Citations de Philip Fisher

Toutes les Citations de Philip Fisher

1. "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."

   Source: Common Stocks and Uncommon Profits (1958)

   Value a stock by its future earnings growth potential.

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2. "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."

   Source: Common Stocks and Uncommon Profits (1958)

   Don't miss great stocks over minor price differences.

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3. "Use a systematic checklist of fifteen points covering sales growth, profit margins, research and development, sales organization, and management quality."

   Source: Common Stocks and Uncommon Profits (1958)

   Use a systematic checklist for stock evaluation.

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4. "Talk to customers, suppliers, competitors, and former employees to build a complete picture of the company. This scuttlebutt method reveals what financial statements cannot."

   Source: Common Stocks and Uncommon Profits (1958)

   Investigate companies through industry contacts.

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5. "Before investing, understand the industry thoroughly. Know the competitive dynamics, growth drivers, and technological trends that will shape the future."

   Source: Common Stocks and Uncommon Profits (1958)

   Understand industries deeply before investing.

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6. "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."

   Source: Common Stocks and Uncommon Profits (1958)

   Meet management to assess quality firsthand.

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7. "Short-term stock price fluctuations tell you almost nothing about the true value of a company. Focus on the business, not the ticker."

   Source: Common Stocks and Uncommon Profits (1958)

   Short-term price moves are meaningless noise.

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8. "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."

   Source: Common Stocks and Uncommon Profits (1958)

   Don't follow the crowd in stock selection.

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9. "Markets consistently overreact to both good and bad news. These overreactions create opportunities for the patient, rational investor."

   Source: Common Stocks and Uncommon Profits (1958)

   Market overreactions create buying opportunities.

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10. "Putting your eggs in too many baskets means you can't watch them all carefully. Concentrate on your best ideas and know them well."

    Source: Common Stocks and Uncommon Profits (1958)

    Concentrate your portfolio on your best ideas.

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11. "The real risk in investing comes from buying poor-quality companies, not from market volatility. High-quality companies naturally reduce investment risk."

    Source: Common Stocks and Uncommon Profits (1958)

    Quality companies are inherently less risky.

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12. "Frequent trading increases costs and taxes while reducing returns. The best risk management is to buy right and hold, not to trade frequently."

    Source: Common Stocks and Uncommon Profits (1958)

    Avoid excessive trading to reduce costs and taxes.

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13. "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."

    Source: Common Stocks and Uncommon Profits (1958)

    Almost never sell an outstanding company.

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14. "The greatest investment rewards come from buying companies with superior management, above-average growth in sales and earnings, and outstanding research capabilities."

    Source: Common Stocks and Uncommon Profits (1958)

    Buy companies with superior management and growth.

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15. "When an excellent company has a temporary problem, it creates a buying opportunity. The key word is temporary — make sure the underlying strength remains."

    Source: Common Stocks and Uncommon Profits (1958)

    Temporary problems in great companies create buying opportunities.

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16. "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."

    Source: Common Stocks and Uncommon Profits (1958)

    Only buy after thorough investigation.

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17. "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."

    Source: Common Stocks and Uncommon Profits (1958)

    Sell only for three specific reasons.

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18. "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."

    Source: Common Stocks and Uncommon Profits (1958)

    Don't sell great companies just because the price rose.

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19. "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."

    Source: Common Stocks and Uncommon Profits (1958)

    The original investment thesis should guide sell decisions.

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20. "The most powerful force in investing is compound growth. A company growing earnings at 15% annually will quadruple earnings in ten years."

    Source: Common Stocks and Uncommon Profits (1958)

    Compound growth creates extraordinary long-term returns.

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21. "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."

    Source: Common Stocks and Uncommon Profits (1958)

    R&D spending creates future growth opportunities.

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22. "Assess management's integrity, not just competence. Management that misleads shareholders about problems will eventually destroy value for investors."

    Source: Common Stocks and Uncommon Profits (1958)

    Management integrity is as important as competence.

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23. "Outstanding common stocks offer much greater total returns than bonds or fixed-income investments. Growth stocks, properly selected, are the surest path to wealth."

    Source: Common Stocks and Uncommon Profits (1958)

    Growth stocks are the best path to long-term wealth.

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24. "Conservative investors are not those who never take risks, but those who take only well-understood risks in high-quality growth companies."

    Source: Common Stocks and Uncommon Profits (1958)

    True conservatism means taking only well-understood risks.

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25. "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."

    Source: Common Stocks and Uncommon Profits (1958)

    Own few stocks and know them well.

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26. "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."

    Source: Common Stocks and Uncommon Profits (1958)

    Management quality is the most important investment factor.

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27. "A company with outstanding products but a weak sales organization will underperform. Evaluate the effectiveness of the sales force as part of your analysis."

    Source: Common Stocks and Uncommon Profits (1958)

    A strong sales organization is essential for growth.

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28. "Look for companies with consistently improving profit margins. This indicates pricing power, operational efficiency, and competitive advantage."

    Source: Common Stocks and Uncommon Profits (1958)

    Improving profit margins signal competitive strength.

