Common Stocks and Uncommon Profits Audible Audiobook – Abridged

Philip A. Fisher (Author), George Guidall (Narrator), Penton Overseas (Publisher)

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One of the most important works ever written on investment theory, Common Stocks and Uncommon Profits lays out the fundamental principles of intelligent investing. Widely respected and admired, Philip Fisher is among the most influential investors of all time. His investment philosophies are not only studied and applied by today's finance professionals, but are also regarded by many as gospel. He is a pioneer of modern investment theory.

Listening Length

2 hours and 55 minutes
Author

Philip A. Fisher
Narrator

George Guidall
Audible release date

April 27, 2001
Language

English
Publisher

Penton Overseas
ASIN

B00005JXX3
Version

Abridged
Program Type

Audiobook
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Product details

Listening Length	2 hours and 55 minutes
Author	Philip A. Fisher
Narrator	George Guidall
Audible.com Release Date	April 27, 2001
Publisher	Penton Overseas
Program Type	Audiobook
Version	Abridged
Language	English
ASIN	B00005JXX3
Best Sellers Rank	#13,619 in Audible Books & Originals (See Top 100 in Audible Books & Originals) #82 in Investing & Trading #84 in Economics (Audible Books & Originals) #259 in Leadership (Audible Books & Originals)

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Customer reviews

4.4 out of 5

211 global ratings

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Svetoslav Tassev

good but overrated

Reviewed in the United States on August 22, 2003

Verified Purchase

This is one of the most overrated business books of all times! The first time I read it, it was a torture. Then I picked it up for a second read because I figured that maybe I didn't quite get it the first time. How can so many people, including Warren Buffet, like it if it wasn't a good book? The second time I read it only confirmed my initial impressions. It is not too bad but it is clearly overrated.
Fisher's investment philosophy, the way I understood it, boils down to the following: Common stocks of good companies are worth buying at any price. Just find a good business with excellent growth prospects and buy the stock. The price will take care of itself.
This is the kind of approach that inflated the stocks of the so called nifty fifty in the early 1970s. Since Fisher's book was already a best seller by that time, I suspect that he was partially responsible for what has happened to the stocks of the nifty fifty.
Now, maybe I didn't quite get it. Maybe Fisher didn't really mean that a good business can justify any stock price, no matter how high. Then again, I read the book twice and if I couldn't get it then he didn't make it obvious enough. Only in the last part of the book (Conservative Investors Sleep Well) he suggests that value does matter. Unfortunately for many early readers, that part of the book was not written and added until long after the nifty fifty burst.
His approach toward finding future stars is not likely to work unless you do it during a bull market. Then again, almost any other investment strategy will make money in a bull market, even technical analysis. New technology developments and the state of future competition are too difficult to predict by any method. One of the few stars he ever found out was Motorola. It was a lucky shot because when he first found out the company, it was manufacturing TVs, not cell phones and pagers. Ironically, the company was soon kicked out of the television sets business for which Fisher chose them.
I don't know why Warren Buffet ever said that he liked Fisher's investment philosophy. I don't thing he is scuttlebutting for the future Intels and Microsofts.
Last but not least, the book is very poorly written. Fisher has absolutely no talent for a writer. His writing style is tortures for the reader. His editor probably gave up editing after the first few pages, crossed his fingers and sent the book to the printing press. Editing the book would have been equal to rewriting it. I don't think any editor would've had the patience and the time to do it.
To be fair, I like some aspects of Fisher's investment philosophy. He advocates long term commitment to strong businesses with good potentials. And, he wouldn't commit unless he had done a thorough investigation of the company. There are some other gems in the book such as his discussion of stock purchase timing but the reader has to dig them out from a pile of trivia. Three stars are well deserved.

75 people found this helpful

Helpful

Amir

A must for all investors

Reviewed in the United States on March 21, 2012

Verified Purchase

The great investor Phillip Fisher wrote this book more than fifty years ago.

