📖Philip Fisher
Independent Judgment
Develop independent opinions and act on them.
Following what everyone else is doing in the stock market leads to average results at best. Develop your own informed opinion and have the courage to act on it.
🏠 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：Independent thinking is essential for above-average returns.
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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
Motorola Competitive Margins (1960)
Fisher analyzed Motorola’s margins versus peers, noting consistent, above‑average profitability despite heavy R&D spending in electronics.
✨ Outcome：Long-term holding produced substantial gains as Motorola’s strong margins supported reinvestment, growth, and resilience through industry cycles.
2
Texas Instruments Concerns (1959)
Fisher grew wary of TI management stretching accounting and promotional claims during rapid growth.
✨ Outcome：He trimmed and eventually exited, later citing it as a lesson on watching for promotional, overly optimistic management behavior.
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