Common Stocks and Uncommon Profits Wiley Investment Classics: Amazon.co.uk: Philip A. Fisher: Books

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"...written by American Investment genius.... We are delighted to have the opportunity to reproduce an extract from this classic, recently reissued..." (Financial Director, November 2003)

"...these updated classics are packed with investment wisdom..." (What Investment, November 2003) --This text refers to the Paperback edition.

Review

"...written by American Investment genius.... We are delighted to have the opportunity to reproduce an extract from this classic, recently reissued..." (Financial Director, November 2003)

"...these updated classics are packed with investment wisdom..." (What Investment, November 2003) --This text refers to the Paperback edition.

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4.9 out of 5 stars (10 customer reviews)

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25 of 27 people found the following review helpful:

5.0 out of 5 stars solid principles stand over time, 26 Jun 1999

By A Customer

This review is from: Common Stocks and Uncommon Profits (Wiley Investment Classics) (Paperback)

I've not heard of the name "Philip Fisher" in my entire school years (4 yrs Undergrad. b-school & 2 yrs MBA) even I've been majoring in Finance. The "fundamental" approach in investing, as opposed to looking at a "beta", has been so ignored by the academica as it's "not objective enough" or that it has no math involved. Indeed, the book is 95% art & 5% science, and there're no certain ways to pick up the technique. However, the book makes so much sense to me that I had to read it twice. The principles are sound and stand through the test of time. Most investing books disappear after a few years, and this one is still as good. Some of the techniques are hard to put into practice such as "getting to know the management" and "investigate the competitors", but this book lets you know that selecting an outstanding long term investment involves more homeworks than most people are willing to do nowaday. The tradeoff btw. "easy money" and risk always exists even in today's stockmarket most people don't know what kind of risk they're undertaking.

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7 of 7 people found the following review helpful:

5.0 out of 5 stars Surely a great buy!, 30 Dec 1998

By A Customer

This review is from: Common Stocks and Uncommon Profits (Wiley Investment Classics) (Paperback)

An excellent book. Can be understood by any layman and the ideas expounded are applicable not only in the US but I think universal. The book has changed my way of looking at buying stocks and to be focused on the growth stocks for long term growth instead of following the ups and downs of the stock market everyday. But there are some pointers that might be a little bit hard to be followed by the layman. Such are the information needed about the organisations' management that your intended to buy in. These information are hard to come by and more importantly assessing them; and another wrong steps could cost the investor. But, again, if to follow Fisher's ideas about spreading the risk, think the cost would not be too heartbreaking.

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12 of 14 people found the following review helpful:

4.0 out of 5 stars Picking stocks by analysing businesses not accounts, 5 May 1997

By A Customer

This review is from: Common Stocks and Uncommon Profits (Wiley Investment Classics) (Paperback)

When you have read Benjamin Graham analysing current ratios and balance sheets until you have decided that stock picking can be done by computer then (and only then) is it time to read Phillip Fisher. Phillip Fisher searches for "growth stocks", companies with superlative management (superior sales force, superior research and development, clear focus on the business) and he holds their stocks FOREVER. You can read this book and find not a single substantive mention of balance sheets, solvency, current ratios or any of the other things that most seasoned stock pickers rely on. Instead you find tips for analysing the scuttlebutt that you hear about a company and for testing whether management cuts the mustard. Thirteen or so of the "Fifteen Points" in the second chapter are worth the purchase price of the book and more. These points summarise as: * The management are technical geniuses. * The management know how to milk the existing business, and * The management resist the institutional imperative. Unlike Phillip Fisher however, I am not sure the management need to be technical geniuses. Indeed Phillip Fisher's notion of what constitutes a growth stock is quite narrow. He is almost obsessive about research and development. New products are to him the major determinant of growth. He would never have picked Coca-Cola or McDonalds as growth stocks because their product is not technically innovative. Yet a reader of Phillip Fisher may have picked these stocks. They pass the bulk of Fisher's fifteen points with flying colours. Just making hamburgers is not making Silicon chips. If you could combine Fisher's analysis with Graham and purchase these stocks at reasonable prices you might have even done well. (Incidently I am a Dow disbeliever from Australia and I still think McDonalds is reasonably priced.) Certainly Fisher would not allow you to hold McDonalds and Coke above a well run techno company. Fisher regards techno stocks with a sort of awe. And regards anybody that holds more than twenty stocks as financially incompetent. [I agree with him on the latter point, and hence hold a small number of non-techno companies, which kind of suits a technophope like me.] Fisher would have you purchasing Intel at $150, something which I am finding it increasingly difficult to justify (though I have been wrong on that stock before). Intel passes ALL of Fisher's fifteen points. Value does not play a part in Fisher's Analysis. He pays lip service once or twice, but there is precious little discussion on how to pick value. And that is where I think the book falls down. This is actually quite a limited failing. There are two ways to proceed with Fisher. One: Look for businesses that pass Phillip Fisher's tests. perhaps thirteen of the fifteen points is adequate. Then put through the second filter of "are they crazy on a Benjamin Graham analysis". This will make sure that you do not pay too much for a good business. Alternatively Benjamin Graham filter stocks. Get the listing down to say 200 or so that are not too expensive (particularly vis earnings rather than assets). Then put them through the Phillip Fisher filter. Buy the ones that pass best. This way you will not be tempted to buy a bad business just because its cheap. I tend to operate using the latter method. However I would never have found McDonalds that way. So maybe I should do a bit of both. Cheers and good hunting.

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Most Recent Customer Reviews

5.0 out of 5 stars packed with wisdoms
If you are expecting to learn how to make quick money from the stock market by reading this book, you'll be, without doubt, disappointed. Read more

Published on 6 Nov 2007 by book maniac

5.0 out of 5 stars Inspirational
Fisher opens up his investment philosophy after over 50 years of investing. Three books for the price of one-=- a true bargain. Read more

Published on 5 Dec 1998

5.0 out of 5 stars Priceless ideas from the mind of a genius !
Those lucky enough to read Philip Fisher's writings early in their investment lifetime, get by far the most logical advice ever formulated. Read more

Published on 19 Aug 1998

5.0 out of 5 stars Should be required in the study of all business majors!
The concepts that are brought forth in this book should be taught in all business disciplines throughout all of academia. Read more

Published on 23 Jul 1998

5.0 out of 5 stars The best Investment book ever written
Phillip Fisher is the father of qualitative analysis. This book changed my life like no other. It has made me settle down as an investor and think as a businessman, and put all... Read more

Published on 25 April 1998

5.0 out of 5 stars Solid read; practical ideas
This book is a classic in the investment field. Fisher is acknowledged as one of Warren Buffet's intellectual fathers and it shows. Read more

Published on 31 Mar 1997

5.0 out of 5 stars Still fresh after 40 years!
This is an outstanding book. Although most of it was written almost 40 years ago, the ideas presented in this book are as compelling as when they were first published. Read more

Published on 5 Jan 1997

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	73% buy the item featured on this page: Common Stocks and Uncommon Profits (Wiley Investment Classics) 4.9 out of 5 stars (10)
	13% buy The Intelligent Investor 4.6 out of 5 stars (16) �8.29
	5% buy One Up on Wall Street (A Fireside book) 3.8 out of 5 stars (11) �5.99
	5% buy The Essays of Warren Buffett: Lessons for Investors and Managers 4.3 out of 5 stars (14) �8.93

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