In this book Mr. Fisher describes interesting ways of acquiring more information about companies that you wish to invest in. He describes how to identify outstanding companies, how to determine companies' competitive advantages, and what to look for when buying a company, as well as when to sell a company and when not to. Don't miss reading part two of the book, "Conservative investors sleep well." This book is a must for those who are investing from a business point of view.

The book provided a great framework and understanding of the questions that you need to ask before investing in a company and where one should look for answers. The author even utilizes a method that is more common today than in the past - a list of don'ts.

Many of the companies that appear in the book do not exist anymore but I believe that the book lessons are as valid as they were 50 years ago.

Amir Avitzur
Author of "Why do we sell low and buy high? The guide you must read BEFORE you invest"

2 people found this helpful

Helpful

Leonard R Budney

1/2 Your Investment Library

Reviewed in the United States on May 1, 2000

Verified Purchase

Fisher's book should be 1/2 your investment library; the otherhalf should be Ben Graham's ``The Intelligent Investor''. WarrenBuffet, the world's most successful investor, describes himself as ``85% Graham, 15% Fisher.''
Fisher explains the qualitative side to value investing, just as Graham explains the quantitative side. You really need both. If you follow Graham's advice insensitively, then you will find stocks which are selling cheap--because the company is truly in trouble. That's where Fisher comes in: you should examine low-priced companies from Fisher's perspective to find the ones which truly are bargains.
... Online discussions are no substitute for firsthand discussion with employees, competitors, etc. You simply can't meet enough people online; some companies' employees aren't even on the Internet. ... you will end up investing only in tech stocks--which I would consider extremely short-sighted.
On the other hand, online discussion is considerably better than nothing. Don't neglect the information you can find online! This source of information will become increasingly important over time.

95 people found this helpful

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James Bridgewater

Great historical perspective on long-term investing

Reviewed in the United States on June 10, 2017

Verified Purchase

Fantastic book about investing. Mr. Fisher describes his experience starting out in the investment business just before the great depression and the 50 or so years that followed. He calls himself a growth investor, but I think anyone looking for a good solid foundation in value investing, ala Ben Graham, Warren Buffet, or Joel Greenblat, should give this book a shot.

5 people found this helpful

Helpful

Bharat

Interesting information

Reviewed in the United States on February 17, 2014

Verified Purchase

This book is based on the assumption that nothing risked, nothing gained. In a world full of books that keep shouting themselves hoarse "Be safe, buy safe", this book presents an interesting and informative counter-view. This helps the investor be less scaredy-cat. Though caution is a good thing, caution never a fortress stormed. It's explanation of special situations and what to avoid/ what to look for is very useful.

A must buy for value investors, to understand the flip side of the coin.

2 people found this helpful

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Top reviews from other countries

shriram somvanshi

Not Useful for peoples of 21st century

Reviewed in India on March 20, 2021

Verified Purchase

Was not good as per current scenario. It was may be useful as per old 1960-70 period. Also that review's shown on book were of the time 1960-70s. Will not fit for today.

krishna

Good one

Reviewed in India on April 4, 2021

Verified Purchase

One of must read for stock exchange

Allwyn

Must read for Value Investors

Reviewed in India on October 9, 2015

Verified Purchase

Great book for someone who wants to start thinking on investment in Stock market. I read this book twice and really its aa fantastic read. This is one of the few books every investor should read my 2 cents for reading this first and then the Intelligent Investor as this book provide you on how you should go on Stock picking and Intelligent investors gives you a much deeper analysis along with what happened with the US Stock markets for some period of years.. both are must read.

Allwyn

3 people found this helpful

debashis

A book about growth investing philosophy.

Reviewed in India on September 3, 2018

Verified Purchase

The content of the book is very important for an investor, the philosophy of this book is growth investing. Though For an Indian reader this book is advance level reading as the example used are mostly from 1930s us stock market hence it is hard to relate.

One person found this helpful

Simply best and must read before you invest in stock market

Reviewed in India on June 9, 2021

Verified Purchase

One of the best books I have ever read

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