The skill with which a retailer, like Wal-Mart WMT or Costco COST, handles its merchandising and inventory is of paramount importance. 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.

Philip Arthur Fisher - Wikipedia

You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site.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? Fisher warned investors to avoid companies where top management is reluctant to delegate significant authority to lower-level managers. Fisher stated that getting a precise handle on a company's cost analysis is difficult, but an investor can discern which companies are exceptionally deficient--these are the companies to avoid. Anderson is CPA, doctor of accounting, and an accounting and finance professor who has been working in the accounting and finance industries for more than 20 years. Fisher argued that investors should take a long-range view, and thus should favor companies that take a long-range view on profits.

The 15 Point Checklist For Identifying Worthwhile Investments

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B vice-chairman Charlie Munger is fond of saying that if something is not worth doing, it is not worth doing well. According to Fisher, a company with good labor relations tends to be more profitable than one with mediocre relations because happy employees are likely to be more productive. In 2007, Fisher Investments partnered with Grüner in Germany and by 2012, Fisher Investments Europe expanded.

Philip A. Fisher Collected Works, Foreword by Ken Fisher

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. 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. The 15 points are a qualitative guide to finding superbly managed companies with excellent growth prospects. Published during a time of great prosperity and a post-World War II bull market, the book embraces the prospect of continued long-term growth.Just as having good employee relations is important, a company must also cultivate the right atmosphere in its executive suite. As an investor, you should seek companies with sufficient cash or borrowing capacity to fund growth without diluting the interests of its current owners with follow-on equity offerings. He further described how using Fisher's "scuttlebutt" technique continues to be a good way to investing, which is still used by Ted Weschler and Todd Combs at Berkshire Hathaway.