Conclusion

We can summarize some key points of Fisher’s investment philosophy:

1. Buy the shares of a company that has plans for ensuring long-range growth. The 15 points that we should look for in a common stock discussed earlier should be considered. 

2. Our focus should be on buying the companies which are out of favor in the market.

3. Hold a stock until:

A. There has been a fundamental change in its nature, such as a change in its management structure.
B. It has grown to a point where it cannot grow any faster than the economy as a whole.

4. Focus on capital appreciation, and do not focus on dividends.

5. Making mistakes is part of a person’s life and it is normal in investing. Try to learn from every mistake you make. Only this way will you become a better investor.

6. There are few companies which can prove to be outstanding buys. The shares of these companies are not always available at attractive prices. Therefore, when they are available, full opportunity must be taken. We should be prepared for those opportunities.

7. Do not go with the crowd. If you believe that your judgement is correct, Stick with it.

8. Earning profits in common stock investing depends on hard work, honesty, and intelligence.