Common Stocks and Uncommon Profits: A Review and Analysis of Philip A. Fisher's Classic Book
Common Stocks and Uncommon Profits Epub Download Forum
If you are interested in learning how to invest in the stock market, you may have heard of a classic book called Common Stocks and Uncommon Profits by Philip A. Fisher. This book was first published in 1958, but it is still relevant today as it teaches some timeless principles of value investing. In this article, we will tell you what this book is about, why you should read it, how to download it for free in epub format, how to read it on your device, and how to apply its lessons to your investing strategy.
Common Stocks And Uncommon Profits Epub Download Forum
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What is Common Stocks and Uncommon Profits?
Common Stocks and Uncommon Profits is a book written by Philip A. Fisher, who was one of the most influential investors of the 20th century. He is widely regarded as the pioneer of growth investing, which is a style of investing that focuses on finding companies that have strong growth potential and holding them for the long term. Fisher was also an inspiration for Warren Buffett, who called him "a man who is as close to being the Dean of Wall Street as anyone I know."
The book consists of three parts: Common Stocks and Uncommon Profits, Conservative Investors Sleep Well, and Developing an Investment Philosophy. In the first part, Fisher explains his 15-point checklist for evaluating potential investments, which covers aspects such as management quality, competitive advantage, growth prospects, research and development, profit margins, customer loyalty, labor relations, etc. He also introduces his famous concept of "scuttlebutt", which is a method of gathering information about companies by talking to various sources such as customers, suppliers, competitors, employees, etc.
In the second part, Fisher discusses how to invest in a conservative way, which means avoiding speculative and risky stocks and focusing on companies that have a proven track record of profitability and stability. He also advises investors to diversify their portfolio, avoid market timing, and be patient and disciplined. In the third part, Fisher shares his personal views on various topics related to investing, such as inflation, dividends, mergers and acquisitions, stock splits, etc.
Why should you read Common Stocks and Uncommon Profits?
There are many reasons why you should read Common Stocks and Uncommon Profits, especially if you are interested in growth investing. Here are some of the main benefits and insights of the book for investors:
You will learn how to think like a successful investor, who is not swayed by emotions, fads, or opinions, but who relies on facts, logic, and analysis.
You will learn how to find and evaluate growth stocks, which are companies that have the potential to increase their earnings and value over time.
You will learn how to use scuttlebutt, which is a powerful tool for gathering information about companies that is not available in financial reports or news articles.
You will learn how to avoid common mistakes and pitfalls that plague many investors, such as overpaying for stocks, chasing hot tips, selling too soon, or holding on to losers.
You will learn how to develop your own investment philosophy, which is a set of principles and guidelines that will help you make better decisions and achieve your financial goals.
How to download Common Stocks and Uncommon Profits epub for free?
If you want to read Common Stocks and Uncommon Profits on your device, you will need to download it in epub format, which is a popular ebook format that is compatible with most devices and apps. However, the book is not available for free on official platforms such as Amazon or Google Play. So how can you get it for free? There are several options that you can try, but be aware that they may involve some risks and ethical issues. Here are some of the most common ways to download Common Stocks and Uncommon Profits epub for free:
Option 1: Use a torrent site
A torrent site is a website that allows users to share files with each other using a peer-to-peer network. You can use a torrent site to download Common Stocks and Uncommon Profits epub by following these steps:
Find a torrent site that has the book you want. Some of the popular torrent sites are The Pirate Bay, 1337x, RARBG, etc.
Search for the book title and the epub format on the site. You may also want to check the file size, the number of seeders and leechers, and the comments from other users.
Download the torrent file or magnet link of the book. You will need a torrent client software such as uTorrent, BitTorrent, qBittorrent, etc. to open the file or link.
Open the torrent file or magnet link with your torrent client. The download will start automatically. You can monitor the progress and speed of the download on your torrent client.
Once the download is complete, you can find the epub file in your designated folder. You can then transfer it to your device or open it with an ebook reader app.
The pros of using a torrent site are that it is fast, easy, and free. However, there are also some cons that you should be aware of:
It may be illegal in your country or region. Downloading copyrighted material without permission may violate the law and result in fines or legal actions.
