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1、CommonStocksandUncommonProfits•AeshaShah•AyushBanthia•PrernaChaudharyMr.PhilipArthurFisherPhilipA.Fisherstartedhismoneymanagementfirm,Fisher&Co.,in1931andoverthenextsevendecadesmadetremendousamountsofmoneyforhisclients.PhilipFisherisconsideredapioneerinthefieldofGrowthInvestin
2、gMorningstarInc.hascalledhim"oneofthegreatinvestorsofalltime".InCommonStocksandUncommonProfits,Fishersaidthatthebesttimetosellastockwas"almostnever".HismostfamousinvestmentwashispurchaseofMotorola,acompanyheboughtin1955whenitwasaradiomanufacturerandhelduntilhisdeath.2FLAMEINV
3、ESTMENTLAB10/31/2009TableOfContentsCOMMONSTOCKSANDUNCOMMONPROFITS.Preface.1.CluesfromthePast.2.What“Scuttlebutt”CanDo.3.WhattoBuy:TheFifteenPointstoLookforinaCommonStock.4.WhattoBuy:ApplyingThistoYourOwnNeeds.5.WhentoBuy.6.WhentoSell:AndWhenNotTo.7.TheHullabalooaboutDividends.8.
4、FiveDon’tsforInvestors.9.FiveMoreDon’tsforInvestors.10.HowIGoaboutFindingaGrowthStock.11.SummaryandConclusion.3FLAMEINVESTMENTLAB10/31/2009SCUTTLEBUTTScuttlebuttmeansinformationgatheredaboutacompanyorindustrythat'sgatheredvianon-traditionalmeans.Scuttlebuttusuallyinvolvesbeing
5、creativeandgoingtheextramiletogainproprietaryinsightsaboutacompany-thetypeofinsightsthat,onoccasion,canleadtobigprofitsSourceslikevendors,customers,professors,tradeassociationexecutives,formertargetcompanyemployees,andsooncangiveussomuchofinsightaboutacompanywhichprobablynoonee
6、lsecan.So,readingacompany'sannualreportandSECfilings,listeningtoaconferencecall,attendingamanagementpresentation,orevenvisitingthecompanyarenotexamplesofscuttlebutt.4FLAMEINVESTMENTLAB10/31/2009Contd…“Thebusiness‘grapevine’isaremarkablething.Itisamazingwhatanaccuratepictureofth
7、erelativepointsofstrengthandweaknessofeachcompanyinanindustrycanbeobtainedfromarepresentativecross-sectionoftheopinionsofthosewhoinonewayoranotherareconcernedwithanyparticularcompany.Mostpeople,particularlyiftheyfeelsurethereisnodangeroftheirbeingquoted,liketotalkaboutthefieldof
8、workinwhichtheyareengagedandwilltalkratherfreel
