Be extra careful when buying into companies and industries that are the current darlings of the financial community. Philip Arthur Fisher More Quotes by Philip Arthur Fisher More Quotes From Philip Arthur Fisher The stock market is filled with individuals who know the price of everything, but the value of nothing. Philip Arthur Fisher saving insightful money History has shown that in every age and in every field of human knowledge, many of the views which almost everyone accepted as true and never bothered to think about further, were in time proven completely wrong. Philip Arthur Fisher age views thinking One, which I mention several times elsewhere, is the need for patience if big profits are to be made from investment. Put another way, it is often easier to tell what will happen to the price of a stock than how much time will elapse before it happens. The other is the inherently deceptive nature of the stock market. Doing what everybody else is doing at the moment, and therefore what you have an almost irresistible urge to do, is often the wrong thing to do at all. Philip Arthur Fisher investing way needs I had made what I believe was one of the more valuable decisions of my business life. This was to confine all efforts solely to making major gains in the long-run. Philip Arthur Fisher running long believe Of one thing the investor can be certain: A large company's need to bring in a new chief executive from the outside is a damning sign of something basically wrong with the existing management - no matter how good the surface signs may have been as indicated by the most recent earnings statement. Philip Arthur Fisher investing may needs The successful investor is usually an individual who is inherently interested in business problems. Philip Arthur Fisher investing problem successful Even in those earlier times, finding the really outstanding companies and staying with them through all the fluctuations of a gyrating market proved far more profitable to far more people than did the more colorful practice of trying to buy them cheap and sell them dear. Philip Arthur Fisher practice trying people If the growth rate is so good that in another ten years the company might well have quadrupled, is it really of such great concern whether at the moment the stock might or might not be 35% overpriced? Philip Arthur Fisher investing growth years Practical investors usually learn their problem is finding enough outstanding investments, rather than choosing among too many. Philip Arthur Fisher investment investing problem My mistake was to project my skill beyond the limits of experience. I began investing outside the industries which I believe I thoroughly understood, in completely different spheres of activity; situations where I did not have comparable background knowledge. Philip Arthur Fisher skills mistake believe I remember my sense of shock some half-dozen years ago when I read a recommendation to sell shares of a company ... The recommendation was not based on any long-term fundamentals. Rather, it was that over the next six months the funds could be employed more profitably elsewhere. Philip Arthur Fisher six long years
