53条关于投资与人生的经典名言
"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."查看深度解读 →
"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."查看深度解读 →
"Use a systematic checklist of fifteen points covering sales growth, profit margins, research and development, sales organization, and management quality."查看深度解读 →
"Talk to customers, suppliers, competitors, and former employees to build a complete picture of the company. This scuttlebutt method reveals what financial statements cannot."查看深度解读 →
"Before investing, understand the industry thoroughly. Know the competitive dynamics, growth drivers, and technological trends that will shape the future."查看深度解读 →
"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."查看深度解读 →
"Short-term stock price fluctuations tell you almost nothing about the true value of a company. Focus on the business, not the ticker."查看深度解读 →
"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."查看深度解读 →
"Markets consistently overreact to both good and bad news. These overreactions create opportunities for the patient, rational investor."查看深度解读 →
"Putting your eggs in too many baskets means you can't watch them all carefully. Concentrate on your best ideas and know them well."查看深度解读 →
"The real risk in investing comes from buying poor-quality companies, not from market volatility. High-quality companies naturally reduce investment risk."查看深度解读 →
"Frequent trading increases costs and taxes while reducing returns. The best risk management is to buy right and hold, not to trade frequently."查看深度解读 →
"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."查看深度解读 →
"The greatest investment rewards come from buying companies with superior management, above-average growth in sales and earnings, and outstanding research capabilities."查看深度解读 →
"When an excellent company has a temporary problem, it creates a buying opportunity. The key word is temporary — make sure the underlying strength remains."查看深度解读 →
"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."查看深度解读 →
"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."查看深度解读 →
"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."查看深度解读 →
"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."查看深度解读 →
"The most powerful force in investing is compound growth. A company growing earnings at 15% annually will quadruple earnings in ten years."查看深度解读 →
"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."查看深度解读 →
"Assess management's integrity, not just competence. Management that misleads shareholders about problems will eventually destroy value for investors."查看深度解读 →
"Outstanding common stocks offer much greater total returns than bonds or fixed-income investments. Growth stocks, properly selected, are the surest path to wealth."查看深度解读 →
"Conservative investors are not those who never take risks, but those who take only well-understood risks in high-quality growth companies."查看深度解读 →
"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."查看深度解读 →
"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."查看深度解读 →
"A company with outstanding products but a weak sales organization will underperform. Evaluate the effectiveness of the sales force as part of your analysis."查看深度解读 →
"Look for companies with consistently improving profit margins. This indicates pricing power, operational efficiency, and competitive advantage."查看深度解读 →
"In investing, as in life, the greatest rewards come to those who can wait. Patience is not just a virtue but a competitive advantage."查看深度解读 →
"The successful investor is usually an individual who is inherently interested in business problems. Your love of learning about companies will drive your returns."查看深度解读 →
"Integrity in business dealings is not just morally right but practically essential. Dishonest practices eventually catch up with both companies and investors."查看深度解读 →
"The best stock picks come from combining quantitative analysis with qualitative research gathered through the scuttlebutt method of industry investigation."查看深度解读 →
"Companies that lead in innovation within their industry are the best candidates for long-term investment. Innovation creates sustainable competitive advantages."查看深度解读 →
"Be cautious of growth stocks that have become too popular. When everyone knows a stock is great, the price often reflects unrealistic expectations."查看深度解读 →
"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."查看深度解读 →
"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."查看深度解读 →
"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."查看深度解读 →
"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."查看深度解读 →
"Daily market fluctuations are irrelevant to the long-term value investor. What matters is the fundamental progress of the companies you own."查看深度解读 →
"Apply all fifteen evaluation points systematically: growth potential, profit margins, R&D, sales organization, management integrity, cost analysis, and more."查看深度解读 →
"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."查看深度解读 →
"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."查看深度解读 →
"The successful investor must develop emotional resilience. Markets will test your conviction repeatedly. Those who maintain their composure profit most."查看深度解读 →
"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."查看深度解读 →
"I don't want a lot of good investments; I want a few outstanding ones. Concentration in your best ideas is key."查看深度解读 →
"If the job has been correctly done when a common stock is purchased, the time to sell it is almost never."查看深度解读 →
"Does the management have unquestionable integrity? Management that misleads shareholders will eventually mislead investors."查看深度解读 →
"Does the company have a worthwhile profit margin? Growth without profit is meaningless."查看深度解读 →
"Does the company have a strong sales organization? Great products mean nothing if they can't be sold effectively."查看深度解读 →
"Does the company have an above-average research and development program that can continue to develop products that will sustain its growth?"查看深度解读 →
"Does the company have products or services with sufficient market potential to make possible a sizable increase in sales for at least several years?"查看深度解读 →
"Before buying any stock, evaluate the company against fifteen key criteria covering growth potential, management quality, and competitive position."查看深度解读 →
"Go out and talk to competitors, suppliers, customers, and employees. The best information comes from those who know the business firsthand."查看深度解读 →
"The stock market is filled with individuals who know the price of everything, but the value of nothing."
我们精选了53条经过验证的Philip Fisher名言，每条都附有出处和深度分析。
Philip Fisher frequently discusses value investing, risk management, and long-term thinking.