Uncle Bobby

📖 Philip Fisher – Pioneer of Growth Investing “The stock market is filled with individuals who know the price of everything, but the value of nothing.”_ Early Life and Education Philip Arthur Fisher was born on September 8, 1907, in San Francisco, California. He graduated from Stanford University with a bachelor’s degree in economics and began his career at the Anglo-London Bank in San Francisco as a securities analyst. Despite his immense success, Fisher always maintained a relatively low profile despite his immense success. Founding Fisher & Co. In 1931, at the height of the Great Depression, Fisher founded Fisher & Company, an investment firm that allowed him to refine and implement his unique philosophy. His career was briefly interrupted by World War II, during which he served as a captain in the U.S. Army Air Corps. After the war, he returned to his firm, where he consistently delivered strong returns for his clients. His innovative strategies not only shaped the future of his firm but also influenced some of the greatest minds in investing, including Warren Buffett. This chapter of his career allowed him to refine and implement a distinctive investment philosophy, one that would later serve as the foundation for the strategies adopted by countless successful investors. Notable Works and Publications Fisher pioneered growth investing, introducing the buy-and-hold method that focused on a stock’s long-term potential rather than short-term price movements. He believed that “it is only occasionally that there is any reason for selling at all.” His famous purchase of Motorola stock in 1955, which he held until his death in 2004, epitomized his conviction in long-term investing.  In 1958, Philip Fisher wrote "Common Stocks and Uncommon Profits", which became required reading at the Stanford Graduate School of Business. Published during a time of great prosperity and a post-World War II bull market, the book embraces the prospect of continued long-term growth. In his landmark book, Fisher introduced the “15 Points to Look for in a Common Stock” , a timeless framework that guides investors to evaluate leadership strength, innovative capacity, and management integrity. He also popularized the *Scuttlebutt* technique, encouraging investors to actively network and gather firsthand insights about the companies in which they invest, in order to uncover a company’s true potential. The *Scuttlebutt* approach influenced some of the greatest investing minds, including Warren Buffett, who once described himself as being 85% Benjamin Graham and 15% Philip Fisher. According to Philip Fisher’s strategy, valid reasons to sell a stock arise when the initial assessment of the company proves to have been in error, when the business no longer meets the fundamental tests it satisfied at the time of purchase, or when a superior investment opportunity presents itself to the investor. Other Works Fisher expanded his philosophy in "Paths to Wealth Through Common Stocks (1960)", where he emphasized concentration over excessive diversification, and in "Conservative Investors Sleep Well", which explored the balance between risk and intrinsic value. His writings offer a treasure trove of wisdom on evaluating businesses and making sensible decisions. Legacy and Influence Philip Fisher spent his career encouraging investors to research their investments and plan for a long-term portfolio. As an advisor and the author of works on investing principles and strategies, his philosophy stands out for its endurance and its heavy emphasis on qualitative insights. His son, Ken Fisher, carried forward the family legacy by founding Fisher Investments, one of the world’s largest independent money management firms.  Even in our modern, data-driven age, his focus on deep qualitative analysis and the scuttlebutt approach remains relevant.

Sir John Templeton I have always enjoyed reading biographies of successful people, living and learning through their lens and drawing wisdom from their journeys. Few stories inspire me more than that of Sir John Templeton, described by Money Magazine as ‘arguably the greatest global stock picker of the century.’ Just imagine this, $10,000 invested in his Templeton Growth Fund in 1954 grew to over $2 million by the time he retired in 1992, a compounded annual return of 15% sustained over 38 years. This is not just a story of numbers, but of vision, discipline, and belief in global opportunities. Here is his story, one that continues to light the path for retail investors seeking to build wealth with patience and conviction.