Trader Philip Fisher
If you delve into the success stories of various personalities, then everyone can learn certain lessons for themselves, thanks to which you can avoid stepping on the same rake as your idol.
However, there is a certain cliché in studying the success stories of contemporaries. Thus, almost all traders have at least an excellent education at Harvard or the University of California, on the basis of which they received high positions in already well-known top companies.
However, if you look at the stories of the pioneers, or at least fifty years ago, you can see truly powerful traders who managed to make money from almost nothing, leaving behind huge mega corporations and excellent training manuals.
Trader Philip Fisher is a pioneer in stock market investing. Philip Fisher created a kind of investment philosophy, showed the whole world, through his books, how to select stocks, how to evaluate them correctly, and created the so-called auditory method of selecting companies.
Trader Philip Fisher was born into a middle-class family in 1907 in San Francisco. His father, a doctor, earned a good income and wanted to provide for his son's future. He understood perfectly well that sending his son to a regular school would lead to a typical, dreary life with no prospect of career advancement.
Wanting to set his son apart from the crowd, his father sent Philip to college at the age of fifteen, after which he enrolled in the business department at Stanford University. Philip was an exceptional young man and strove to grasp the essence of the business as best he could.
So, in his first year, he, to put it mildly, became attached to his professor, who also served as a consultant. Seeing the young man's aspirations, the professor dragged him along to all his lectures and business meetings. So, by the end of his first year, Philip Fisher was adept at negotiating with investors and even with an entire board.
The beginning of the career ladder
At the end of his first year, Philip was noticed by the Anglo-London Bank, which offered him a position as an analyst. Philip Fisher, without hesitation, dropped out of school and assumed his new role. However, after a relatively short tenure, the firm went bankrupt in 1929, and Philip joined the ranks of the unemployed.
Many Americans remember that period as the Great Depression, when businesses closed one after another and more and more people found themselves unemployed. Despite Philip's genius, his lack of education made finding work significantly more difficult.
Perhaps most young people in such a situation would have given up, but not Philip. At the age of 22, he decided to start his own business and opened a company called Fisher & Co. Having gained excellent experience as a trader, Philip began to position himself as an investor.
During the Great Depression, when the crisis affected virtually every business, company and factory managers were much more accommodating and willing to engage with the young man, eager to hear at least some solutions to their problems. During this same period, many consultants lost their reputations as clients lost money.
Consequently, investors were short of young blood, and Fisher & Co was such a company, so on the new wave Philip gets a huge number of clients who bring him their money.
Worldwide recognition
Many investors of the time looked only at a company's balance sheet, conducting a standard accounting audit before buying shares. Philip Fisher became the man who began to walk around the company, interact with customers and competitors, and speak with workers and management.
Fisher interacted with people so frequently and extensively that the number of people he knew is simply astounding. This stock-picking method was soon dubbed "rumor," and the publication of "Common Stocks and Uncommon Profits" made him world-famous, as he published the first book with clear recommendations in this area.
Philip Fisher spent his entire life at his company, Fisher & Co, and even managed part of its assets at the age of 91. In 2007, the renowned investor passed away.