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29. "In investing, as in life, the greatest rewards come to those who can wait. Patience is not just a virtue but a competitive advantage."

    Source: Common Stocks and Uncommon Profits (1958)

    Patience is a competitive advantage in investing and life.

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30. "The successful investor is usually an individual who is inherently interested in business problems. Your love of learning about companies will drive your returns."

    Source: Common Stocks and Uncommon Profits (1958)

    Love of learning about businesses drives investment success.

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31. "Integrity in business dealings is not just morally right but practically essential. Dishonest practices eventually catch up with both companies and investors."

    Source: Common Stocks and Uncommon Profits (1958)

    Integrity is both morally right and practically essential.

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32. "The best stock picks come from combining quantitative analysis with qualitative research gathered through the scuttlebutt method of industry investigation."

    Source: Common Stocks and Uncommon Profits (1958)

    Combine quantitative and qualitative research for stock picking.

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33. "Companies that lead in innovation within their industry are the best candidates for long-term investment. Innovation creates sustainable competitive advantages."

    Source: Common Stocks and Uncommon Profits (1958)

    Innovation leaders make the best long-term investments.

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34. "Be cautious of growth stocks that have become too popular. When everyone knows a stock is great, the price often reflects unrealistic expectations."

    Source: Common Stocks and Uncommon Profits (1958)

    Overly popular growth stocks often disappoint.

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35. "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."

    Source: Common Stocks and Uncommon Profits (1958)

    Don't let fear make you sell outstanding stocks.

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36. "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."

    Source: Common Stocks and Uncommon Profits (1958)

    Develop independent opinions and act on them.

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37. "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."

    Source: Common Stocks and Uncommon Profits (1958)

    Short-term prices reflect popularity; long-term prices reflect value.

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38. "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."

    Source: Common Stocks and Uncommon Profits (1958)

    Market pessimism creates the best buying opportunities.

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39. "Daily market fluctuations are irrelevant to the long-term value investor. What matters is the fundamental progress of the companies you own."

    Source: Common Stocks and Uncommon Profits (1958)

    Daily market moves are noise for long-term investors.

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40. "Apply all fifteen evaluation points systematically: growth potential, profit margins, R&D, sales organization, management integrity, cost analysis, and more."

    Source: Common Stocks and Uncommon Profits (1958)

    Apply Fisher's fifteen-point system systematically.

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41. "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."

    Source: Common Stocks and Uncommon Profits (1958)

    Three ideal conditions signal the right time to buy.

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42. "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."

    Source: Common Stocks and Uncommon Profits (1958)

    Hold outstanding companies indefinitely with three exit rules.

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43. "The successful investor must develop emotional resilience. Markets will test your conviction repeatedly. Those who maintain their composure profit most."

    Source: Common Stocks and Uncommon Profits (1958)

    Develop emotional resilience to withstand market tests.

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44. "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."

    Source: Common Stocks and Uncommon Profits, Chapter 6 (1958)

    Sell only when original thesis breaks or better opportunities emerge.

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45. "I don't want a lot of good investments; I want a few outstanding ones. Concentration in your best ideas is key."

    Source: Common Stocks and Uncommon Profits (1958)

    Concentration in best ideas maximizes returns for skilled investors.

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46. "If the job has been correctly done when a common stock is purchased, the time to sell it is almost never."

    Source: Common Stocks and Uncommon Profits, Chapter 5 (1958)

    Quality companies should be held indefinitely unless fundamentals deteriorate.

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47. "Does the management have unquestionable integrity? Management that misleads shareholders will eventually mislead investors."

    Source: Common Stocks and Uncommon Profits, Point 15 (1958)

    Management integrity is non-negotiable for long-term investors.

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48. "Does the company have a worthwhile profit margin? Growth without profit is meaningless."

    Source: Common Stocks and Uncommon Profits, Point 5 (1958)

    High profit margins indicate pricing power and efficiency.

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49. "Does the company have a strong sales organization? Great products mean nothing if they can't be sold effectively."

    Source: Common Stocks and Uncommon Profits, Point 3 (1958)

    Superior sales execution converts innovation into revenue growth.

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50. "Does the company have an above-average research and development program that can continue to develop products that will sustain its growth?"

    Source: Common Stocks and Uncommon Profits, Point 2 (1958)

    Continuous innovation is essential for maintaining competitive advantages.

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51. "Does the company have products or services with sufficient market potential to make possible a sizable increase in sales for at least several years?"

    Source: Common Stocks and Uncommon Profits, Point 1 (1958)

    Growth potential must be substantial enough to multiply value.

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52. "Before buying any stock, evaluate the company against fifteen key criteria covering growth potential, management quality, and competitive position."

    Source: Common Stocks and Uncommon Profits, Chapter 3 (1958)

    Systematic criteria prevent emotional and impulsive investment decisions.

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53. "Go out and talk to competitors, suppliers, customers, and employees. The best information comes from those who know the business firsthand."

    Source: Common Stocks and Uncommon Profits (1958)

    Primary research through industry contacts reveals hidden insights.

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