What are the strategies of Philip Fisher?


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PHILIP FISHER:

 

THE INVESTIGATIVE GROWTH STOCK INVESTOR

Philip Fisher set up his office as an investment counselor in 1931, when he was just 24 years old, and gradually acquired a reputation as an original, profound, and thorough investment thinker. He became the dean of investment counselors in San Francisco and maintained that stature for decades.

Outstanding Companies     Fisher concentrated on identifying outstanding companies. As he said: “I don’t want a lot of good investments; I want a few outstanding ones.” To evaluate whether a company is outstanding, Fisher employed several criteria, which can be grouped under two main categories: characteristics of the business and qualities of management.

 

Characteristics of the Business : An attractive business has the following characteristics: (a) growth from existing products and new products, (b) high profit margin and return on capital along with favourable trends in them, (c) effective research, (d) an excellent sales organisation, (e) a leading industry position, and (f) a durable “franchise”.

 

Qualities of Management : The desirable qualities of management includes the following (a) integrity, (b) accessibility, (c) long–term orientation, (d) appreciation that change is pervasive, (e) strong financial controls, (f) sound personnel policies, (g) special skills required for particular industries, and (h) multidisciplinary skills where relevant.

 


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