📖Philip Fisher
Patience Against Fear
Don't let fear make you sell outstanding stocks.
Don't let short-term fear cause you to sell an outstanding stock. If you've done your homework correctly, temporary price drops are noise, not signal.
🏠 Everyday Analogy
📖 Core Interpretation
In Patience Against Fear, 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：Patient conviction outperforms fearful selling.
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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
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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