Common Stocks and Uncommon Profits and Other Writings

One of the top-notch primers in the world of investing. Phil has a graceful character which is evident and yet his success doesn't allow him to suffer from arrogance or rigour mortis. The book doesn't hide the fact about the dull nature of the work, how unsexy it is and how difficult it is, and the path to excellence is through a personal financial philosophy, and although finance and philosophy sound like a terrible conjugation, an ideologically and morally corrupt thought process (especially the deeds committed by major investing corporations), the author does push the onus on to the reader to form a thought process - the execution for the good of fellow society or not, to be charted by the actions. A fantastic book, will not regret show more reading this. show less

4.5 stars rounded up. A classic that is a few spots is definitely showing its age (other than talking about prices in 1/8's).

The fundamental message: choose a few stocks, choose them wisely after much investigation and comparison, with all your research and evaluation aimed at owning great companies that will perform outstandingly for the long haul (at least 3 years, minimum; left open-ended so as to be "forever" elsewhere; in one or two places put as "3 to 5 years".) And that's it.

That right there is the thesis of "growth investing." Which is usually take as one camp sort-of-in-opposition to "value investing." But I have a strong feeling Fisher would argue that true growth investing is (future) value investing.

If I had to show more pick/summarize his negative thesis, it would be, "Be an investor; don't be a trader."

Also, interesting comments in the last 1/3 (and particularly in the last section, which is actually titled "Is The Market Efficient?") on his (very dim) view of Efficient Market Theory as it was coming into vogue but before its heyday. show less

Philip Fisher does not have the following of Ben Graham, Warren Buffett, or Peter Lynch, but there is nevertheless a lot of wisdom about the investment process to savor and digest in this small volume. Like Graham and Dodd's Security Analysis, the fact that this book was written more than a half-century ago does not diminish the value of the insights it contains.

I particularly liked the chapter 'The Fifteen Points to Look For in a Common Stock', which provides a great outline for how to analyze the competitive strategy and operations of a company. Beyond that, Fisher’s discussion of 'When to Sell' is quite useful; this is a topic that is often given cursory treatment but one that is arguably more important to preserving an show more investor’s wealth than deciding what to buy. show less

Excellent book by one of the great investor, Philip Fisher. Anyone interested in understanding investment or managing own or others money, must read this book.
Book proposes growth stock based strategy and backs it up with solid reasoning as well as steps on how to go about it. Book does not cover the number part of investment, but there are sufficient books on that topic. Instead the focus is on understanding and applying the subjective knowledge that is not explained in colleges and that one must learn on the job or from a mentor. This book can be one permanent mentor. If one can manage to understand the subjective knowledge or at least be aware of it, then he can at least learn the lesson when it comes up.

I read this book about 5 show more years ago. Read again recently and found new things in it. I will probably be reading this book again in 5 years. show less

This is the classic - standard - book on investing. It is a testament to the definitive treatment investing receives here that this book, written in the mid-1940s, is still considered to be one of the most important books an investor could read. This is particularly true for the modern investor, who is able to conduct virtually all stock transactions at home, via computer and the internet, without having to turn to a stock broker to perform all trades.

Fisher's "15 points" are an excellent summary of what to look for if you want to make serious, long-term, profitable investments in business. The book is not for the "day trader," or the investor who is out to make a quick killing in the market - it is for the serious investor, the one who show more wants to own part of a company, and through that ownership produce long-term income and wealth.

The book has been updated (by Fisher's son, no less), and some of the companies discussed as examples may be somewhat out of date, but - on the whole - the principles apply at all times and for all companies one might be considering investing in.

It is a lively - if sometimes a bit wordy - discussion. Fisher clearly knew what he was writing about, and was clearly trying to pass on important information to the reader. If you want to take on the stock market, you had best be familiar with the principles espoused in this text. show less

Fisher dramatically altered my thoughts on investing. It is a common misperception that Warren Buffett invests like Benjamin Graham. In fact Buffett has stated that he is, "85% Fisher and 15% Graham". I think Buffett pays more tribute to Graham because some of Graham's investing principles had such a profound impact on Buffett's early development.

It's rare of me to give a business/economics book a decent review, but Fisher's saving grace is that he gave "scuttlebut" and "insider information" proper due without bullshipping people about analysis and trends.