- Capa comum: 292 páginas
- Editora: John Wiley & Sons; Edição: 2 (29 de agosto de 2003)
- Idioma: Inglês
- ISBN-10: 0471445509
- ISBN-13: 978-0471445500
- Dimensões do produto: 15,2 x 2,8 x 22,6 cm
- Peso de envio: 386 g
- Avaliação média: 1 avaliação de cliente
- Lista de mais vendidos da Amazon: no. 3,296 em Livros (Conheça o Top 100 na categoria Livros)
Common Stocks and Uncommon Profits and Other Writings (Inglês) Capa Comum – 28 ago 2003
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"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."
"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 ponderingas Warren Buffett has donethe 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
Sobre o Autor
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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My biggest key learning from this book was how Mr. Fisher focused on earnings as what determines the value of a stock. He gave an analogy of if you were able to buy stock in your graduating high school class based on what you believed would be there future earnings potential. How would you determine their value? Would you later sell stock in a student who went on to college and had huge earnings just because he was then overvalued? Would you want to buy stock in a student who went on to earn poorly just because he had potetial for more growth?This analogy shows we are buying coporate earnings when we buy stock, and quality and future growth is what we are looking for.
This book gives 15 points to look for in buying stock.
Mr. Fisher also had a chapter on why he does not believe in efficient market theory because the performance in stocks always shows they were not valued correctly because the future performance is not reflected in the current price,stock traders have never been able to price stocks correctly, if they did their would not be such variances in stocks a year later, some go up 1000% some go down 80% rarely does the P/E ratio predict this. I highly recommend this book in your financial library.
The book served me well from the early 1960s, providing hope in the reality of making large profits.
First and foremost, Fisher emphasizes prospective growth in earnings. As Ben Graham (and any number of other authors) has noted, "earnings" is strictly an accounting term that must be adjusted to accord to the investor's needs and market reality, as compared to GAAP requirements (Marty Whitman's book entitled "The Aggressive Conservative Investor" does an excellent job discussing the shortcomings of GAAP with respect to the individual investor).
Secondly, Fisher emphasizes quality in management (example: he advises "Does the management have a determination to continue to develop products or processes that will still further increase total sales potentials when the growth potentials of currently attractive product lines have largely been exploited?"). Again, this is something that institutional investors might be able to focus upon, but for an individual investor to come to a conclusion based upon publicly-available information might be somewhat difficult (as an aside, Porter's book on Competitive Advantage might be more useful for readers trying to determine a company's competitive environment).
I could lob comparable criticisms at a few of the other points (another example: "How effective are the company's research and development efforts relative to its size?"). From personal experience, any biotech company will likely trumpet the skills of its staff in uncovering new drugs, but the drugs must still be safe and effective per the FDA in order to be sold in the US. How can most individual investors reach any reasonable conclusion with respect to that point?
The fundamental shortcoming in this book is that most people seeking to apply his principles will be guided by word of mouth or the "irrational exhuberance" of the market. There is little analytical guidence to ensure that the investor's conclusions are grounded.
This leads me to my ultimate conclusion: although I've spent a fair amount of time lobbing rocks at this book, the book itself may be useful, but only if combined with the sort of in-depth financial statement analysis that Ben Graham proposes in "Security Analysis," which contains a detailed discussion of analytical means to review management performance, or perhaps an analysis of competive position as propounded in "Expecations Investing" by Rappaport and Mouboussin. To say things slightly differently, the book provides a good overview of a type of investment philosophy, but unlike the others referenced before, it does not provide tools to analyze a particular company.
Warren Buffett is in a different position than the average investor. To fail to realize that is folly. As a whole, the book reads easily, and Warren Buffett has said he likes Fisher - maybe that's why so many people like it - but without grounding on how to value a particular stock at a point in time, I cannot say that this book should a primary source of information for someone without grounding in finance and securities analysis.
This focuses on limited growth industry and seems to ignore rest of investing. Yes, someone may have made fortunes at some time periods in big growth stocks, but other times they will be skinned. Such an approach as he pushes here will leave the small investor hurt bad in long term I believe.
It is not only that I prefer a value investing style, it is to ignore the full spectrum of investing is to leave one vulnerable in long term.
However, as part of a wider library of reading, this book will help in stock selection on the large growth side. It will help make better choices. As the 10th book bought on the subject, I'd give it a five star. Otherwise, max of 3