📖Philip Fisher
Ignore Short-Term Market Moves
Short-term price moves are meaningless noise.
Short-term stock price fluctuations tell you almost nothing about the true value of a company. Focus on the business, not the ticker.
🏠 Everyday Analogy
📖 Core Interpretation
In Ignore Short-Term Market Moves, 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：Business value, not stock price, determines returns.
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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’s Early Growth (1955)
Fisher invested in Motorola when it was still a small electronics company, recognizing its R&D strength and management quality.
✨ Outcome：Held for decades as it became a major industrial and tech leader, compounding capital at very high rates.
2
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.
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