While Graham’s advice for the enterprising investor relied on securing interests in companies with well established track records generally at low valuations, Fisher was much more open about the concept of seeking out truly outstanding businesses and being willing to pay higher valuations in exchange for the prospect of much higher returns.įisher also believed in what he referred to as “scuttlebutt”. Yet there were substantial differences in approach. Both men had experienced the years of the Great Depression and proposed detailed systems for investors to capture the substantial returns offered by well chosen stocks while avoiding the pitfalls that can result in permanent loss of capital. Common Stocks and Uncommon Profits was published in 1958, about a decade after Graham published The Intelligent Investor.
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