📖Philip Fisher
Sales Organization Strength
A strong sales organization is essential for growth.
A company with outstanding products but a weak sales organization will underperform. Evaluate the effectiveness of the sales force as part of your analysis.
🏠 Everyday Analogy
📖 Core Interpretation
Philip Fisher emphasizes durable business quality over short-term noise. A strong model, real competitive edge, and disciplined capital allocation matter more than quarterly excitement.
💎 Key Insight：Sales effectiveness drives revenue realization.
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❓ Why It Matters
Without business-quality filters, investors drift toward stories rather than economics. Durable cash generation is what supports long-term valuation.
🎯 How to Practice
Use a checklist covering moat, management, unit economics, and capital allocation; track long-term cash generation instead of quarter-to-quarter noise.
⚠️ Common Pitfalls
Buying narratives instead of cash-generating economics
Overreacting to short-term operating noise
Ignoring management quality and capital allocation
📚 Case Studies
1
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.
2
Motorola Growth Insight (1956)
Applied scuttlebutt by interviewing engineers, suppliers, and competitors to assess Motorola’s transistor leadership and R&D culture.
✨ Outcome：Built a large, long-term position; investment compounded for decades as Motorola became a dominant electronics and semiconductor player.
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