Common Stocks and Uncommon Profits and Other Writings: 40 Paperback – 29 August 2003
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"...these updated classics are packed with investment wisdom..." (What Investment, November 2003)
From the Inside Flap
"I am an eager reader of whatever Phil has to say, and I recommend him to you." Warren Buffett
"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
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Most helpful customer reviews on Amazon.com
Basically, in this book are about 250 pages.
The book worths every penny. The parasites who wrote "preface" and "introduction" are not.
The book itself is quite old, so some circumstances considered by Mr. Fisher may be obsolete (cold war), but I'd say that most of the content is quite timeless. Especially Mr. Fisher's recipe for a good analysis of long-term growth investment opportunity (the process is referred to as scuttlebutt).
As for contents of the book, I see 3 distinct areas:
1. Very detailed description of scuttlebutt method (the most valuable part, in my opinion),
2. Mr. Fisher's insights when considering particular circumstances connected with investing,
3. The last chapter is a step-by-step guide on how to be Mr. Fisher (or work like him at least).
Mr. Fisher's style is quite formal but restrained in the wording. For me, it was a perfect read.
Fisher also addresses what a good business should have. I have 10 years of investing experience before I read this book. In my opinion this book should work as a guideline to develop our own investing philosophies (and not our philosophy itself). There are no one size fits all strategy in the investing world the magic frmula works for Buffett but he is one in a million. This book drives home the point - especially for the novice - that investing (rather than speculating) is not easy and is a complex process. Being emotionless and keeping disciplined with one's approach can allow for gains and success as a disciplined investor.
The chapter on dividends was interesting to read, I'll re-read it. Also the chapter on when to sell.