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Common Stocks and Uncommon Profits and Other Writings: 40 (Wiley Investment Classics)

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Towns, Steven (13 October 2014). "John Train On Warren Buffett Being 85% Fisher, 15% Graham". Value walk . Retrieved 16 May 2018. How effective are the company's research-and-development efforts in relation to its size? To develop new products, a company's research-and-development (R&D) effort must be both efficient and effective. According to Fisher, a company must qualify on most of these 15 points to be considered a worthwhile investment. Does the company have an above-average sales organization? Fisher wrote that in a competitive environment, few products or services are so compelling that they will sell to their maximum potential without expert merchandising. Does the management have a determination to continue to develop products or processes that will still further increase total sales potentials when the growth potentials of currently attractive product lines have largely been exploited? All markets eventually mature, and to maintain above-average growth over a period of decades, a company must continually develop new products to either expand existing markets or enter new ones.

The 15 Point Checklist For Identifying Worthwhile Investments

Philip A. Fisher, 1907-2004 - Forbes.com". www.forbes.com. Archived from the original on June 21, 2004. Does the company have outstanding executive relations? Just as having good employee relations is important, a company must also cultivate the right atmosphere in its executive suite. Fisher noted that in companies where the founding family retains control, family members should not be promoted ahead of more able executives. In addition, executive salaries should be at least in line with industry norms. Salaries should also be reviewed regularly so that merited pay increases are given without having to be demanded. New2Shares - New Investors learn about the share market - New2Shares". Archived from the original on 2007-09-02 . Retrieved 2007-04-24. Does the company have a worthwhile profit margin? Berkshire Hathaway's BRK.B vice-chairman Charlie Munger is fond of saying that if something is not worth doing, it is not worth doing well. Similarly, a company can show tremendous growth, but the growth must bring worthwhile profits to reward investors. Berkshire Hathaway annual meeting - afternoon session". CNBC Warren Buffett archive. CNBC. 5 May 2018 . Retrieved 16 May 2018.Does the company have depth to its management? As a company continues to grow over a span of decades, it is vital that a deep pool of management talent be properly developed. Fisher warned investors to avoid companies where top management is reluctant to delegate significant authority to lower-level managers. What is the company doing to maintain or improve profit margins? Fisher stated, "It is not the profit margin of the past but those of the future that are basically important to the investor." Because inflation increases a company's expenses and competitors will pressure profit margins, you should pay attention to a company's strategy for reducing costs and improving profit margins over the long haul. This is where the moat framework we've spoken about throughout the Investing Classroom series can be a big help. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our Griffin, Tren (27 October 2013). "A Dozen Things I've Learned from Philip Fisher and Walter Schloss About Investing". 25iq. Tren Griffin . Retrieved 16 May 2018. Does management talk freely to investors about its affairs when things are going well but "clam up" when troubles and disappointments occur? Every business, no matter how wonderful, will occasionally face disappointments. Investors should seek out management that reports candidly to shareholders all aspects of the business, good or bad.

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