4.5 stars rounded up. A classic that is a few spots is definitely showing its age (other than talking about prices in 1/8's).

The fundamental message: choose a few stocks, choose them wisely after much investigation and comparison, with all your research and evaluation aimed at owning great companies that will perform outstandingly for the long haul (at least 3 years, minimum; left open-ended so as to be "forever" elsewhere; in one or two places put as "3 to 5 years".) And that's it.

That right there is the thesis of "growth investing." Which is usually take as one camp sort-of-in-opposition to "value investing." But I have a strong feeling Fisher would argue that true growth investing is (future) value investing.

If I had to pick/summarize his negative thesis, it would be, "Be an investor; don't be a trader."

Also, interesting comments in the last 1/3 (and particularly in the last section, which is actually titled "Is The Market Efficient?") on his (very dim) view of Efficient Market Theory as it was coming into vogue but before its heyday. ( )

This is the classic - standard - book on investing. It is a testament to the definitive treatment investing receives here that this book, written in the mid-1940s, is still considered to be one of the most important books an investor could read. This is particularly true for the modern investor, who is able to conduct virtually all stock transactions at home, via computer and the internet, without having to turn to a stock broker to perform all trades.

Fisher's "15 points" are an excellent summary of what to look for if you want to make serious, long-term, profitable investments in business. The book is not for the "day trader," or the investor who is out to make a quick killing in the market - it is for the serious investor, the one who wants to own part of a company, and through that ownership produce long-term income and wealth.

The book has been updated (by Fisher's son, no less), and some of the companies discussed as examples may be somewhat out of date, but - on the whole - the principles apply at all times and for all companies one might be considering investing in.

It is a lively - if sometimes a bit wordy - discussion. Fisher clearly knew what he was writing about, and was clearly trying to pass on important information to the reader. If you want to take on the stock market, you had best be familiar with the principles espoused in this text. ( )

Fisher dramatically altered my thoughts on investing. It is a common misperception that Warren Buffett invests like Benjamin Graham. In fact Buffett has stated that he is, "85% Fisher and 15% Graham". I think Buffett pays more tribute to Graham because some of Graham's investing principles had such a profound impact on Buffett's early development. ( )

Philip Fisher does not have the following of Ben Graham, Warren Buffett, or Peter Lynch, but there is nevertheless a lot of wisdom about the investment process to savor and digest in this small volume. Like Graham and Dodd's Security Analysis, the fact that this book was written more than a half-century ago does not diminish the value of the insights it contains.

I particularly liked the chapter 'The Fifteen Points to Look For in a Common Stock', which provides a great outline for how to analyze the competitive strategy and operations of a company. Beyond that, Fisher’s discussion of 'When to Sell' is quite useful; this is a topic that is often given cursory treatment but one that is arguably more important to preserving an investor’s wealth than deciding what to buy. ( )

It's rare of me to give a business/economics book a decent review, but Fisher's saving grace is that he gave "scuttlebut" and "insider information" proper due without bullshipping people about analysis and trends. ( )