Fisher Forbes columnist Widely respected and admired, Philip Fisher is among the most influential investors of all time. He recorded these philosophies in Common Stocks and Uncommon Profits, a book considered invaluable reading when it was first published in , and a must-read today. When I met him, I was impressed by the man as by his ideas. Introduction Kenneth L. Clues from the Past. What "Scuttlebutt" Can Do.
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However, if the company fails to meet multiple of these points, then it definitely is a danger point for the investors. Does the company have products or services with sufficient market potential to make possible a sizable increase in sales for at least several years? Does the management have a determination to continue to develop products or processes that will still further increase total sales potentials when the growth potentials of currently attractive product lines have largely been exploited?
Does the company have an above-average sales organization? Does the company have a worthwhile profit margin? What is the company doing to maintain or improve profit margins? Does the company have outstanding labor and personnel relations? Does the company have outstanding executive relations?
Does the company have depth to its management? Are there other aspects of the business, somewhat peculiar to the industry involved, which will give the investor important clues as to how outstanding the company may be in relation to its competition? Does the company have a short-range or long-range outlook in regard to profits? Does the company have a management of unquestionable integrity? Summary: The book attempts to show what to buy, when to buy and when to sell for those who are desiring to get uncommon returns on their investments.
To sum up, this is a good read to understand the fundamentals of growth investing. I will definitely recommend reading this book. Further, comment below which is the best book on investing that you have ever read.
Philip Arthur Fisher
Common Stocks and Uncommon Profits and Other Writings