Common Stocks and Uncommon Profits
by Philip A. Fisher
Fisher's 1958 guide to growth investing: fifteen points for evaluating a company's management, research, sales organization and margins, the 'scuttlebutt' method of asking competitors and customers, and when to sell (almost never). Buffett credits Fisher for half his approach. Dated in examples, permanent in method.
Read it if…
you want to evaluate businesses qualitatively, not just by ratios.
Skip it if…
you are not going to research individual companies.
Three things you will actually use
- Investigate through people, not just filings.
- Buy outstanding companies and hold through noise.
- Do not sell because the price rose.
Do this first
Apply the fifteen points to one company you admire and see how many you can actually answer.
Our verdict
Classic qualitative method.
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