Big Bulb 's Key Ideas from Common Stocks and Uncommon Profits and Other Writings
by Philip A. Fisher

The truth hides in what others are saying:

Fisher’s famous “scuttlebutt” method is about asking around—talk to employees, suppliers, competitors. This groundwork reveals insights hidden from spreadsheets. If the market’s blind, the informed investor becomes king.

The gold standard for stock selection:

Fisher laid out 15 questions every investor should ask—from R&D strength to management integrity. A truly great stock checks nearly all these boxes. If it doesn’t, move on. Excellence isn’t negotiable.

Here are Philip Fisher’s 15 Points for evaluating a common stock:

1. Does the company have products or services with sufficient market potential to make possible a sizable increase in sales?

2. Does the management have a determination to continue to develop products or processes that will still further increase total sales potential when the growth potentials of currently attractive product lines have largely been exploited?

3. How effective are the company’s research and development efforts in relation to its size?

4. Does the company have an above-average sales organization?

5. Does the company have a worthwhile profit margin?

6. What is the company doing to maintain or improve profit margins?

7. Does the company have outstanding labor and personnel relations?

8. Does the company have outstanding executive relations?

9. Does the company have depth to its management?

10. How good are the company’s cost analysis and accounting controls?

11. Are there other aspects of the business, somewhat peculiar to the industry involved, which will give the investor important clues as to how outstanding the company may be in relation to its competition?

12. Does the company have a short-range or long-range outlook in regard to profits?

13. In the foreseeable future, will the growth of the company require sufficient equity financing so that the per-share earnings will be reduced?

14. Does the management talk freely to investors when things are going well—and also when troubles and disappointments occur?

15. Does the company have a management of unquestionable integrity?

What makes or breaks a business long-term:

Visionary leadership isn’t just a plus—it’s essential. Fisher valued honesty, adaptability, and courage in executives. A company’s future is shaped by the decisions of its leaders. Watch them closely.

Why short-term market moves are a trap:

Markets overreact. They’re driven by emotion more than logic. Fisher reminds us: great businesses remain great even when their stocks dip. Patience isn’t passive—it’s strategic.

Why selling too soon costs more than holding too long:

Most people sell winners too early. But Fisher argued: if you find a truly great company, keep it. Let compounding do its quiet, miraculous work over years—not months.

Why owning too many stocks can hurt your returns:

More isn’t always safer. Fisher believed in focused investing—only own what you deeply understand and believe in. Ten great stocks beat fifty average ones every time.

What sets apart truly exceptional businesses:

Look for companies that are still expanding—new markets, better products, smarter operations. Growth means the company’s future is worth more than its past. That’s where the real value lies.

The timeless mindset that beats the market:

Fisher’s core message? Think for yourself. Stay curious. Invest in businesses, not tickers. And above all—be patient. Master these, and you don’t just invest better—you think better.