📖Philip Fisher
Patience in Everything
Patience is a competitive advantage in investing and life.
In investing, as in life, the greatest rewards come to those who can wait. Patience is not just a virtue but a competitive advantage.
🏠 Everyday Analogy
📖 Core Interpretation
Philip Fisher frames investing as a compounding game. Time amplifies quality and discipline, while unnecessary activity often destroys long-horizon returns.
💎 Key Insight：The ability to wait creates extraordinary outcomes.
AI Deep Analysis
Get personalized insights and practical guidance through AI conversation
❓ Why It Matters
Short-term noise often forces investors out before value is realized. Long-term discipline increases the odds that fundamentals, not emotions, drive outcomes.
🎯 How to Practice
Extend research and review horizon, reduce unnecessary turnover, and adjust only when intrinsic value, risk, or opportunity cost materially changes.
⚠️ Common Pitfalls
Calling it long term while never reviewing thesis
Overtrading and damaging compounding
Ignoring opportunity cost and alternatives
📚 Case Studies
1
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.
2
IBM Structural Weakness Realized (1993)
IBM, once dominant in mainframes, struggles with PCs and services transition. Market share declines, culture resists change, and earnings disappoint repeatedly.
✨ Outcome：Using Fisher’s criteria, an investor sells as it becomes clear IBM’s advantages eroded, later redeploying into emerging technology leaders of the 1990s.
See how masters handle real scenarios?
30 real investment dilemmas answered by legendary investors
Explore Scenarios →