Common Stocks and Uncommon Profits and Other Writings
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Common Stocks and Uncommon Profits and Other Writings

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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 financiers and investors, but are also regarded by many as gospel. This book is invaluable reading and has been since it was first published in 1958. The updated paperback retains the investment wisdom of the original edition and includes the perspectives of the author's son Ken Fisher, an investment guru in his own right in an expanded preface and introduction
"I sought out Phil Fisher after reading his Common Stocks and Uncommon Profits...A thorough understanding of the business, obtained by using Phil's techniques...enables one to make intelligent investment commitments."
Warren Buffet
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Product details

  • Paperback | 320 pages
  • 149.86 x 226.06 x 25.4mm | 385.55g
  • John Wiley & Sons Inc
  • New York, United States
  • English
  • 2nd ed.
  • 0471445509
  • 9780471445500
  • 1,301

Back cover copy

"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." --Warren Buffett

"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 pondering--as Warren Buffett has done--the 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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Table of contents

Preface What I Learned from My Father s Writings xi
Kenneth L. Fisher


Introduction 1
Kenneth L. Fisher


PART ONE COMMON STOCKS AND UNCOMMON PROFITS


Preface 31


1. Clues from the Past 34


2. What Scuttlebutt Can Do 44


3. What to Buy: The Fifteen Points to Look for in a Common Stock 47


4. What to Buy: Applying This to Your Own Needs 79


5. When to Buy 89


6. When to Sell: And When Not To 105


7. The Hullabaloo about Dividends 114


8. Five Don ts for Investors 123


9. Five More Don ts for Investors 135


10. How I Go about Finding a Growth Stock 162


11. Summary and Conclusion 172


PART TWO CONSERVATIVE INVESTORS SLEEP WELL


Epigraph 176


Introduction 177


1. The First Dimension of a Conservative Investment 180


2. The Second Dimension 187


3. The Third Dimension 198


4. The Fourth Dimension 207


5. More about the Fourth Dimension 213


6. Still More about the Fourth Dimension 218


PART THREE DEVELOPING AN INVESTMENT PHILOSOPHY


Dedication to Frank E. Block 226


1. Origins of a Philosophy 227


The Birth of Interest 228


Formative Experiences 229


First Lessons in the School of Experience 231


Building the Basics 232


The Great Bear Market 234


A Chance to Do My Thing 235


From Disaster, Opportunity Springs 236


A Foundation Is Formed 237


2. Learning from Experience 238


Food Machinery as an Investment Opportunity 239


Zigging and Zagging 242


Contrary, but Correct 243


Patience and Performance 244


To Every Rule,There Are Exceptions . . . But Not Many 247


An Experiment with Market Timing 248


Reaching for Price, Foregoing Opportunity 249


3. The Philosophy Matures 252


E Pluribus Unum 253


History versus Opportunity 255


Lessons from the Vintage Years 257


Do Few Things Well 259


Stay or Sell in Anticipation of Possible Market Downturns? 260


In and Out May Be Out of the Money 263


The Long Shadow of Dividends 264


4. Is the Market Efficient? 266


The Fallacy of the Efficient Market 267


The Raychem Corporation 270


Raychem, Dashed Expectations, and the Crash 271


Raychem and the Efficient Market 274


Conclusion 275


Appendix Key Factors in Evaluating Promising Firms 279


Functional Factors 279


People Factors 281


Business Characteristics 282


Index 283
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Review Text

"...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)
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Review quote

"...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)
show more

About Philip A. Fisher

PHILIP A. FISHER began his career as a securities analyst in 1928, and founded Fisher & Company, an investment counseling business, in 1931. He is known as one of the pioneers of modern investment theory.
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Rating details

6,920 ratings
4.1 out of 5 stars
5 43% (2,992)
4 33% (2,271)
3 17% (1,180)
2 5% (315)
1 2% (162)
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