Phil Fisher

  • The successful investor is usually an individual who is inherently interested in business problems.
  • Practical investors usually learn their problem is finding enough outstanding investments, rather than choosing among too many.
  • Usually a very long list of securities is not a sign of the brilliant investor, but of one who is unsure of himself.
  • Conservative investors sleep well.
  • Never promote someone who hasn’t made some bad mistakes, because if you do, you are promoting someone who has never done anything.
  • If the job has been correctly done when a common stock is purchased, the time to sell it is – almost never.
  • The wise investor can profit if he can think independently of the crowd and reach the rich answer when the majority of financial opinion is leaning the other way.
  • This matter of training oneself not to go with the crowd but to be able to zig when the crowd zags, in my opinion, is one of the most important fundamentals of investment success.
  • If you can’t do a thing better than others are doing it, don’t do it at all.
  • Go to five companies in an industry, ask each of them intelligent questions about the points of strength and weakness of the other four, and nine times out of ten a surprisingly detailed and accurate picture of all five will emerge.
  • Most people, particularly if they feel sure there is no danger of their being quoted, like to talk about the field of work in which they are engaged and will talk rather freely about their competitors
  • When profit margins of a whole industry rise because of repeated price increases, the indication is not a good one for the long-range investor.
  • It is the nature of business that in even the best-run companies unexpected difficulties, profit squeezes, and unfavorable shifts in demand for their products will at times occur.
  • Forecasting is like trying to turn lead into gold
  • More money has probably been lost by investors holding a stock they really did not want until they could ‘at least come out even’ than from any other single reason.
  • Buying a company without having sufficient knowledge of it may be even more dangerous than having inadequate diversification