It may be unsafe for your device and data. Torrent files may contain malware or viruses that can harm your device or steal your personal information.
It may be unethical and unfair to the author. Downloading the book for free means that you are not paying for the author's work and effort.
Option 2: Use a file-sharing site
A file-sharing site is a website that allows users to upload and download files from a server. You can use a file-sharing site to download Common Stocks and Uncommon Profits epub by following these steps:
Find a file-sharing site that has the book you want. Some of the popular file-sharing sites are Zippyshare, Mediafire, 4shared, etc.
file size, the number of downloads and views, and the comments from other users.
Click on the download button or link of the book. You may need to wait for a few seconds or complete a captcha or survey before the download starts.
Once the download is complete, you can find the epub file in your designated folder. You can then transfer it to your device or open it with an ebook reader app.
The pros of using a file-sharing site are that it is simple, convenient, and free. However, there are also some cons that you should be aware of:
It may be illegal in your country or region. Downloading copyrighted material without permission may violate the law and result in fines or legal actions.
It may be unsafe for your device and data. File-sharing sites may contain malware or viruses that can harm your device or steal your personal information.
It may be unethical and unfair to the author. Downloading the book for free means that you are not paying for the author's work and effort.
Option 3: Use a library site
A library site is a website that allows users to borrow and read ebooks from a digital library. You can use a library site to download Common Stocks and Uncommon Profits epub by following these steps:
Find a library site that has the book you want. Some of the popular library sites are Open Library, Project Gutenberg, Internet Archive, etc.
Search for the book title and the epub format on the site. You may also want to check the availability and popularity of the book.
Create an account or log in to the site. You may need to provide some personal information such as your name, email, address, etc.
Borrow the book from the site. You may need to agree to some terms and conditions such as the loan period, the number of books you can borrow, etc.
Download the epub file of the book from the site. You can then transfer it to your device or open it with an ebook reader app.
Return the book to the site when you are done reading it. You may need to delete the epub file from your device or app.
The pros of using a library site are that it is legal, safe, and ethical. You are not breaking any laws, risking any viruses, or depriving any authors of their income. However, there are also some cons that you should be aware of:
It may be limited in selection and availability. Library sites may not have all the books you want or they may have long waiting lists for popular books.
It may be inconvenient and restrictive. Library sites may require you to create an account, follow some rules, and return the books on time.
It may be incompatible with your device or app. Library sites may use different formats or DRM (digital rights management) systems that may not work well with your device or app.
How to read Common Stocks and Uncommon Profits epub on your device?
If you have downloaded Common Stocks and Uncommon Profits epub for free from one of the options above, you will need to read it on your device. There are different devices and apps that you can use to read ebooks, each with its own advantages and disadvantages. Here is a comparison of some of the most common devices and apps for reading ebooks:
E-readers
E-readers are devices that are designed specifically for reading ebooks. They usually have a black-and-white screen that mimics paper and ink, which makes them easy on the eyes and battery-efficient. Some of the popular e-readers are Kindle, Nook, Kobo, etc.
The advantages of using e-readers are:
They provide a comfortable and immersive reading experience.
They have a large storage capacity and can hold thousands of books.
They have a long battery life and can last for weeks without charging.
They have built-in features such as dictionaries, highlights, notes, bookmarks, etc.
The disadvantages of using e-readers are:
They may not support all ebook formats or DRM systems.
They may not have color or audio capabilities.
They may not have internet or app access.
They may be expensive and fragile.
Tablets and smartphones
Tablets and smartphones are devices that can do many things besides reading ebooks. They usually have a color touchscreen that can display images and videos, as well as play audio and games. Some of the popular tablets and smartphones are iPad, iPhone, Android, etc.
The advantages of using tablets and smartphones are:
They are versatile and multifunctional.
They can support many ebook formats and DRM systems.
They can access the internet and various apps.
They can provide color, audio, and interactive features.
The disadvantages of using tablets and smartphones are:
They may cause eye strain and fatigue.
They have a limited storage capacity and may need to delete or transfer files frequently.
They have a short battery life and may need to charge often.
They may have distractions and interruptions from other apps or notifications.
