Philip Fisher · 1955 · Common Stocks and Uncommon Profits, ch. 3 (investing case)
The Motorola and Texas Instruments cases (documented recollections)
Fisher's Motorola position, begun in 1955 after researching the company's engineering culture through his scuttlebutt network, was held for the rest of his life and became the canonical proof of his method. The initial decision rested less on the numbers of the moment than on what customers, engineers, and competitors said about the firm's product quality and research pipeline.
Philip Fisher · 1955 · Common Stocks and Uncommon Profits, ch. 3 (investing case)
The Motorola and Texas Instruments cases (documented recollections)
Fisher described what he looked for in the people running technical companies: executives who understood engineering well enough to choose the right projects, a research organization with genuine freedom to look years ahead, and a sales force able to explain complex products to customers. He judged that in technical businesses, the gap between the best-run and average firms compounds just as powerfully as the financial results.