How Can Value Investors Apply Philip Fisher’s Investment Principles?

I first read Philip A. Fisher’s classic book on investing several years ago after first reading everything I could find written by Benjamin Graham and Warren Buffett. I picked up Common Stocks and Uncommon Profits primarily because of a quote by Warren Buffett on the cover of my copy. That quote carries a strong endorsement: “I am an eager reader of whatever Phil has to say, and I recommend him to you. — Warren Buffett”. What is fascinating is that the investment approach described by Fisher is, at first glance, about as different from Benjamin Graham’s approach as one can imagine. If Graham is known as the father of value investing, Fisher is equally well recognized as the father of growth investing. I believe that the combination of both approaches has been responsible for the amazing growth of Berkshire Hathaway over the past four decades.

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