📖Philip Fisher
The Fifteen Points
Systematic criteria prevent emotional and impulsive investment decisions.
Before buying any stock, evaluate the company against fifteen key criteria covering growth potential, management quality, and competitive position.
🏠 Everyday Analogy
📖 Core Interpretation
A systematic checklist ensures you don't miss important factors in your analysis.
💎 Key Insight：A rigorous checklist covering growth potential, research capability, sales effectiveness, profit margins, management integrity, and competitive position creates an objective framework for evaluation. This systematic approach prevents being swayed by market hype, compelling narratives, or short-term momentum. Companies must demonstrate excellence across multiple dimensions before warranting investment. The fifteen-point framework ensures comprehensive analysis and filters out superficially attractive but fundamentally flawed opportunities.
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❓ Why It Matters
Comprehensive analysis reduces the chance of overlooking critical weaknesses.
🎯 How to Practice
Evaluate each point honestly. Not all points need to be perfect, but core ones must be strong.
🎙️ Master's Voice
The best time to sell a stock is almost never.
Fisher held Motorola for decades. He believed in holding great companies through thick and thin. Selling should only happen when the fundamental thesis changes, not because of price fluctuations.
⚔️ Practical Guide
✅ Decision Checklist
- Has the fundamental thesis changed?
- Am I selling for the right reasons?
- Would I buy this stock today?
📋 Action Steps
- Hold great companies for the long term
- Only sell when thesis is broken
- Ignore short-term price fluctuations
🚨 Warning Signs
- Selling based on price movements
- Trading too frequently
- Impatience with investments
⚠️ Common Pitfalls
Mechanical application without judgment
Ignoring qualitative nuances
📚 Case Studies
1
Early Motorola Investment (1955)
Philip Fisher applied the Fifteen Points to Motorola, emphasizing strong management, R&D strength, and long-term growth prospects, buying when it was still relatively unknown.
✨ Outcome：Long-term compounding success; became one of Fisher’s hallmark examples of growth investing using qualitative analysis.
2
Texas Instruments Evaluation (1960)
Fisher analyzed Texas Instruments using the Fifteen Points, focusing on technological leadership and profit-margin durability rather than short-term earnings fluctuations.
✨ Outcome：Maintained conviction through volatility; investment paid off over time as semiconductor demand and TI’s competitive advantages grew.
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