style is atrocious and the information contained could have been presented in 60% of the space if the writing had been better.

  28. 5 out of 5

    John Brian Anderson

    Good Fundamentals, sound practice in the 15 steps. somewhat dated relative to the current market. Must read if starting out in stock investing, applying most of these principles to reviewing your 401k mutual funds would be a sound practice as well.

  29. 4 out of 5

    Robert

    Not personally useful to me as the strategy put forth requires proximity and connections to the executive management class and beyond (scuttlebutt). Nonetheless it seems sound and straightforward, and it does give me some sense of what I'd want from a financial adviser.

  30. 5 out of 5

    Joe

    Too wordy. Introductory principles, but the best was: invest in a few great companies and hold them for years.

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