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Common Stocks And Uncommon Profits By Philip Fisher PDF Free Download
Clues From The Past
You have some money in the bank. You decide that you would like to buy some common stock.
You may have arrived at this decision because you desire to earn more income than using these funds in other ways.
You may have arrived because you want to move forward with America.
Perhaps you think back to the earlier years when Henry Ford was starting the Ford Motor Company or Andrew Mellon was building the Aluminum Company of America, and you wonder if you couldn’t spot some young enterprise that May today create the basis for a great fortune for you. , Very.
Just like you are more fearful than hopeful and want to nestle in to avoid a rainy day.
As a result, after hearing more and more about inflation, you want something that is safe and yet protected from further reduction in the purchasing power of the dollar.
Your real motives are probably a mix of several of these things, influenced in part by knowing a neighbor who made some money at the market and, possibly, getting a pamphlet in the mail explaining why the Midwestern pumpernickel is now a trend. Cheap deal.
However, he has only one basic purpose behind it all. For some reason, some way or the other, you buy common stock to make money.
Therefore, it seems logical that the first step before even thinking about buying any common stock is to look at how it has most successfully made money in the past.
Even a simple look at the history of the US stock market will reveal that two very different methods have been used to amass fabulous wealth.
In the nineteenth century and the early part of the twentieth century, many large and many small fortunes were built largely by betting on the business cycle.
In a time when the volatile banking system caused frequent booms and busts, buying stocks in bad times and selling them at good prices were strong elements of value.
This was especially true for people with good financial connections, who might have some advanced information about when the banking system was getting a little stressed.
But perhaps the most important fact to be realized is that even in the era of the stock market that began to end with the arrival of the Federal
In 1913, with the passage of the Reserve System and the Securities and Exchange Act in the early days of the Roosevelt administration, those who used a different method made far more money and took far less risk.
Even at that earlier time, finding really great companies and sticking with them through all the ups and downs of a booming market proved to be far more profitable for many more people than the more colorful practice of buying them cheap and selling them. Happened, dear.
If this statement seems surprising, it may prove to be even more surprising if it is elaborated further. It may also provide the key to opening the first door to successful investing.
Today there are not just a few, but hundreds of companies listed on the various stock exchanges in the country, in which an investment of $10,000 somewhere between twenty-five and fifty years ago would have been possible to buy from anywhere. This amount ranges from $250,000 to multiples.
In other words, within the lifetime of most investors and within the period when their parents could work for almost all of them, there were many opportunities available to lay the foundation for a substantial fortune for themselves or their children. These occasions did not require panic buying on a particular day.
Shares in these companies were available year after year at prices that made such profits possible.
What was needed was the ability to separate these relatively few companies with excellent investment prospects from the vast majority whose futures would vary from moderately successful to outright failure.
| Author | Philip Fisher |
| Language | English |
| No. of Pages | 317 |
| PDF Size | 26.5 MB |
| Category | Stock Market |
| Source/Credits | archive.org |
Common Stocks And Uncommon Profits By Philip Fisher Book PDF Free Download