Computers and laptops
Computers and laptops are devices that can do many things besides reading ebooks. They usually have a large screen and a keyboard that can display and type text, as well as perform various tasks. Some of the popular computers and laptops are Windows, Mac, Linux, etc.
The advantages of using computers and laptops are:
They are powerful and flexible.
They can support many ebook formats and DRM systems.
They can access the internet and various apps.
They can edit, convert, or create ebooks.
The disadvantages of using computers and laptops are:
They may cause eye strain and fatigue.
They have a limited portability and mobility.
They have a short battery life and may need to plug in often.
They may have distractions and interruptions from other programs or notifications.
How to apply the lessons from Common Stocks and Uncommon Profits to your investing strategy?
If you have read Common Stocks and Uncommon Profits, you may be wondering how to apply its lessons to your investing strategy. The book is full of valuable insights and advice that can help you become a better investor. Here are some of the key takeaways from the book and how to implement them in your own portfolio:
The concept of growth stocks
A growth stock is a stock of a company that has the potential to increase its earnings and value over time. Growth stocks usually have high growth rates, high profit margins, high returns on equity, low debt ratios, etc. Growth stocks can provide higher returns than average stocks, but they also carry higher risks. To find growth stocks, Fisher suggests using his 15-point checklist for evaluating potential investments, which covers aspects such as management quality, competitive advantage, growth prospects, research and development, profit margins, customer loyalty, labor relations, etc. He also advises investors to look for companies that have a unique product or service that is difficult to imitate or replace by competitors.
The concept of scuttlebutt
and weaknesses of a company, its products, its markets, its competitors, its opportunities, and its risks. Scuttlebutt can also help investors verify or contradict the information that they get from financial reports or news articles. Scuttlebutt can be done by visiting the company's facilities, attending trade shows or conferences, reading industry publications or forums, contacting industry experts or analysts, etc.
The concept of margin of safety
Margin of safety is a term that Fisher borrows from Benjamin Graham, who is another famous value investor and the author of The Intelligent Investor. Margin of safety is the difference between the intrinsic value of a stock and its market price. Intrinsic value is the true worth of a stock based on its future earnings and assets. Market price is the current price of a stock based on supply and demand. Margin of safety provides a cushion for investors in case they make a mistake in their valuation or in case the market conditions change unfavorably. To calculate the margin of safety, Fisher suggests using a conservative estimate of the intrinsic value and a realistic estimate of the market price. He also advises investors to look for stocks that have a margin of safety of at least 50%.
Conclusion
In conclusion, Common Stocks and Uncommon Profits is a book that every investor should read and learn from. It teaches some timeless principles of value investing that can help you find and evaluate growth stocks, use scuttlebutt to gather information, and apply margin of safety to reduce risk. By following Fisher's advice, you can improve your investing skills and achieve your financial goals.
FAQs
Here are some frequently asked questions about Common Stocks and Uncommon Profits and their answers:
Q: Where can I buy Common Stocks and Uncommon Profits?
A: You can buy Common Stocks and Uncommon Profits from various online platforms such as Amazon, Google Play, Apple Books, etc. You can also find it in some physical bookstores or libraries.
Q: Who is Philip A. Fisher?
A: Philip A. Fisher was one of the most influential investors of the 20th century. He was born in 1907 and died in 2004. He founded his own investment firm in 1931 and managed it until his retirement in 1999. He was known for his long-term approach to investing and his focus on growth stocks. He wrote several books and articles on investing, including Common Stocks and Uncommon Profits, which was first published in 1958.
Q: What are some examples of growth stocks?
A: Some examples of growth stocks are Apple, Amazon, Netflix, Tesla, etc. These are companies that have high growth rates, high profit margins, high returns on equity, low debt ratios, etc. They also have unique products or services that are difficult to imitate or replace by competitors.
Q: What are some sources of scuttlebutt?
A: Some sources of scuttlebutt are customers, suppliers, competitors, employees, industry experts, analysts, trade shows, conferences, publications, forums, etc. These are people or places that can provide valuable information about a company that is not available in financial reports or news articles.
Q: How do I calculate the margin of safety?
the margin of safety is ($100 - $50) / $100 = 50%.
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