Author: Philip A. Fisher

“Common Stocks and Uncommon Profits” by Philip A. Fisher is a seminal work in the field of investing, particularly known for its focus on growth investing. Here are some key points from the reviews:

1. Scuttlebutt Method: One of the most notable concepts introduced by Fisher is the “Scuttlebutt Method.” This involves gathering information about a company from various sources such as competitors, suppliers, and customers, which goes beyond what is available in financial statements.
2. Long-Term Focus: Fisher emphasizes the importance of a long-term investment horizon. He advises investors to look for companies with strong growth potential and to hold onto these investments for many years.
3. Qualitative Analysis: Unlike Benjamin Graham’s quantitative approach, Fisher focuses on qualitative factors. He outlines “Fifteen Points to Look for in a Common Stock,” which include aspects like the quality of management, the company’s competitive position, and its ability to innovate.
4. Management Integrity: Fisher places a high value on the integrity and capability of a company’s management. He believes that good management is crucial for a company’s long-term success.
5. Influence on Modern Investors: The book has had a significant impact on many successful investors, including Warren Buffett, who has praised Fisher’s investment philosophies.

Overall, “Common Stocks and Uncommon Profits” is highly regarded for its timeless investment wisdom and practical advice. It’s a must-read for anyone interested in understanding the principles of growth investing and making informed investment decisions.