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Common Stocks and Uncommon Profits and Other Writings Hardcover – 28 May 1996

4.4 out of 5 stars 1,113 ratings
Edition: Revised ed.

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From the Inside Flap

Common Stocks and Uncommon Profits and Other Writings by Philip A. Fisher Hailed by Forbes magazine as -one of the seminal figures of modern investment thinking, - and a -giant- by investment wizard Warren Buffett, Philip Fisher is one of the most influential investors of all time. Admired for his investment success, he is even more widely respected for his sound investment philosophies--philosophies that have withstood the test of almost forty years and that are regarded as gospel by the investors of today. These principles and theories were introduced by Fisher in Common Stocks and Uncommon Profits. Initially published in 1958, it is today considered an invaluable reference for investment success. Now, for the first time, a new, single edition brings this timeless classic together with the investment wisdom and insight offered in Fisher's other acclaimed writings--Conservative Investors Sleep Well and Developing an Investment Philosophy. As the first to consider a stock's worth in terms of potential growth rather than price trends and absolute value, Fisher laid the foundation for many of today's popular investment beliefs. His principles of selecting long-term growth stocks for their emerging value over short-term trades for initial profit continue to be studied and applied by today's top finance professionals. In Common Stocks and Uncommon Profits, Fisher shares his philosophy, offering valuable insights into the most fundamental and important aspects of buying and selling stock. Here are solid guidelines on when and what to buy, sound reasons for selling common stock, as well as critical information on profit margins and dividends. There is also Fisher's famous list of Top-Ten -Don'ts- for investors, complete with warnings against buying into promotional companies, over-stressing diversification, following the crowd, and buying stock just for the -tone- of its annual report. As an ideal complement to Common Stocks and Uncommon Profits, Conservative Investors Sleep Well and Developing an Investment Philosophy explore, respectively, the myriad intricacies of conservative investments and the genesis of Fisher's unique philosophy. Both selections offer further insight into the wisdom of this great investor. As indispensable today as when they were first published, these classic writings provide keys to investment success which every investor will relish.

From the Back Cover

Hailed by Forbes magazine as -one of the seminal figures of modern investment thinking, - and a -giant- by investment wizard Warren Buffett, Philip Fisher is one of the most influential investors of all time. Admired for his investment success, he is even more widely respected for his sound investment philosophies--philosophies that have withstood the test of almost forty years and that are regarded as gospel by the investors of today.

These principles and theories were introduced by Fisher in Common Stocks and Uncommon Profits. Initially published in 1958, it is today considered an invaluable reference for investment success. Now, for the first time, a new, single edition brings this timeless classic together with the investment wisdom and insight offered in Fisher's other acclaimed writings--Conservative Investors Sleep Well and Developing an Investment Philosophy.

As the first to consider a stock's worth in terms of potential growth rather than price trends and absolute value, Fisher laid the foundation for many of today's popular investment beliefs. His principles of selecting long-term growth stocks for their emerging value over short-term trades for initial profit continue to be studied and applied by today's top finance professionals.

In Common Stocks and Uncommon Profits, Fisher shares his philosophy, offering valuable insights into the most fundamental and important aspects of buying and selling stock. Here are solid guidelines on when and what to buy, sound reasons for selling common stock, as well as critical information on profit margins and dividends. There is also Fisher's famous list of Top-Ten -Don'ts- for investors, complete with warnings against buying into promotional companies, over-stressing diversification, following the crowd, and buying stock just for the -tone- of its annual report.

As an ideal complement to Common Stocks and Uncommon Profits, Conservative Investors Sleep Well and Developing an Investment Philosophy explore, respectively, the myriad intricacies of conservative investments and the genesis of Fisher's unique philosophy. Both selections offer further insight into the wisdom of this great investor. As indispensable today as when they were first published, these classic writings provide keys to investment success which every investor will relish.

