📖Philip Fisher
Concentrate on Best Ideas
Concentrate your portfolio on your best ideas.
Putting your eggs in too many baskets means you can't watch them all carefully. Concentrate on your best ideas and know them well.
🏠 Everyday Analogy
📖 Core Interpretation
Philip Fisher advocates a repeatable process: define criteria, execute consistently, and review decisions against evidence. Process quality drives outcome consistency.
💎 Key Insight：Focused portfolios outperform overly diversified ones.
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❓ Why It Matters
Without process, there is no reliable feedback loop. Structured execution and review improve decision quality over time.
🎯 How to Practice
Run a decision loop of research, thesis, execution, and post-mortem; document assumptions and update playbooks with evidence, not hindsight bias.
⚠️ Common Pitfalls
Having opinions without execution criteria
Reviewing outcomes but not decisions
Abandoning rules during volatility spikes
📚 Case Studies
1
Texas Instruments Expansion (1960)
Fisher bought Texas Instruments as it pioneered semiconductors and electronic components, focusing on technological leadership and market potential.
✨ Outcome：Long-term holding generated substantial capital appreciation as TI emerged as a key global semiconductor company.
2
Motorola Competitive Erosion (1965)
Fisher favorite Motorola faces rising Japanese and U.S. competitors in semiconductors and consumer electronics, compressing margins and weakening its technological edge.
✨ Outcome：Applying “three reasons to sell,” an investor trims the position as its leadership wanes, reallocating to stronger growth franchises.
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