Philip Arthur Fisher - Conservative investors sleep well (1975)

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I remember my sense of shock some half-dozen years ago when I read a recommendation to sell shares of a company... The recommendation was not based on any long-term fundamentals. Rather, it was that over the next six months the funds could be employed more profitably elsewhere.

Philip Arthur Fisher

Of one thing the investor can be certain: A large company's need to bring in a new chief executive from the outside is a damning sign of something basically wrong with the existing management - no matter how good the surface signs may have been as indicated by the most recent earnings statement.

Philip Arthur Fisher