The Philip Fisher Approach to Screening Common Stocks for Uncommon Profits

by Wayne A. Thorp

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Philip Fisher got his start in investments in 1928 as a “statistician” for a bank underwriting securities—and quickly lost a significant amount of money in the 1929 stock market crash.

Soured by the experience, he started his own investment counseling firm in the early 1930s, following an investment philosophy of selecting deeply researched companies with strong long-term growth prospects and holding them through the gyrations of the economic cycle.

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Fisher stood out as one of the first money managers to focus on qualitative factors instead of quantitative ones. He examined factors that were difficult to measure through ratios and other mathematical formulations: the quality of management, the potential for future long-term sales growth, and the firm’s competitive edge.

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