Common Stocks and Uncommon Profits and Other Writings by Philip Fisher

Common Stocks and Uncommon Profits and Other Writings by Philip Fisher


Common Stocks and Uncommon Profits zeroes in on the rudiments of trading. Here, Fisher shares his philosophies in trading and how these philosophies were formed and developed over time. This book should be perused by traders who want to understand the wisdom behind investing and trading.

About the Author

Philip Fisher first served as an analyst of securities. He established Fisher & Company, which is a center for investment counseling and advising. Fisher is known for his contribution to modern investment.

Table of Contents

The book contains the following topics:

Preface What I Learned from My Father’s Writings xi

Kenneth L. Fisher


Part One Common Stocks and Uncommon Profits


1. Clues from the Past 

2. What “Scuttlebutt” Can Do 

3. What to Buy: The Fifteen Points to Look for in a Common Stock 

4. What to Buy: Applying This to Your Own Needs 

5. When to Buy 

6. When to Sell: And When Not To 

7. The Hullabaloo about Dividends 

8. Five Don’ts for Investors 

9. Five More Don’ts for Investors 

10. How I Go about Finding a Growth Stock 

11. Summary and Conclusion 

Part Two Conservative Investors Sleep Well



1. The First Dimension of a Conservative Investment 

2. The Second Dimension 

3. The Third Dimension 

4. The Fourth Dimension 

5. More about the Fourth Dimension 

6. Still More about the Fourth Dimension 

Part Three Developing an Investment Philosophy

Dedication to Frank E. Block 

1. Origins of a Philosophy 

The Birth of Interest 

Formative Experiences 

First Lessons in the School of Experience 

Building the Basics 

The Great Bear Market 

A Chance to Do My Thing 

From Disaster, Opportunity Springs 

A Foundation is Formed 

2. Learning from Experience 

Food Machinery as an Investment Opportunity 

Zigging and Zagging 

Contrary, but Correct 

Patience and Performance 

To Every Rule, There Are Exceptions . . . But Not Many 

An Experiment with Market Timing 

Reaching for Price, Foregoing Opportunity 

3. The Philosophy Matures 

E Pluribus Unum 

History versus Opportunity 

Lessons from the Vintage Years 

Do Few Things Well 

Stay or Sell in Anticipation of Possible Market Downturns? 

In and Out May Be Out of the Money 

The Long Shadow of Dividends 

4. Is the Market Efficient? 

The Fallacy of the Efficient Market 

The Raychem Corporation 

Raychem, Dashed Expectations, and the Crash 

Raychem and the Efficient Market 


Appendix Key Factors in Evaluating Promising Firms 

Functional Factors 

People Factors 

Business Characteristics