📖Philip Fisher
Don't Quibble Over Eighths
Don't miss great stocks over minor price differences.
If a stock is truly outstanding, don't quibble over eighths and quarters. The difference between a good and bad investment isn't a few cents on the purchase price.
🏠 Everyday Analogy
📖 Core Interpretation
In Don't Quibble Over Eighths, Philip Fisher focuses on the gap between price and value. Returns come from paying less than what a business is worth, not from guessing short-term market moves.
💎 Key Insight：Outstanding quality justifies paying a fair price.
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❓ Why It Matters
Ignoring valuation turns even good companies into poor investments. Overpaying compresses future returns and leaves little margin when assumptions are wrong.
🎯 How to Practice
Estimate intrinsic value with conservative assumptions, set clear buy ranges, and act only when price offers a meaningful discount with acceptable downside.
⚠️ Common Pitfalls
Confusing a low price with true cheapness
Using one metric without business context
Overly optimistic assumptions that erase margin of safety
📚 Case Studies
1
Motorola Management Confidence (1963)
Fisher assessed Motorola’s leadership as candid, technically competent, and shareholder‑oriented through extensive ‘scuttlebutt’.
✨ Outcome：He held Motorola for decades; strong, honest management helped the company grow substantially and validate his emphasis on integrity.
2
Early Investment in Texas Instruments (1965)
An investor inspired by Fisher buys Texas Instruments for its R&D strength and secular semiconductor growth potential.
✨ Outcome：Despite volatility and tech cycles, holding for decades compounds returns massively as TI grows into a dominant analog chip maker and dividend aristocrat.
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