Common Stocks and Uncommon Profits and Other Writings

书名:Common Stocks and Uncommon Profits and Other Writings
作者:PhilipA.Fisher
译者:
ISBN:9780471445500
出版社:Wiley
出版时间:1996-9-19
格式:epub/mobi/azw3/pdf
页数:320
豆瓣评分: 9.1

书籍简介:

在线阅读本书 Book Description Widely respected and admired, Philip Fisher is among the most influential investors of all time. His investment philosophies, introduced almost forty years ago, are not only studied and applied by today's financiers and investors, but are also regarded by many as gospel. This book is invaluable reading and has been since it was first published in 1958. The updated paperback retains the investment wisdom of the original edition and includes the perspectives of the author's son Ken Fisher, an investment guru in his own right in an expanded preface and introduction "I sought out Phil Fisher after reading his Common Stocks and Uncommon Profits…A thorough understanding of the business, obtained by using Phil's techniques…enables one to make intelligent investment commitments."                              Warren Buffet From AudioFile This program takes a fundamental view of what it takes to be a top-drawer business worthy of your investment dollar. It's based on traditional company variables like capitalization, market position, and labor relations, and some new variables like organizational adaptability and leadership depth and vision. The broad thinking and nuances are so intuitive and clearly drawn that listeners won't even realize how abstract and intelligent this writing is. The impressive piece of work is nicely abridged, and George Guidall is as connected to the material as anyone could be. Still, this is not for the cognitively challenged, nor for overly aggressive investors nor those with money hang-ups. A great resource for understanding why some companies are great and which ones will be. T.W. Book Dimension length: (cm)22.2                 width:(cm)18

作者简介:

Philip A.Fisher广受华尔街推崇和敬重。他的投资哲学约四十年前提出,今天,不只金融专业人士仍详加研读并付诸行动,而且被多数人奉为投资理财方面的经典之作。这些哲学收录在《怎样选择成长股》一书。1958年初版,佳评如潮,为投资人必读。

书友短评:

@ zipbot 如果不是因为莫尼许送我这本书,我可能永远接触不到费雪闪耀的智慧。这本书曾在书架躺了三年,我翻过几页就没有兴趣了,原因是我对深度价值的先验概念太根深蒂固。这强大的先验叠加多年的见习让我按照新的信息流更新先验变得极困难。事实上费雪也在29年购入三只深度价值公司,结果亏得裤衩不剩。由此费雪顿悟,低市盈率什么都保护不了,甚至是危险的前兆;投资者唯一需要关心的是几年后企业的盈利大概是什么水平,是前瞻而非后视。据此他积累起一套商业洞见—有好产品不够,还须会卖;有好销售渠道不够,还须能对变动迅速的消费者需求有敏感性。股票分红低可能是因为增长前景好,资本升值带来的回报远超高股息带给投资者的有限收益,十倍百倍的回报让当下看似高估的企业实则廉价,而廉价的原因正是普罗大众对商业变迁轨迹认知的匮乏。 @ 猎户座駅 历久弥新。不过scuttlebutt这些操作放到现在应该算是insider trading了吧… @ coldsea pithy and timeless @ 猎户座駅 历久弥新。不过scuttlebutt这些操作放到现在应该算是insider trading了吧…

书籍目录

  • 表面上看起来我好像操作得挺不错,然而几年之后,我试着分析我在整个事业中做过的聪明的和愚蠢的事情之后,我越发地发现这些行为是愚的,原因稍后再做解释。它们占用了我太多的原本可以用在别的更有意义的事情上的时间和精力,这种操作所产生的总利润,和我通过买进食品机械公司的股票而为客户赚到的钱,以及其他情况中采取长期投资的做法、坚定持有所获得的利润比起来,真可谓是九牛一毛。此外,我观察过太多的短线进出操作,知道连续交易成功三次,只会使得第四次交易发生灾难的可能性大大提高,包括一些非常聪明的人在内也是如此。这种短线交易所要承担的风险,要比买到同等数量且前景较好的公司股票长期持有所承担的风险高出很多。因此,在第二次世界大战结東后,我目前的投资哲学已经大体上成形了,于是我做出了职业生涯中非常宝贵的一个决定:把所有的精力都用到通过长期投资而赚取大额利之上 。P215
    —— 引自章节:第二章 从经验中学习204
  • The fifteen points to look for in a common stock:1. Does the company have products or services with sufficient market potential to make possible a sizable increase in sales for at least several years?2. Does the management have a determination to continue to develop products or processes that will still further increase total sales potentials when the growth potentials of currently attractive product lines have largely been exploited?3. How effective are the company's research and development efforts in relation to its size?4. Does the company have an above-average sales organization?5. Does the company have a worthwhile profit margin?6. What is the company doing to maintain or improve profit margins?7. Does the company have outstanding labor and personnel relations?8. Does…
    —— 引自第47页
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