-You will find lots of jewels in these pages that may do as much for you as they have for me.---from the Introduction by Kenneth L. Fisher Forbes columnist

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 finance professionals, but are also regarded by many as gospel. He recorded these philosophies in Common Stocks and Uncommon Profits, a book considered invaluable reading when it was first published in 1958, and a must-read today.

Acclaim for Common Stocks and Uncommon Profits

-I sought out Phil Fisher after reading his Common Stocks and Uncommon Profits...When I met him, I was impressed by the man as by his ideas. A thorough understanding of the business, obtained by using Phil's techniques...enable one to make intelligent investment commitments.---Warren Buffett

-Little known to the public, rarely interviewed and accepting few clients, Philip Fisher is nevertheless read and studied by most thoughtful investment professionals . . . everyone will profit from pondering--as Warren Buffett has done--the investment principles Fisher espouses.---James W. Michaels Editor, Forbes

-My own copy [of Common Stocks and Uncommon Profits] has underlinings and marginal thoughts throughout.---John Train Author of Dance of the Money Bees


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Product details

  • Publisher ‏ : ‎ John Wiley & Sons, Inc.; Revised ed. edition (28 May 1996)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 288 pages
  • ISBN-10 ‏ : ‎ 0471119288
  • ISBN-13 ‏ : ‎ 978-0471119289
  • Dimensions ‏ : ‎ 14.35 x 2.66 x 22.6 cm
  • Customer Reviews:
    4.4 out of 5 stars 1,113 ratings

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Top reviews from Australia

Reviewed in Australia on 10 June 2017
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Top reviews from other countries

Sandy
4.0 out of 5 stars Why does Warren buffet buy Apple and not Amazon
Reviewed in India on 2 December 2019
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4.0 out of 5 stars Why does Warren buffet buy Apple and not Amazon
Reviewed in India on 2 December 2019
I have always wondered, as to why does Warren buffet buy certain stocks, while avoiding equally good others ? If you read this book you will know for sure. Recommended by Buffet himself this book is one of the classics, as you already probably know. Although it is dated in some sense, however the core message remains quite relevant even in today's time, as much it did perhaps 70 years ago, when the book was originally written.

Philips Fisher introduces the reader with the "Scuttlebutt" approach to stock picking, quite early on in the book. As you move further he buttress his views with data and practical example. He begins by saying that the best time to sell a stock is "never" which he practiced himself when he held the stocks of Motorola, Texas Instrument and Raychem for the entirety fo his life, although his son in the preface admits that by the end of his fathers career, he had become recalcitrant to the new stock while solely focusing on the above mentioned three top stocks.

The book can be surmised by the following philosophies :
1. Growth companies : The company should be in a growth sector meaning it sales should grow to perpetuity.
2. New Growth : The company should be able to find new avenues of growth if the current lines dry up, either through Research and Development or through inorganic acquisitions.
3. Moat : There should be sufficient barriers to entry in the product line up to prevent other players from entering the same market and usurping the incumbent player (think IPhone).

Apart from these key message he also belabours upon the "Scuttlebutt" approach most of which I found to be quite irrelevant for retail investors, because this approach requires deep understanding of the company, its management, its customers, its debtors et al. He advices the investor to speak to the management, employees and customer and get a good sense of the culture and challenges. Also there is a focus on labour/unions. Although the book is written in a different time and most of the companies discussed perhaps don't even exist today, I still found this book to be quite refreshing to read.

It is a great book foe novice and Professionals alike. It is a must have in your library. It reinforces the philosophy of "value investing" in the fast paced world of "automated trading". Enjoy !
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PCZ
1.0 out of 5 stars Please read my comment and don't buy this book
Reviewed in the United Kingdom on 12 July 2021
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Kindle Customer
3.0 out of 5 stars It is a classic
Reviewed in the United Kingdom on 13 September 2021
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mp
5.0 out of 5 stars Another phenomenal book fro everyone interested successfully in stock market!!!
Reviewed in the United Kingdom on 29 November 2015
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Guilherme Neves
5.0 out of 5 stars an investment classic
Reviewed in the United Kingdom on 9 May 2017
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