Philip Fisher Quotes


Philip Fisher

Philip Fisher

Philip Fisher Bio

“Don’t follow the crowd.”

“I don’t want a lot of good investments; I want a few outstanding ones.”

“If the job has been correctly done when a common stock is purchased, the time to sell it is – almost never. ”

“The stock market is filled with individuals who know the price of everything, but the value of nothing.”

“Doing what everyone else is doing at the moment, and therefore what you have an almost irresistible urge to do, if often the wrong thing to do at all.”

“Investors have been so oversold on diversification that fear of having too many eggs in one basket has caused them to put far too little into companies they thoroughly know and far too much in others which they know nothing about.”

“If the growth rate is so good that in another ten years the company might well have quadrupled, is it really of such great concern whether at the moment the stock might or might not be 35% overpriced?” “The successful investor is usually an individual who is inherently interested in business problems.”

“Of one thing the investor can be certain: A large company’s need to bring in a new chief executive from the outside is a damning sign of something basically wrong with the existing management – no matter how good the surface signs may have been as indicated by the most recent earnings statement.”

“Practical investors usually learn their problem is finding enough outstanding investments, rather than choosing among too many. ”

“I remember my sense of shock some half-dozen years ago when I read a [stock] recommendation to sell shares of a company . . . The recommendation was not based on any long-term fundamentals. Rather, it was that over the next six months the funds could be employed more profitably elsewhere.”

“I had made what I believe was one of the more valuable decisions of my business life. This was to confine all efforts solely to making major gains in the long-run. ” “Be extra careful when buying into companies and industries that are the current darlings of the financial community… ”

“My mistake was to project my skill beyond the limits of experience. I began investing outside the I began investing outside of the industries which I believe I thoroughly understood, in completely different spheres of activity; situations where I did not have comparable background knowledge. ”

“Such a study indicates that the greatest investment reward comes to those who by good luck or good sense find the occasional company that over the years can grow in sales and profits far more than industry as a whole. It further shows that when we believe we have found such a company we had better stick with it for a long period of time. It gives us a strong hint that such companies need not necessarily be young and small. Instead, regardless of size, what really counts is a management having both a determination to attain further important growth and an ability to bring its plans to completion.”

“One, which I mention several times elsewhere, is the need for patience if big profits are to be made from investment. Put another way, it is often easier to tell what will happen to the price of a stock than how much time will elapse before it happens. The other is the inherently deceptive nature of the stock market. Doing what everybody else is doing at the moment, and therefore what you have an almost irresistible urge to do, is often the wrong thing to do at all.”

“Even in those earlier times, finding the really outstanding companies and staying with them through all the fluctuations of a gyrating market proved far more profitable to far more people than did the more colorful practice of trying to buy them cheap and sell them dear.”