Philip Fisher
Philip Fisher's framework turns an investing idea into a decision memo: what to check, what to avoid, and what would change your mind. Use the 53 principles below as a checklist—not as buy/sell signals—and verify any numbers or quotes with primary sources. If you're new, start with Growth Investing to frame business quality, valuation discipline, and risk, then browse topics to find the rules that match your situation. Pair each principle with a concrete trigger so you can review whether you followed the process after the decision.
- Start with the principles as questions (not trade signals).
- Write down your thesis, risks, and “what would change my mind”.
- Cross-check with scenarios, filings, and your own data sources.
Educational only. This is not investment advice.
"The stock market is filled with individuals who know the price of everything"
About Philip Fisher
Philip Arthur Fisher (September 8, 1907 – March 11, 2004) was an American stock investor and author, best known as a pioneer of growth investing. His investment firm, Fisher & Co., founded in 1931, managed client funds for nearly seven decades. Fisher is renowned for his "scuttlebutt" method of research – gathering information about companies by talking to customers, suppliers, competitors, and employees. This qualitative approach to understanding businesses complemented the quantitative methods prevalent at the time. His investment philosophy focused on finding companies with outstanding management, significant growth potential, and strong competitive advantages. Fisher preferred to buy and hold a small number of outstanding companies rather than diversifying widely, sometimes holding positions for decades. Warren Buffett has often credited Fisher as a major influence, stating that his investment approach is "85% Graham and 15% Fisher." Fisher's book "Common Stocks and Uncommon Profits" remains a classic text on growth investing.
Core Investment Principles
Growth at Reasonable Price
The true measure of a stock's value is not its price-to-earnings ratio today, but its earnings growth potential over the...
→Don't Quibble Over Eighths
If a stock is truly outstanding, don't quibble over eighths and quarters. The difference between a good and bad investme...
→Fifteen Points for Stock Selection
Use a systematic checklist of fifteen points covering sales growth, profit margins, research and development, sales orga...
→The Scuttlebutt Method
Talk to customers, suppliers, competitors, and former employees to build a complete picture of the company. This scuttle...
→Deep Industry Knowledge
Before investing, understand the industry thoroughly. Know the competitive dynamics, growth drivers, and technological t...
→Browse Philip Fisher's Principles by Topic
Famous Quotes
"but the value of nothing."
"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."
"Conservative investors sleep well."
