1958 · Harper & Brothers
Common Stocks and Uncommon Profits (key principles, paraphrased)
Fisher distinguished companies with products so good that customers would pay a premium or accept inconvenience to keep using them — his shorthand for genuine franchise economics. He advised looking for firms whose products had enough of an edge, in technology or service, that they did not need to be the cheapest to win, and he pointed to margins held while competition intensified as evidence of that edge.