53 timeless quotes on investing and life
"The stock market is filled with individuals who know the price of everything, but the value of nothing."
— Philip Fisher
"I don't want a lot of good investments; I want a few outstanding ones."
— Philip Fisher
"If the job has been correctly done when a common stock is purchased, the time to sell it is -- almost never."
— Philip Fisher
"The true measure of a stock's value is not its price-to-earnings ratio today, but its earnings growth potential over the next five to ten years."Read Full Analysis →
"If a stock is truly outstanding, don't quibble over eighths and quarters. The difference between a good and bad investment isn't a few cents on the purchase price."Read Full Analysis →
"Use a systematic checklist of fifteen points covering sales growth, profit margins, research and development, sales organization, and management quality."Read Full Analysis →
"Talk to customers, suppliers, competitors, and former employees to build a complete picture of the company. This scuttlebutt method reveals what financial statements cannot."Read Full Analysis →
"Before investing, understand the industry thoroughly. Know the competitive dynamics, growth drivers, and technological trends that will shape the future."Read Full Analysis →
"Visiting management is essential. You can learn more about a company in an hour of conversation with its management than in months of studying financial statements."Read Full Analysis →
"Short-term stock price fluctuations tell you almost nothing about the true value of a company. Focus on the business, not the ticker."Read Full Analysis →
"The stock market is filled with individuals who know the price of everything but the value of nothing. Following the crowd leads to mediocre results."Read Full Analysis →
"Markets consistently overreact to both good and bad news. These overreactions create opportunities for the patient, rational investor."Read Full Analysis →
"Putting your eggs in too many baskets means you can't watch them all carefully. Concentrate on your best ideas and know them well."Read Full Analysis →
"The real risk in investing comes from buying poor-quality companies, not from market volatility. High-quality companies naturally reduce investment risk."Read Full Analysis →
"Frequent trading increases costs and taxes while reducing returns. The best risk management is to buy right and hold, not to trade frequently."Read Full Analysis →
"If the job has been correctly done when a common stock is purchased, the time to sell it is almost never. Truly outstanding companies grow for decades."Read Full Analysis →
"The greatest investment rewards come from buying companies with superior management, above-average growth in sales and earnings, and outstanding research capabilities."Read Full Analysis →
"When an excellent company has a temporary problem, it creates a buying opportunity. The key word is temporary — make sure the underlying strength remains."Read Full Analysis →
"The time to buy a stock is when a thorough investigation has convinced you it is a sound investment. Don't buy on tips, hunches, or hot stock advice."Read Full Analysis →
"There are only three valid reasons to sell: you made a mistake in your analysis, the company no longer meets your criteria, or you found a much better opportunity."Read Full Analysis →
"A stock that seems too high in price can still be a good hold if the company's growth prospects remain outstanding. Never sell just because the price has gone up."Read Full Analysis →
"Periodically review whether your original reasons for buying still hold. If they do, hold; if they don't, sell. The thesis, not the price, should drive the decision."Read Full Analysis →
"The most powerful force in investing is compound growth. A company growing earnings at 15% annually will quadruple earnings in ten years."Read Full Analysis →
"Companies that consistently invest heavily in research and development create the innovations that drive future growth. R&D spending is an investment in the future."Read Full Analysis →
"Assess management's integrity, not just competence. Management that misleads shareholders about problems will eventually destroy value for investors."Read Full Analysis →
"Outstanding common stocks offer much greater total returns than bonds or fixed-income investments. Growth stocks, properly selected, are the surest path to wealth."Read Full Analysis →
"Conservative investors are not those who never take risks, but those who take only well-understood risks in high-quality growth companies."Read Full Analysis →
"Owning stocks in more companies than one can remain informed about is foolish. It is better to own a few outstanding companies than many mediocre ones."Read Full Analysis →
"The quality of management is the single most important factor in evaluating a company. Look for management that is honest, capable, and focused on long-term growth."Read Full Analysis →
"A company with outstanding products but a weak sales organization will underperform. Evaluate the effectiveness of the sales force as part of your analysis."Read Full Analysis →
"Look for companies with consistently improving profit margins. This indicates pricing power, operational efficiency, and competitive advantage."Read Full Analysis →
"In investing, as in life, the greatest rewards come to those who can wait. Patience is not just a virtue but a competitive advantage."Read Full Analysis →
"The successful investor is usually an individual who is inherently interested in business problems. Your love of learning about companies will drive your returns."Read Full Analysis →
"Integrity in business dealings is not just morally right but practically essential. Dishonest practices eventually catch up with both companies and investors."Read Full Analysis →
"The best stock picks come from combining quantitative analysis with qualitative research gathered through the scuttlebutt method of industry investigation."Read Full Analysis →
"Companies that lead in innovation within their industry are the best candidates for long-term investment. Innovation creates sustainable competitive advantages."Read Full Analysis →
"Be cautious of growth stocks that have become too popular. When everyone knows a stock is great, the price often reflects unrealistic expectations."Read Full Analysis →
"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."Read Full Analysis →
"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."Read Full Analysis →
"The stock market is not a weighing machine but a voting machine. In the short run, prices reflect popularity, not value. But long-term, value wins."Read Full Analysis →
"When the market is pessimistic about a great company, it creates the best buying opportunity. Market pessimism is your friend if you've done the research."Read Full Analysis →
"Daily market fluctuations are irrelevant to the long-term value investor. What matters is the fundamental progress of the companies you own."Read Full Analysis →
"Apply all fifteen evaluation points systematically: growth potential, profit margins, R&D, sales organization, management integrity, cost analysis, and more."Read Full Analysis →
"The ideal buying time is when: 1) A great company has temporary problems, 2) A new product or process will significantly increase sales, 3) Market pessimism has created a bargain."Read Full Analysis →
"For outstanding companies, the holding period is indefinite. Sell only if: 1) your original analysis was wrong, 2) the company no longer qualifies, or 3) a much better opportunity exists."Read Full Analysis →
"The successful investor must develop emotional resilience. Markets will test your conviction repeatedly. Those who maintain their composure profit most."Read Full Analysis →
"Sell only when: 1) You made a mistake in original analysis, 2) The company no longer meets the fifteen points, or 3) A clearly better opportunity exists."Read Full Analysis →
"I don't want a lot of good investments; I want a few outstanding ones. Concentration in your best ideas is key."Read Full Analysis →
"If the job has been correctly done when a common stock is purchased, the time to sell it is almost never."Read Full Analysis →
"Does the management have unquestionable integrity? Management that misleads shareholders will eventually mislead investors."Read Full Analysis →
"Does the company have a worthwhile profit margin? Growth without profit is meaningless."Read Full Analysis →
"Does the company have a strong sales organization? Great products mean nothing if they can't be sold effectively."Read Full Analysis →
"Does the company have an above-average research and development program that can continue to develop products that will sustain its growth?"Read Full Analysis →
"Does the company have products or services with sufficient market potential to make possible a sizable increase in sales for at least several years?"Read Full Analysis →
"Before buying any stock, evaluate the company against fifteen key criteria covering growth potential, management quality, and competitive position."Read Full Analysis →
"Go out and talk to competitors, suppliers, customers, and employees. The best information comes from those who know the business firsthand."Read Full Analysis →
"The stock market is filled with individuals who know the price of everything, but the value of nothing."
We have curated 53 verified Philip Fisher quotes, each with source attribution and in-depth analysis.
Philip Fisher frequently discusses value investing, risk management, and long-term thinking.