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by Kenneth Fisher
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  • Author:
    Kenneth Fisher
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  • Publisher:
    McGraw-Hill; 1 edition (September 21, 2007)
  • Pages:
    256 pages
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    1365 kb
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    1708 kb
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    1634 kb
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Download it once and read it on your Kindle device, PC, phones or tablets. Use features like bookmarks, note taking and highlighting while reading Super Stocks.

Download it once and read it on your Kindle device, PC, phones or tablets.

Fisher has authored eleven investing books: Super Stocks (1984), The Wall Street Waltz (1987), 100 Minds that Made the Market (1993), The Only Three Questions That Count . Super Stocks by Kenneth L. Fisher.

Fisher has authored eleven investing books: Super Stocks (1984), The Wall Street Waltz (1987), 100 Minds that Made the Market (1993), The Only Three Questions That Count (2006), The Ten Roads to Riches (2008), How To Smell A Rat (2009), Debunkery (2010), Markets Never Forget (2011), Plan. Your Prosperity (2012), The Little Book of Market Myths (2013), and Beat The Crowd (2015)  .

Kenneth Fisher - The Only Three Questions That Count 2007 The Only Three Questions That Count is the first book to. .

Kenneth Fisher - The Only Three Questions That Count 2007 The Only Three Questions That Count is the first book to show you how to think about. Super Stocks (Dow Jones, 1984), The Wall Street Waltz (McGraw-Hill, 1987), Ten Roads to Riches (John Wiley & Sons, 2008), How To Smell A Rat (John Wiley & Sons, 2009), Debunkery (John Wiley & Sons, 2010), and The Markets Never Forget (John Wiley & Sons, 2011). The Only Three Questions That Count, The Ten Roads to Riches, How to Smell a Rat, Debunkery, and The Markets Never Forget were all bestsellers.

About Kenneth Fisher: The son of Philip Fisher, who is considered the "Father of Growth Investing" .

About Kenneth Fisher: The son of Philip Fisher, who is considered the "Father of Growth Investing", Kenneth Fisher is a money manager, bestselling author, and longtime Forbes columnist. The younger Fisher wowed Wall Street in the mid-1980s when his book Super Stocks first popularized the idea of using the price/sales ratio (PSR) as a means of identifying attractive stocks. According to his alma mater, Humboldt State University, Fisher is also one of the world's foremost experts on 19th century logging.

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by. Fisher, Kenneth L. Publication date. ark:/13960/t7hq54c5h.

Target the Super Stocks that deliver huge returns

One 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 Stocks gives a historical perspective on how Fisher successfully researched companies and stocks—who he saw and what he asked—to get a better read on profitable returns.

“As rich in investment war stories as it is in knowledge.”-The Motley Fool

The book is often credited for advocating P/S over P/E, but to me it's much more than that.

The gist is to look behind earnings. How much a company is worth depends on how much business it does and how profitable the business is. Ultimately, sales trend and profit margin determine future earnings and valuation. When a company trades at low P/E, it may not necessarily be a cheap value play; investor should understand if the low P/E is due to low P/S (which reflects market's expectation of low growth - good) or high margin (possibly unsustainable - bad). On the other hand, a high P/E that is due to low P/S plus low margin could be interesting if the company's margin or growth dramatically improves.

Note that the book doesnt advocate buying ANY low P/S stocks (although O'Shaughnessy seems to have found this to work), but only "Super Company" stocks trading at low P/S, where Super Company is defined by high self-sustained growth rate.

The book commented on what factors lead to sustainable high profit margin. It gave a formula to estimate a company's future margin potential, which takes inputs such as a company's market share, the market share of its biggest competitor, and the industry's growth rate. Although I didnt find the result values particularly meaningful - there's probably unlikely to be a one-formula-fits-all answer for the vastly different industries - the factors themselves are quite insightful.
Having a degree in Finance, and having read some excellent books on the topic, I was not impressed. For example, Fischer warns against stocks with a price/sales ratio > 3. Yet, looking at nVidea, it is one of the great performers in the market, and has a p/s ratio of 10! And while he's advocating only buying stocks with low p/s ratios, he also warns to be careful, because these are the stocks most likely to go bankrupt! He spends the rest of the book telling you to look for companies that have great future prospects. Thanks, Ken. Tell us something we never thought of! His guidance to pick 'good prospects' is so unscientific, arbitrary, and unquantafiable, that it's anyone's guess how to do that. By the time I was half way through the book I was fed up. It's a lot of repetitive chapters with postdictive analysis. Useless, as a stock picking tool. As most people on these sections recommend, read The Intelligent Investor.
A helpful method to select individual stocks. I especially liked the discussion about using price to sales rather tahn price to earnings to determine which stocks to buy and when, as well as when to sell.
Two stars for good concepts of sales ratios and margins, but the book is both heavily dated in terms of technology companies as well as focused on small growth. If you're hunting elephants then you may like it more than I did.
This is a great book on the stock market.
When I review books, I don't just review new books. I try to share with my readers the books that have helped me become a better thinker on investments. Fortunately, in this case, the 1984 book Super Stocks was reprinted in 2007. Perhaps that validates my opinion that this is a valuable book.

Ken Fisher focuses on the concept of Price to Sales [P/S] ratios as a means of analyzing cheapness in companies. Cheapness, yes, but predicated on the concept that a new product, process improvements, or better management will make more profits from the sales, or improve sales volumes and perhaps profit margins.

Though the examples are from the early 80s, the writing is clear enough that one can get the idea of how it might apply today. You would get the same feeling from Ben Graham's classic The Intelligent Investor, where the examples were from the 50s and 60s, but the truths are timeless.

Why choose this book to review now? Profit margins are artificially high, and will come down somewhat from here, even if they remain above average. How can we find cheap stocks when profit margins are so high? Use P/S, or Price-to-Book [P/B].

My own investing looks at a wide number of valuation figures, but across an economic cycle, I give more or less weight to each variable. When things are bad, I give more weight to P/S and P/B. During the recovery, I emphasize P/E on a forward basis. When the bull market is in full swing, I let industry selection dominate, which gives me more market sensitivity. As another example, I play up EV/EBITDA when buyouts are becoming common, and drop it as a criterion when buyouts are not being funded.

So, unlike Peter Lynch, paying attention to the macroeconomic environment can positively affect your performance, if you do it intelligently.

Super Stocks is very consistent with my eight rules, particularly the rules:

* Stick with higher quality companies for a given industry.
* Purchase companies appropriately sized to serve their market niches.
* Analyze the use of cash flow by management, to avoid companies that invest or buy back their stock when it dilutes value, and purchase those that enhance value through intelligent buybacks and investment.

Fisher spends a decent amount of time on balance sheets, market share, competitive advantage, and use of cash flow for future investment. Though I don't endorse everything in the book, like his price-to-research ratios, there are a lot of good concepts for the average investor to consider, and benefit from.