Why It Ranks #61
The foundational text of growth investing. Fisher's scuttlebutt method and his 15 evaluation criteria influenced Buffett, Munger, and virtually every growth investor who followed. If Graham gave you the value side, Fisher gave you the quality side.
The Review
Philip Fisher was the father of growth investing and the man who taught Warren Buffett that it is better to buy a wonderful company at a fair price than a fair company at a wonderful price. Common Stocks and Uncommon Profits introduces Fisher's famous 'scuttlebutt' method of researching companies by talking to customers, suppliers, competitors, and former employees — essentially qualitative due diligence. His 15 points to look for in a common stock remain the most comprehensive framework for evaluating growth companies.
Key Takeaways
- 1The scuttlebutt method: research companies by talking to everyone in their ecosystem
- 2Buy companies with outstanding management, strong R&D, and growing profit margins
- 3If the job has been correctly done when a common stock is purchased, the time to sell it is almost never
- 4The 15 points to look for in a common stock — a checklist that still works 65 years later
Fun Facts
- •Buffett says he is '85% Graham and 15% Fisher' — but the Fisher 15% arguably contributed more to his later success
- •Fisher held Motorola stock for over 20 years and made a fortune from it
- •He was famously reclusive and granted very few interviews in his lifetime
Book Details
Common Stocks and Uncommon Profits by Philip A. Fisher
Pages
320
Goodreads Rating
4.08/5
Copies Sold
500K+
First Published
1958
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