Rx Note

Introduction Common Stocks and Uncommon Profits represents the distilled investment wisdom of Philip Fisher. Although his concepts were first introduced in 1958 - over 60 years ago - they remain highly relevant in today’s financial landscape. In particular, Fisher’s "Scuttlebutt" method and his famous "15 Points" continue to be essential tools for investors seeking to identify high-growth companies with long-term potential. Clues from the Past Whether driven by the need to combat inflation or informed by word-of-mouth and research, many investors turn to common stocks to protect their purchasing power from the shrinking value of the dollar. Historically, two distinct methods have been used to amass spectacular fortunes: Value Investing: This approach emphasizes buying stocks during market downturns and selling them during prosperous times, placing a heavy reliance on a margin of safety. Growth Investing (The Fisher Approach): This method focuses on identifying tr...

Introduction Drawing on a lifetime of experience and academic study, Howard Marks’ The Most Important Thing Illuminated explores the essential keys to successful investing and the psychological pitfalls that can destroy capital or derail a career. Howard Marks expounds on core tenets such as "second-level thinking", the intrinsic relationship between price and value, patient opportunism and the necessity of defensive investing. The book is structured around the highly influential memos Howard Marks has written for his clients over decades. Each chapter addresses a different "most important thing", reflecting his belief that successful investing requires thoughtful attention to many separate aspects simultaneously. Second-level Thinking Investing is more art than science; it cannot be reduced to an algorithm. Even the world’s greatest investors do not get it right every time for a simple reason: no rule works forever. The investment environment is uncontrollable, an...

Introduction Since its original publication in 1949, Benjamin Graham's revered classic, The Intelligent Investor , has remained the most respected guide to the financial markets. While it is not a technical manual for stock picking or a step-by-step handbook for business evaluation, Benjamin Graham’s timeless philosophy of "value investing" shields investors from the common pitfalls of market volatility. Indeed, the investor's chief problem - and even his worst enemy - is likely to be himself. Millions of investors spend their entire lives fooling themselves: taking risks they do not understand, chasing the phantoms of past performance, selling their winning assets too soon, holding their losers too long, paying outlandish fees in pursuit of the unobtainable, bragging about beating the market without even measuring their returns. By teaching readers how to resist the influence of "Mr. Market" with the proper mental and emotional attitude, he provides an indi...