The Cent Maker

📖 Philip Fisher – Pioneer of Growth Investing “The stock market is filled with individuals who know the price of everything, but the value of nothing.”_ Early Life and Education Philip Arthur Fisher was born on September 8, 1907, in San Francisco, California. He graduated from Stanford University with a bachelor’s degree in economics and began his career at the Anglo-London Bank in San Francisco as a securities analyst. Despite his immense success, Fisher always maintained a relatively low profile despite his immense success. Founding Fisher & Co. In 1931, at the height of the Great Depression, Fisher founded Fisher & Company, an investment firm that allowed him to refine and implement his unique philosophy. His career was briefly interrupted by World War II, during which he served as a captain in the U.S. Army Air Corps. After the war, he returned to his firm, where he consistently delivered strong returns for his clients. His innovative strategies not only shaped the future of his firm but also influenced some of the greatest minds in investing, including Warren Buffett. This chapter of his career allowed him to refine and implement a distinctive investment philosophy, one that would later serve as the foundation for the strategies adopted by countless successful investors. Notable Works and Publications Fisher pioneered growth investing, introducing the buy-and-hold method that focused on a stock’s long-term potential rather than short-term price movements. He believed that “it is only occasionally that there is any reason for selling at all.” His famous purchase of Motorola stock in 1955, which he held until his death in 2004, epitomized his conviction in long-term investing.  In 1958, Philip Fisher wrote "Common Stocks and Uncommon Profits", which became required reading at the Stanford Graduate School of Business. 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. In his landmark book, Fisher introduced the “15 Points to Look for in a Common Stock” , a timeless framework that guides investors to evaluate leadership strength, innovative capacity, and management integrity. He also popularized the *Scuttlebutt* technique, encouraging investors to actively network and gather firsthand insights about the companies in which they invest, in order to uncover a company’s true potential. The *Scuttlebutt* approach influenced some of the greatest investing minds, including Warren Buffett, who once described himself as being 85% Benjamin Graham and 15% Philip Fisher. According to Philip Fisher’s strategy, valid reasons to sell a stock arise when the initial assessment of the company proves to have been in error, when the business no longer meets the fundamental tests it satisfied at the time of purchase, or when a superior investment opportunity presents itself to the investor. Other Works Fisher expanded his philosophy in "Paths to Wealth Through Common Stocks (1960)", where he emphasized concentration over excessive diversification, and in "Conservative Investors Sleep Well", which explored the balance between risk and intrinsic value. His writings offer a treasure trove of wisdom on evaluating businesses and making sensible decisions. Legacy and Influence Philip Fisher spent his career encouraging investors to research their investments and plan for a long-term portfolio. As an advisor and the author of works on investing principles and strategies, his philosophy stands out for its endurance and its heavy emphasis on qualitative insights. His son, Ken Fisher, carried forward the family legacy by founding Fisher Investments, one of the world’s largest independent money management firms.  Even in our modern, data-driven age, his focus on deep qualitative analysis and the scuttlebutt approach remains relevant.

The Zimbabwe Capital Markets Academy (ZCMA) Invites you to an enlightening State of the Capital Markets Engagement Event Details: • Theme: Catalysing Economic Transformation through Deepened Financial Markets  🗓 Date: 24 April 2026  🕒 Time: 9:30 AM  📍 Venue: Celebration Centre, Borrowdale  💰 Investment: $10.00 (Ecocash & Innbucks Accepted : *ROY KARIRI 0776821665* )  🎟 Limited Seats Available  🏷 RSVP: +263772213573, +263776821665 Banking Details: Ecobank Account Name: Zimbabwe Capital Markets Academy Branch: Mutare Branch USD Acc: 5750800012121   🌟 Why Attend • Gain exclusive insights into the current state and future outlook of Zimbabwe’s capital markets.  • Learn how deepened financial markets can drive sustainable economic transformation.  • Network with industry leaders, policymakers, and fellow investors.  • Discover new opportunities for investment, innovation, and growth.  • Be part of a strategic dialogue shaping the future of Zimbabwe’s economy.  👥 Who Should Attend • Retail & Institutional Investors seeking knowledge and opportunities.  • Financial Professionals (bankers, brokers, analysts, advisors).  • Entrepreneurs & Business Leaders exploring capital market solutions.  • Policy Makers & Regulators interested in strengthening financial systems.  • Students & Academics passionate about economics, finance, and investment.  • Community Leaders & Innovators driving transformation through financial literacy.

Numbers don’t lie, they tell a story, only if you understand their language._ In this session, the *Zimbabwe Capital Markets Academy (ZCMA)* will decode Financial Statements into meaningful insights beyond the numbers. What You Will Master: 📊 The Income Statement ⚖️ The Balance Sheet 💸 The Cash Flow Statement 📝 The Notes to the Financial Statements 📋 The Audit Opinion calendar.app.google/9Z7FrNZ1…

The Zimbabwe Capital Markets Academy invites you to a specialized session: An introduction to Stock Market Investing 📚 Stop watching from the sidelines. Learn the fundamentals and start your journey with confidence. Event Details: 🗓 Date: 05 Feb 2026 💰 Admission: Free of Charge 📍 Platform: Google Meet 🔗 Join Here: calendar.app.google/nA12SMwp…

Making money make sense 💰