📖Philip Fisher
Own Few Excellent Stocks
Own few stocks and know them well.
Owning stocks in more companies than one can remain informed about is foolish. It is better to own a few outstanding companies than many mediocre ones.
🏠 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：Concentrated portfolios of quality outperform diversified mediocrity.
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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 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.
2
Holding During 1973–74 Bear Market (1973)
Growth stocks, including Fisher-style holdings, fell sharply during the 1973–74 market crash.
✨ Outcome：Investors who followed Fisher’s philosophy and held high‑quality growth companies saw strong recoveries and long-term outperformance as earnings and markets normalized.
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