If you don't know who Philip Fisher is, you are missing out on the wisdom of one of the greatest investors ever. This is a short list of don'ts from his 1958 book, Common Stocks and Uncommon Profits.

1. Five Don’ts &
Five More Don’ts of Investing
By Jae Jun
www.oldschoolvalue.com

2. What You Will Learn
1. Who the heck is Philip Fisher?
2. Common stocks and uncommon profits
3. Five don’ts in investing
4. Five more don’ts you need to follow if you
want to succeed

3. Foreword
As I continue reading one of the greatest
investing books, Philip Fisher’s Common
Stocks and Uncommon Profits, I thought I’d
share some “Dont’s” in the book before I do a
book review later on.

4. Who is Philip Fisher?
For those that are unfamiliar with the name, Buffett tells us
that:
I’m 15 percent Fisher, and 85 percent Graham
but obviously, this ratio has been changed dramatically now.

5. During his time, Fisher was considered “old
school” in his ways:
● too laid back
● nature lover
● walkaholic (not workaholic)
He also believed that brokers, “know the price
of everything, but the value of nothing.”

6. Five Don’ts
This list is compiled from Fisher’s book,
Common Stocks and Uncommon Profits.
1. Don’t buy into promotional companies.
Example, IPO’s are sometimes referred to as
“Illustrative Purposes Only.”

7. 2. Don’t ignore a good stock just because it is
traded “over the counter”. Not all OTC stocks
are penny stocks.
3. Don’t buy a stock just because you like the
“tone” of its annual report.

8. 4. Don’t assume that the high price at which a
stock may be selling in relation to earnings is
necessarily an indication that further growth in
those earnings has largely been already
discounted in the price.
5. Don’t quibble over eighths and quarters.

9. Five More Don’ts
1. Don’t overstress diversification
2. Don’t be afraid of buying on a war scare
3. Don’t be influenced by what doesn’t matter
4. Don’t fail to consider time as well as price in
buying a true growth stock
5. Don’t follow the crowd

10. Jae Jun (jae.jun@oldschoolvalue.com)
http://www.oldschoolvalue.com
Old School Value improves your investment decisions
and performs deep fundamental analysis and
valuation for you. Just like a personal stock analyst.