Growth-quality + scuttlebutt qualitatif

Stratégie d'investissement de Philip Fisher

Philip Fisher's growth-quality framework from Common Stocks and Uncommon Profits (1958). Buffett described himself as '85% Graham, 15% Fisher' - Fisher is the missing piece between Graham's quantitative value and Buffett's qualitative compounders. Find businesses with R&D-fuelled pricing power, durable management, and decade-long competitive runways. Hold the great ones forever.

Dernière vérification : 1 janvier 2026

La stratégie, en clair

Gross margin ≥ 50% - Fisher's signature signal of genuine pricing power.
Revenue CAGR ≥ 10% over 5 years - the business is growing, not just defending share.
EPS growth outpaces revenue growth - operating leverage compounds, not just sales.
ROIC ≥ 15% - capital is being deployed at high incremental returns.
Conservative balance sheet - net debt / EBITDA ≤ 2× and limited share-count dilution.
Willing to pay P/E up to 35 for exceptional quality - Fisher famously refused to sell good businesses to chase cheap ones.

From Common Stocks and Uncommon Profits (Fisher, 1958) and Conservative Investors Sleep Well (Fisher, 1975).