TimelessMarket Theory
Trader Profile · The Mid-Century Masters

Philip Fisher

1907–2004 · Pioneer of growth investing; author of Common Stocks and Uncommon Profits

The father of growth investing — who taught that a few truly outstanding companies, bought and held for years, beat constant trading; and pioneered 'scuttlebutt' research.

Growth investingQualityScuttlebuttLong-term
PF
Philip A. Fisher · 1907–2004

1 The Story

Quality, held for the long run

Philip A. Fisher (1907–2004) was an American investor who founded Fisher & Company in 1931 and spent his career seeking a small number of exceptional growth companies to own for the long term.1

His 1958 classic Common Stocks and Uncommon Profits profoundly influenced a generation — including Warren Buffett, who called himself '85% Graham and 15% Fisher.'1

2 The Big Idea

Buy outstanding businesses — then sit

A few great growth companies, held for years, beat a churn of mediocre ones.

Fisher argued the biggest gains come not from trading, but from identifying a handful of genuinely superior, well-managed growth companies and holding them as they compound. To find them, he pioneered 'scuttlebutt' — researching a company by talking to its customers, suppliers, competitors, and employees.1

3 The Method

The Fisher approach

Seek superior growth

Look for companies with durable, above-average growth in sales and profits and excellent management.

Scuttlebutt

Research beyond the financials — talk to everyone around the business to judge its real quality.

Hold great companies

Once you own a truly outstanding business, the right time to sell is 'almost never.'

Concentrate

Own a focused portfolio of your best ideas rather than over-diversifying into mediocrity.

Own a few great businesses — and holdyears →quality + patience
Fisher's edge: identify a few outstanding growth businesses and hold them, letting years of compounding do the work.1

4 Try It Today

Test the idea for yourself

A no-risk exercise

Pick a company you admire and try Fisher's 'scuttlebutt': what do its customers say, how do competitors talk about it, would its employees recommend it? You're researching quality the way Fisher did — judging the business, not just the numbers.

5 In Their Words

Philip Fisher, quoted

"The stock market is filled with individuals who know the price of everything, but the value of nothing."
— Philip Fisher1

6 The Books & Their Big Ideas

What they wrote — and what to take from it

Common Stocks and Uncommon Profits

Philip Fisher · 1958
  • Growth investing & the '15 points' to look for in a great company.1
  • 'Scuttlebutt' research — a major influence on Warren Buffett.1

7 Watch & Read

Go deeper

▶ Curated video embeds here
(YouTube embed, credited)

§ Sources

  1. "Philip Arthur Fisher," Wikipedia — en.wikipedia.org/wiki/Philip_Arthur_Fisher