Philip Arthur Fisher

Philip Arthur Fisher ( born September 8, 1907 † 11 March 2004) was a securities analyst and portfolio manager.

With the publication of his book Common Stocks and Uncommon Profits in 1958 he wrote one of the bestselling books in the field of private investment. His work significantly influenced the investment strategy of businessmen like Warren Buffett and Charles Munger.

Fisher's son Ken Fisher is the founder and CEO of Fisher Investments, an asset manager in the United States.

Interaction and influence Fishers

Common Stocks and Uncommon Profits is the best known of the three books Philip Fisher. It is considered his answer to the two books of the " Dean of Wall Street", Benjamin Graham, considered by the publication of Security Analysis (1934, with David Dodd ) and The Intelligent Investor (1950 ) as the father of fundamental analysis. In contrast to Graham, he took the view that the low price of a security is not necessarily so important if a truly outstanding company with proven profitability and on top of that excellent growth prospects would be behind it. For him, the integrity of management and stable development of the company were to set itself apart from the competition, much more important factors than a low share price when buying securities. According to him, it was not decisive whether a couple of percentage points you can save when buying through watchful waiting, when multiplied the price of a stock similar to the profits of the enterprise, over years and decades. Also noteworthy is his focus was on the longest possible holding period of the shares, with Warren Buffett later called Fisher once said of himself: "Our favorite holding period is forever. " (for German as: "Our favorite holding period ( for stocks ) is forever. " ) Fisher's most famous investment was probably the purchase of Motorola shares during the 1950s when the company was still a small radio manufacturers. He held his shares firmly until his death, which he was able to achieve a more than impressive increase in value over the decades.

Publications by Philip Fisher

• Common Stocks and Uncommon Profits, Harper & Bros., 1958
• Conservative Investors Sleep Well, Harper & Row, 1975
• Developing an Investment Philosophy ( Monograph ), The Financial Analysts Research Foundation, 1980
• " The Professional Investment Strategy With Philip A. Fisher's investment rules to success. " TM Market Publishers Inc., 1999; 3rd edition 11/13