Discover Philip Fisher’s revolutionary philosophy for successful investing in 15 points – the ultimate secret revealed!

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Philip Fisher’s investment approach, a true reference

Philip Fisher is considered one of the most influential investors of the 20th century. Founding Fisher & Co in 1931, he built his reputation on excellence in money management and also helped enrich his clients through his talent for wise investments. Among his successes is the company Texas Instruments, demonstrating his ability to identify long-term growth opportunities in promising companies.

Fisher’s Concept of Informed Investing

Fisher’s approach is based on acquiring and retaining exceptional, high-growth businesses. This strategy requires careful attention to understand the nuances of its philosophy. According to Fisher, it is essential to identify brilliantly run companies, with leaders who are dogged in their pursuit of growth and capable of making that ambition a reality.

Dividends: A False Friend of the Investor?

Contrary to popular belief, Fisher did not consider that high dividends were systematically synonymous with safety. According to him, these companies often sacrifice the possibility of reinvesting in growth, which could jeopardize the evolution of the share price. Instead, he advocated prioritizing the company’s internal expansion.

Fisher’s 15 Selective Criteria

1. Sales Growth Potential

It is essential to target businesses that show continued or potential increase in sales.

2. Continuous Innovation

Leaders must drive product renewal, ensuring sustained revenue growth.

3. R&D efficiency

It is important to ensure that research results in cost-effective products tailored to consumer needs.

4. Sales Organization Excellence

An effective marketing strategy is essential to ensure the sustainability of the company.

5. Robust Profit Margin

Growth must be accompanied by profits, hence the importance of carefully analyzing gross margin.

6. Maintenance and Improvement of Margins

Foresighted management must result in a constant search for profit improvement.

7. Harmonious Employer-Employee Relations

Valued and loyal employees contribute to the growth of a dynamic company.

8. Strong Professional Relations with Senior Executives

An atmosphere of internal progression and strong leadership is a positive sign.

9. Management Team with Diverse Skills

Excessive dependence on a key individual could weaken the business; broader steering is preferable.

10. Accounting Rigor and Budgetary Control

Strong financial control is essential to effectively manage business growth.

11. Sector Benefits

It is important to identify the specific assets of the company, such as patents or know-how, that differentiate it.

12. Long-Term Vision of Profitability

Companies that prioritize long-term growth are more likely to be sustainable.

13. Need for Short-Term Financing

Sufficient liquidity or good borrowing capacity is crucial to avoid stock dilution.

14. Managerial Transparency

Frank communication from management with investors, regardless of the circumstances, is essential.

15. Management Integrity

Management’s honesty with shareholders is a determining criterion for long-term success.

The “Gossip” Method

To understand a company as a whole, Fisher recommended collecting diverse testimonials. This can be done within the company itself, with competitors or other industry experts. This approach makes it possible to establish a precise analysis based on the 15 criteria mentioned previously.

It is important to emphasize that this analysis cannot in any way replace professional investment advice. It simply serves to inform the decisions of investors who wish to evaluate companies in depth, taking into account the volatility inherent in financial markets.