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Super Stocks 1st Edition
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From the Author
Fisher's Super Stocks is an idiosyncratic romp through the technology heyday of the early '80s. Fisher tells story after story of how high-fliers hit a short-term flame-out he called the "glitch" and the price/sales ratio and price/research ratio got him in at the bottom. Although he only gives quantitative price/sales ratios on technology-related stocks for the 1983 and 1984 time frame, his ability to construct an entire approach to valuation outside of the earnings-preoccupied mainstream still makes for compelling reading. Fisher has not completely escaped his father, though. The guy talks about the businesses he buys in lurid detail, advising investors that to be successful they need to do the same. As rich in investment war stories as it is in knowledge, Super Stocks makes for an excellent read. --This text refers to an out of print or unavailable edition of this title.
About the Author
Kenneth Fisher is the founder, chairman, and CEO of Fisher Investments, an independent global money management firm with more than $30 billion in assets. He pioneered Price Sales Ratios in stock analysis and is the bestselling author of The Only Three Questions That Count.
More About the Author
Ken Fisher is founder, Chairman and CEO of Fisher Investments, an independent money management firm managing tens of billions of dollars for large pension plans, endowments, and foundations globally, as well as thousands of high net worth individuals.
Ken Fisher: Forbes Columnist
Ken Fisher is best known for his over 30 year tenure as Forbes' Portfolio Strategy columnist--the third longest running columnist in Forbes 90+ year history. Third-party research firm, CXO Advisory Group's "Guru Grades" ranks Fisher among the most accurate stock market forecasters over recent years.*
Ken Fisher: Bestselling Author
Ken Fisher has written eleven books on investing and personal finance, four of which were New York Times bestsellers. Recent books include 2015's Beat the Crowd, 2013's The Little Book of Market Myths, 2012's Plan Your Prosperity, 2011's Markets Never Forget, 2010's Debunkery, 2009's How to Smell a Rat, 2008's The Ten Roads to Riches, and 2006's The Only Three Questions That Count - all published by John Wiley & Sons. Other books include 1984's Super Stocks, 1987's The Wall Street Waltz, and 1993's 100 Minds That Made the Market. Ken Fisher's books have been translated into 9 languages, reaching over 3/4 of global GDP.**
Fisher Investments Press
Ken Fisher's firm, Fisher Investments, embarked on a publishing imprint with John Wiley & Sons in 2007, focusing on investing-related topics. Titles published under the imprint, Fisher Investments Press, so far include 20/20 Money and Own the World and the Fisher Investments On series, which focuses on the 11 primary investing sectors. The series includes in depth coverage on nine popular financial sectors, and Emerging Markets.
Other Ken Fisher Contributions
Ken Fisher has been published, interviewed and/or been written about in many major American, British, Canadian, German and Swiss finance or business periodicals. Fisher has been on the Forbes 400 list of richest Americans and the Forbes Global Billionaire lists since 2005. Ken Fisher is also on Investment Advisor magazine's prestigious IA-30 list of the 30 most influential people in and around money management over the last 30 years.***
*http://www.cxoadvisory.com/gurus. Based on a report completed in 2013 by CXO Advisory Group. The final report, titled "Guru Grades", contains accuracy ratings for 68 forecasters collected over a period from 2005 to 2012 including market forecasts by Ken Fisher as published in Forbes. Ken Fisher's market forecasts in Forbes represent his personal forecasts of the overall market and are not an indication of the performance of Fisher Investments. Not all forecasts may be as accurate as those in the past. Investing in securities involves the risk of loss. Past performance is no guarantee of future results.
**Based on countries' official languages and GDP reported by the IMF, as of April 2013.
Top Customer Reviews
Fisher spends a lot of time discussing how to make money off the "Glitch". Basically, he believes that many Super Stocks are stocks that have been hit by a "Glitch". A "Glitch" is a temporary setback experienced by a company that makes the out of favor (e.g. product life cycle delay, revenue short-fall, etc.) This attitude is indicative of his value-orientation in investing. In other words, his fundamental analysis may find a great stock, but he will wait for a pull-back from a "Glitch" to a more appropriate PSR before investing.
Overall, the concept of PSR is not so different from other valuation measures for "low-priced" stocks such as Price-to-Earnings or Price-to-Book. However, it doesn't hurt to have another tool in the kit.
On a more interesting side-note, Wall Street analysts have definitely not read this book. It is amusing to note that analysts in the hey-day of the Internet boom touted stocks with PSRs in excess of 10x. A careful fundamental analysis would have resulted in concluding that the growth, margins, and balance sheets of these companies did not justify such high valuations. Nothing in the business models indicated superior performance on any dimension. Even if a business model was found to be superior, prudence would have dictated waiting for a "Glitch".
The heart of the book is that many investor's extreme focus on short-term bottom-line (P/E and earnings growth percentage movements) results can create extremely undervalued purchasing points in a great company with a temporary problem (determining this 'temporary' part is where his discussions about qualitative and margin anaylsis comes in.) Because revenue percentage movements tend to be both much more stable than earning percentage movements, and much less appreciated, PSR scanning may be the beginning of the most accurate type of mid-/long-term undervalued selection. (A good free scanner that has PSRs can be found here: [...])
Even if you reject the PSR method, this book's focus on profit margins and revenues can help you focus on what goes into the companies earning's movements. Not all earning growths are the same: you need both revenue growth for sustained earnings growth (you can only cut so much for so long,) and you need a healthy profit margin so that you can finance this revenue growth without large dept or share dilution. I would recommend being skeptical of a company that has growing sales but a sustained falling profit margin, I would be even more skeptical of earnings growth that isn't closely followed by revenue growth (almost disregarding it if it was a profit margin squeeze.) I think balance is key in this area.Read more ›
Most Recent Customer Reviews
This book should be updated. P/S is good for some sectors but not good for some sectors such as high tech.
I have written a book titled SuperStocks. Read more
Some strands of value investing are relatively quantative in their focus on the replacement cost of balance sheet items etc. Read morePublished 20 months ago by investingbythebooks
A helpful method to select individual stocks. I especially liked the discussion about using price to sales rather tahn price to earnings to determine which stocks to buy and when,... Read morePublished 22 months ago by Full Time Investor
Two stars for good concepts of sales ratios and margins, but the book is both heavily dated in terms of technology companies as well as focused on small growth. Read morePublished on February 26, 2013 by Joe Bonanno
The book is often credited for advocating P/S over P/E, but to me it's much more than that.
The gist is to look behind earnings. Read more
When I review books, I don't just review new books. I try to share with my readers the books that have helped me become a better thinker on investments. Read morePublished on January 23, 2010 by David Merkel
Buying, reading, studying and implementing Mr. Fisher's work is always a pleasant and profitable experience. Excellent!Published on April 7, 2008 by Peter Rebi
This book is one of the 20 all time best critical works on investment. The idea of a company selling at a multiple of it's annual sales and how to incorporate that priinciple into... Read morePublished on July 14, 2006 by Frank Venuti