📖Philip Fisher
Scuttlebutt Stock Picking
Combine quantitative and qualitative research for stock picking.
The best stock picks come from combining quantitative analysis with qualitative research gathered through the scuttlebutt method of industry investigation.
🏠 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：Industry investigation reveals what numbers alone cannot.
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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
Early Motorola Investment (1955)
Philip Fisher applied the Fifteen Points to Motorola, emphasizing strong management, R&D strength, and long-term growth prospects, buying when it was still relatively unknown.
✨ Outcome：Long-term compounding success; became one of Fisher’s hallmark examples of growth investing using qualitative analysis.
2
Texas Instruments Evaluation (1960)
Fisher analyzed Texas Instruments using the Fifteen Points, focusing on technological leadership and profit-margin durability rather than short-term earnings fluctuations.
✨ Outcome：Maintained conviction through volatility; investment paid off over time as semiconductor demand and TI’s competitive advantages grew.
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