Philip A Fisher

Message

   Philip Fisher on Dividends..

Every study I have seen on this subject indicates that  far more of those stocks giving a bad performance price wise have come from the high dividend paying rather than low dividend paying group . An otherwise good management which increases dividends and thereby sacrifices worthwhile opportunities for reinvesting increased earnings in the business.

On Timing the market..

I have seen many investors dispose of a holding that was to show stupendous gain in the years ahead because of this fear of a coming bear market. Frequently the bear market never came and the stock went right on up.  When a bear market has come, I have not seen one time in ten when the investor actually got back into the same shares before they had gone up above his selling price. Ususally he either waited for them to go far lower than they actually dropped or when they were way down, fear of something else happening still prevented their reinstatement .