Description of Common Stocks and Uncommon Profits and Other Writings
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.
One of the books that most influenced Buffett as a young man setting out to learn about the craft of stock market investment. Elegantly written, it still reads well, despite being written nearly 50 years ago. R L Harvey
Contents of Common Stocks and Uncommon Profits and Other Writings
Preface: What I Learned from My Father's Writings (Kenneth L. Fisher)
Introduction by Kenneth L. Fisher
PART ONE: COMMON STOCKS AND UNCOMMON PROFITS
Preface
1. Clues from the Past
2. What "Scuttlebutt" Can Do
3. What to Buy:The Fifteen Points to Look for in a Common Stock
4. What to Buy: Applying This to Your Own Needs
5. When to Buy
6. When to Sell: And When Not To
7. The Hullabaloo about Dividends
8. Five Don'ts for Investors
9. Five More Don'ts for Investors
10. How I Go about Finding a Growth Stock
11. Summary and Conclusion
PART TWO: CONSERVATIVE INVESTORS SLEEP WELL
Epigraph
Introduction
1. The First Dimension of a Conservative Investment
2. The Second Dimension
3. The Third Dimension
4. The Fourth Dimension
5. More about the Fourth Dimension
6. Still More about the Fourth Dimension
PART THREE: DEVELOPING AN INVESTMENT PHILOSOPHY
Dedication to Frank E. Block
1. Origins of a Philosophy
The Birth of Interest
Formative Experiences
First Lessons in the School of Experience
Building the Basics
The Great Bear Market
A Chance to Do My Thing
From Disaster, Opportunity Springs
A Foundation Is Formed
2. Learning from Experience
Food Machinery as an Investment Opportunity
Zigging and Zagging
Contrary, but Correct
Patience and Performance
To Every Rule,There Are Exceptions . . . But Not Many
An Experiment with Market Timing
Reaching for Price, Foregoing Opportunity
3. The Philosophy Matures
E Pluribus Unum
History versus Opportunity
Lessons from the Vintage Years
Do Few Things Well
Stay or Sell in Anticipation of Possible Market Downturns?
In and Out May Be Out of the Money
The Long Shadow of Dividends
4. Is the Market Efficient?
The Fallacy of the Efficient Market
The Raychem Corporation
Raychem, Dashed Expectations, and the Crash
Raychem and the Efficient Market
Conclusion
Appendix: Key Factors in Evaluating Promising Firms
Functional Factors
People Factors
Business Characteristics
Index
About Philip A. Fisher
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. Kenneth L. Fisher writes the "Portfolio Strategy" column for Forbes magazine and serves as Chairman and Chief Investment Officer of Fisher Investments, Inc., a firm that manages financial assets for institutions and high-net-worth individuals around the world.
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