- Paperback: 320 pages
- Publisher: Wiley; 2 edition (August 29, 2003)
- Language: English
- ISBN-10: 0471445509
- ISBN-13: 978-0471445500
- Product Dimensions: 6 x 1.1 x 8.9 inches
- Shipping Weight: 13.6 ounces (View shipping rates and policies)
- Average Customer Review: 187 customer reviews
- Amazon Best Sellers Rank: #13,156 in Books (See Top 100 in Books)
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Common Stocks and Uncommon Profits and Other Writings 2nd Edition
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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)
From the Back Cover
"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...enables one to make intelligent investment commitments."
"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 ponderingas Warren Buffett has donethe 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
Top customer reviews
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Some readers are bothered by the too long preface and introduction by his son Ken Fisher. It's not bad if you are interested in Phil Fisher's own life and personal characteristics. However Ken Fisher is quite different from his father's honesty. Ken Fisher looks like a salesman who focuses on selling products of his own investment company rather than an investor. Ken Fisher writes one book in one or two years in repeating the same useless things.
Back to the book, the content is merit, which I don't want to repeat here. But some other reviewers say it's not practical for average investors to do 'scuttlebutt' with CEOs of the companies. It's true but the idea should get update in your heart. Remember this book was published in 1958 for the first time, by then Fisher can only use phones and visit the companies. But now we have internet and tons of information of which we should make good use. Scuttlebutt doesn't necessariely mean talking to CEOs and even it is the case you should very easily can see many things about the CEOs in the internet. Today it should be easier for us to do Scuttlebutt as closed as professionals can do.
And this book should be read with other books on corporation valuation like Benjamin Graham's The Intelligent Investor and Security Analysis. It's a 5-star book doesn't mean you can only use this book to get rich. In Fisher's point of view, this should be mastered for sure.
I would give myself a chance, if I cannot make real money by Fisher and Graham's book I would switch to index fund and invest my time on other things. Honestly I don't believe there are other books that could really make you rich if this book cannot.
My biggest key learning from this book was how Mr. Fisher focused on earnings as what determines the value of a stock. He gave an analogy of if you were able to buy stock in your graduating high school class based on what you believed would be there future earnings potential. How would you determine their value? Would you later sell stock in a student who went on to college and had huge earnings just because he was then overvalued? Would you want to buy stock in a student who went on to earn poorly just because he had potetial for more growth?This analogy shows we are buying coporate earnings when we buy stock, and quality and future growth is what we are looking for.
This book gives 15 points to look for in buying stock.
Mr. Fisher also had a chapter on why he does not believe in efficient market theory because the performance in stocks always shows they were not valued correctly because the future performance is not reflected in the current price,stock traders have never been able to price stocks correctly, if they did their would not be such variances in stocks a year later, some go up 1000% some go down 80% rarely does the P/E ratio predict this. I highly recommend this book in your financial library.
The book served me well from the early 1960s, providing hope in the reality of making large profits.