Philip Fisher kicked off chapter four of “Common Stocks and Uncommon Profits and Other Writings” by challenging the the use of “accounting-statistical” analysis to choose stocks.
In referring to “statistical” stocks, he appeared to be referencing what Benjamin Graham characterized as bargains or what Warren Buffett (Trades, Portfolio) called “cigar-butt” stocks (every discarded cigar butt has a few puffs left in it). They may be bargains, but Fisher believed they also faced real troubles. He further argued that those coming business troubles would not be discernible, based on a purely statistical analysis. Ultimately, they would prove to be expensive, despite being bargains at the time of purchase.
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https://www.gurufocus.com/news/781497/phil-fisher-growth-stocks-vs-cigarbutt-stocks
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https://www.gurufocus.com/news/781497/phil-fisher-growth-stocks-vs-cigarbutt-stocks
2019-01-24 13:05