Common Stocks and Uncommon Profits and Other Writings by Philip A. Fisher

About the Book

Common Stocks and Uncommon Profits isn’t just another investing book—it’s the foundation of modern growth investing. First published in 1958, Philip Fisher’s groundbreaking work introduced a revolutionary approach that prioritizes quality companies with sustainable competitive advantages over short-term market trends. Fisher’s philosophy centers on thorough research, patience, and holding outstanding businesses for the long haul. This edition includes his original masterwork plus additional writings that deepen your understanding of his investment methodology, making it essential reading for anyone serious about building wealth through the stock market.

From the Back Cover

“The stock market is filled with individuals who know the price of everything, but the value of nothing.” Fisher’s timeless principles help you become the investor who recognizes true value, identifies tomorrow’s winners today, and builds a portfolio that compounds wealth for decades. This is the book that taught Wall Street legends how to think differently about investing.

About the Author

Philip A. Fisher (1907–2004) was one of the most influential investors of the 20th century and a pioneer of growth stock investing. With a career spanning over 70 years, Fisher developed investment strategies that emphasized deep company analysis, management quality, and long-term holding periods. His methods directly influenced Warren Buffett’s investment philosophy, who called Fisher “one of the great investors of all time.” Fisher’s approach to investing combined rigorous research with practical business sense, creating a framework that remains relevant in today’s markets. His legacy continues through his writings and the countless investors who’ve adopted his proven strategies.

Who Is This Book For?

This book is perfect for individual investors who want to move beyond speculation and build a disciplined approach to stock selection. If you’re tired of chasing hot tips and market timing, Fisher’s methodology gives you a structured framework for identifying quality companies worth holding for years. It’s equally valuable for beginners seeking a solid foundation in investment principles and experienced investors looking to refine their stock-picking skills. Business owners, finance students, and anyone interested in understanding what makes truly great companies stand out will find Fisher’s insights both practical and transformative for their financial future.

What You’ll Learn from This Book

Inside these pages, you’ll discover Fisher’s famous 15-point checklist for evaluating any company’s investment potential, from management integrity to profit margins and growth prospects. You’ll master the “scuttlebutt” method of gathering real-world intelligence about companies by talking to customers, competitors, and employees. Fisher explains when to buy, when to sell (almost never, if you’ve chosen wisely), and how to avoid the costly mistakes most investors make. Most importantly, you’ll learn to think like a business owner rather than a trader, focusing on the fundamental strengths that drive long-term stock appreciation and building the patience needed for investment success.

Frequently Asked Questions (FAQs)

What is the main investment strategy in Common Stocks and Uncommon Profits?

Philip Fisher’s strategy focuses on identifying high-quality growth companies with strong management, competitive advantages, and sustainable profit potential. Rather than diversifying broadly, he advocates concentrated positions in exceptional businesses you thoroughly understand and holding them for the long term, often decades.

Is this book suitable for beginner investors or just experienced traders?

This book is excellent for beginners because Fisher explains complex investment concepts in clear, straightforward language without jargon. His principles provide a solid foundation for any investor starting their journey. Experienced investors also benefit from Fisher’s depth of insight and time-tested methodology that still works in modern markets.

How is Philip Fisher’s approach different from Benjamin Graham’s value investing?

While Benjamin Graham focused on buying undervalued stocks based on financial metrics, Fisher emphasized growth potential and qualitative factors like management quality and innovation. Fisher looked for excellent companies at fair prices rather than average companies at cheap prices. Warren Buffett famously combined both approaches in his own investing philosophy.

What is the scuttlebutt method Philip Fisher teaches?

The scuttlebutt method involves gathering firsthand information about a company by talking to customers, suppliers, competitors, former employees, and industry experts. This grassroots research helps you understand a company’s reputation, competitive position, and true business prospects beyond what financial statements reveal—giving you an edge other investors miss.

Does Common Stocks and Uncommon Profits still apply to today’s stock market?

Absolutely. Fisher’s principles are timeless because they focus on fundamental business quality rather than market timing or technical patterns. His emphasis on innovation, management integrity, and sustainable competitive advantages is even more relevant today with tech companies and rapidly evolving industries. The core wisdom about identifying exceptional businesses transcends any market era.