Super Stocks
by Fisher, Kenneth L.Edition: 1st
Format: Paperback
Pub. Date: 2007-09-21
Publisher(s): McGraw-Hill
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Summary
Target the Super Stocks that deliver huge returnsOne of the most successful investing books ever published, Super Stocks showed investors how to use innovative techniques and fundamental analysis for valuing stocks and predicting future profit margins.You'll gain valuable insight into Fisher's original thinkin for valuing stocks and predicting future profit margins. A pioneer in the use of the Price Sales Ratio-a powerful analytical tool-Fisher regales readers with instructive tales of the businesses he invested in and profited from.Super Stocksgives a historical perspective on how Fisher successfully researched companies and stockswho he saw and what he askedto get a better read on profitable returns."As rich in investment war stories as it is in knowledge."-The Motley Fool
Author Biography
Kenneth Fisher is the founder, chairman, and CEO of Fisher Investments, an independent global money management firm with more than $30 billion in assets. He pioneered Price Sales Ratios in stock analysis and is the bestselling author of The Only Three Questions That Count.
Table of Contents
| Preface | p. xi |
| Acknowledgments-How This Book Came to Pass | p. xv |
| The Anatomy of a Super Stock | |
| Get Rich with the "Glitch" | p. 3 |
| Analyzing Super Stocks-In Search of "The Perfect Glitch" | |
| What Makes the Glitch Twitch? | p. 17 |
| Tough Times Separate the Men from the Boys: A Warning First | |
| They'll Bitch at the Glitch | |
| "Success Has a Thousand Fathers, but Failure Is a Bastard." | |
| Some Companies Make It-Some Don't | |
| Valuation Analysis | |
| Conventional Approaches to Stock Valuation-The Riddle: Ten Times Earning's Is too High and a Thousand Times Is Too Low | p. 31 |
| The Problem: If Left Field and Right Field Don't Work, Get Out of the Stadium | |
| Earnings-Based Methods: The "Underpriced, Low P/E" School | |
| The Growth Stock School of Thought | |
| The Ben Graham Approach-"Remarkable but Not Enough." | |
| The Solution | |
| Pricing Is Everything-Use Price Sales Ratios | p. 39 |
| Bulls, Bears, and Turkeys | |
| Understanding Price Sales Ratios (PSRs) | |
| What Does the Relationship between Price and Sales Mean? A Case in Point: The Datapoint | |
| A Super Stock Is a Super Company Bought at a Low PSR Relative to the Company's Size | |
| What Is a Low PSR, What Is a High PSR, and Why? Studying the Solution | |
| Getting the Right Slant on Stocks | |
| Swimming Upstream as You Grow | |
| A Fear of Heights | |
| The Threshold of Never-Never Land | |
| The Economics of Going Public | |
| Price Research Ratios-The Cost of a Good Set of Brains | p. 61 |
| The Problem-Landing a Whale | |
| What is the Price Research Ratio? Research Is Just a Commodity | |
| Market Research Wags Technical Research: The Solution | |
| Rules for Using PRRs | |
| Problems with PRRs | |
| Applying Price Sales Ratios to Nonsuper Stocks | p. 75 |
| PSRs, the Broader Concept | |
| Lessons of the Past-PSRs in the Bull Market of the 1960s and Early 1970s | |
| PSRs and the Great American Smokestack Stock | |
| Use PSRs as THE Stock Market Timing Device | |
| Fisher's Rules for Timing the Stock Market | |
| PSRs in the "Garbage Dump" of the Stock Market | |
| Fortunes from Failures-The Myth of the 1930s | p. 95 |
| Through the Time Warp | |
| IBM Not a Growth Stock? Spectacular Profits with Low-PSR Stocks | |
| What about All Those Great Companies? | |
| Fundamental Analysis | |
| Super Companies: The Business Aspects-Stalking Excellence | p. 109 |
| Basic Business Traits | |
| Growth Orientation | |
| Marketing Excellence: Quanta-Ray: "Underpromise; Overperform"-Customers Are the Best Salesmen | |
| Is Management in Control of Marketing? How Are Sales and Service Handled? Find the Unfair Advantage: Does the Customer Get the "Best Bang for the Buck"? Labor Relations Are Critical | |
| Financial Controls-Question the Answers | |
| Avoid Risk-Avoid Competition | p. 127 |
| David and the Anteaters | |
| Avoid the Places Anteaters Hang Out | |
| The Japanese Zap Large Markets-Sometimes | |
| Small (and Different) Is Beautiful | |
| Remember Your Teddy Roosevelt-Walk Softly but Carry a Strong Balance Sheet | |
| Who Stands behind the Financials? Who Has Controlling Interest? | |
| Margin Analysis-All I Really Want in Life Is an Unfair Advantage | p. 135 |
| The Problem | |
| Some Definitions | |
| Look for Clues from the Past: Who Kicked the Sleeping Dog? When in Doubt, Ask! From Rags to Riches | |
| Something Rather Unique Must Be Done | |
| All I Really Want in Life Is an Unfair Advantage: High Market Share Can Be an Unfair Advantage | |
| Relative Market Share Is More Powerful Still | |
| Margin Analysis Continued-Formulas and Rules | p. 149 |
| A Forecasting Formula for Margin Analysis: Some Examples | |
| Rules for Margin Analysis | |
| No One Is Perfect-You Don't Have to Be | |
| Dynamics | |
| Into Action-There's Method to the Madness | p. 159 |
| Where Is the Magic Key? Opportunities Are Seldom Labeled: Scan for Low PSRs | |
| Scan for Money-Losing Companies | |
| Scan for Qualitative Assessments of Superior Companies | |
| The Best Research Facilities Cost Nothing to Use | |
| Take an Important Side Step in Time | |
| The Key to Esoteric and Little-Known Publications | |
| Avoid Competition from Wall Street | |
| Visit the Company: Getting Your Foot in the Door | |
| Contact Customers, Competitors, Suppliers, and Investment Professionals | |
| It's Time to Reach a Conclusion | |
| Bringing It All Back Home-When to Sell | p. 179 |
| When Is the Bloom off the Rose? Beware of Heights: There Is Nothing Like a Good Long Ride | |
| After You've Sold, You've Reached the End of the Line | |
| Verbatim Corporation-Disco Baby | p. 183 |
| Early History: The President Is Gone | |
| A Competitor by Comparison | |
| The Stock and the PSR: Taking the Plunge | |
| The Competitive Nappers Wake Up | |
| Smiling All the Way to the Bank | |
| California Microwave-Ride the Wave | p. 209 |
| Early History | |
| This Company Was Worth Further Investigation | |
| Oops! The Other Shoe Drops | |
| Taking the Plunge | |
| Riding the Wave | |
| New Blood | |
| Everybody Loves a Happy Ending | |
| Appendixes | |
| p. 235 | |
| p. 239 | |
| p. 241 | |
| p. 245 | |
| p. 249 | |
| p. 253 | |
| Index | p. 263 |
| Table of Contents provided by Ingram. All Rights Reserved. |
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