The years had best stay away from low profit-margin or marginal companies.’Ħ. Large or small, new or well established, ‘investors desiring maximum gains over Does the company have a worthwhile profit margin?Īlthough they need not necessarily rise over time, Fisher seeks companies with
The time spent by the careful investor n inquiring into this subject isĥ. Equally important, they are seldom hesitant to express their Too, Fisher relies heavily upon scuttlebutt: ‘of all the phases of a company’sĪctivity, none is easier to learn about … Both competitors and customers know
Undertakes yet the effectiveness of a company’s sales, advertising andĭistribution receives far less attention from investors than it should. The sale of goods and services is the most basic activity that a business Does the company have an above-average sales organization? Surprising what the “scuttlebutt “method will produce.’Ĥ. How does the careful investor obtain this information? Once again it is Not the final answer to whether a company has an outstanding research organization, The number of employees holding scientific degrees-are only a rough guide and ‘If quantitative measurements-such as the annual expenditures on research or
How effective is a company’s research and development? Not apt to provide the means for the consistent gains over 10 or 25 years thatĪre the surest route to financial success.’ģ. Which have neither policies nor plans to provide for further developmentsīeyond this, may provide a vehicle for a nice one-time profit. Prospect for the next few years because of new demand for existing lines, but Is management determined to develop new goods orĪccording to Fisher, ‘companies which have a significant growth Understand how, and therefore to confirm that, past growth can continue intoĢ. That.’ Fisher does not just extrapolate past sales growth: he seeks to Only for the next several-year period, but for a considerable time beyond
Does the company produce goods or services whose salesĪre likely to increase substantially for at least the next several years?įisher was interested not in ‘one-off’ growth, nor necessarily in steady, yearĪfter-year increases in growth, but rather in ‘greater-than normal growth not he believed that if the job has been correctly done when a common stock was purchased, the time to sell it is almost never.ġ. The more criteria a given company can meet, the better. Idea of dividend growth investing and buying companies to build up future yieldįisher believed that investors should focus on 15 criteria when deciding where Ideas to focus on future growth, and not just current yield, meshes well with my For example, his book Common Stocks and Uncommon ProfitsĬonvinced me to invest in defense contractors a few years ago.
Scuttlebutt stocks how to#
Studying Phil Fisher as much as they can, in an effort to learn how to produceĪre a few books by Phil Fisher, which are great and very educational. He claims to be 85% Fisher/15% Ben Graham. That is a very time intensive task, but he was veryīuffett has stated that his investing style has been influenced by Phil Fisher. Phil Fisher did an extensive research of companies, focusing onĬompetitors, suppliers, employees, poring over records and filings, before Also kept a fairly concentrated number of holdings in companies which he heldįor decades.
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