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Strategies & Market Trends : Graham and Doddsville -- Value Investing In The New Era -- Ignore unavailable to you. Want to Upgrade?

To: porcupine --''''> who wrote (105)	3/23/1998 12:57:00 PM
From: porcupine --''''>	Respond to of 1722

Axel reviews "Common Stocks and Uncommon Profits", by Phil fisher I think Value Investors would enjoy Phil Fisher's book Common Stocks and Uncommon Profits. Part of it is the historical perspective. He writes about Hewlett Packard and Texas Instruments being about to become first tier companies, and about Union Carbide, Dow, and Alcoa as great growth companies. He does talk about investor attitude, though in different words than Graham. He gives guidelines (and analogies) for concentration; I'd say his guidelines distill to the idea that most investors should have 5-7 stocks. Some of his philosophy could have been written by yourself; e.g. his discussion of large companies providing sufficient diversification in and of themselves. He offers a 15 point checklist which is a good idea, but parts are a bit impractical. And his idea that the skittish could take a few years becoming fully invested doesn't fly, but as with Graham, we have to recognize that some of this was a function of the time. There are other areas where I (and you) will disagree with him, but overall it is a good book. Axel