In Common Stocks and Uncommon Profits, Fisher has outlined the essence of his approach to hunting for quality stocks. He calls it ‘scuttlebutt’, which basically means conducting detailed interviews with stakeholders—suppliers, customers, shareholders and employees—and competitors about a company’s prospects.
Fisher, a San Francisco-based money manager, liked to invest in high-quality growth stocks, even if he had to pay a fair price for them. He would then hold them for years, even decades, benefiting from the compounding of capital. Today, Buffett’s approach is considered to be an equal mix of Graham and Fisher.
Published in 1958, this book is still required reading at the author’s alma mater, Stanford Graduate School of Business.
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."