《common stock & uncommon profit》

Philip A. Fisher 在他写的 《common stock & uncommon profit》 书中，列出了15 个检验标准来寻找值得长期持有的成长股：

1. 这家公司的产品或服务有没有足够的市场潜能，至少几年内营业额能否取得大幅的增长？
2. 为了在现有产品的增长潜能放缓时，为了能够进一步使公司的营业额保持增长，管理层是不是有决心去持续开发新产品或新工艺？
3. 以公司的规模来看，它的研发部门（R&D）的效率如何？
4. 公司有没有高人一等的营销组织(sales organization) ？
5. 公司的的赚幅（profit margin）高不高？
6. 公司做了什么事，以维持或改善其赚幅？
7. 公司的劳资和人事关系 (labour & personnel relations) 是否维持得很好？
8. 公司的行政人员关系 (executive relations) 是否维持得很好？
9. 公司管理层的深度够吗？
10. 公司的成本分析与会计管理做的如何？
11. 在其行业中，公司有什么独到之处，可以为投资者提供线索，以了解此公司相对于其竞争者，有什么突出？
12. 公司对于其本身的盈利展望是短期的，还是长期的？
13. 在公司的成长中，会不会涉及大量的发股融资（equity fincancing），而冲淡了现有股东的权益？
14. 管理层是不是只向投资者们报喜不报忧（在公司运作良好时畅所欲言，面对问题时三缄其口）？
15. 管理层是否拥有毋庸置疑的诚信？

以上中文版翻译得有点涩，若看不懂，请参考原文：

1. Does the company have products or services with sufficientmarket potential to make possible a sizable increase in sales for atleast several years?
2. Does the management have a determinationto continue to develop products or processes that will still furtherincrease total sales potentials when the growth potentials of currentlyattractive product lines have largely been exploited?
3. How effective are the company’s research and development efforts in relation to its size?
4. Does the company have an above-average sales organization?
5. Does the company have a worthwhile profit margin?
6. What is the company doing to maintain or improve profit margins?
7. Does the company have outstanding labor and personnel relations?
8. Does the company have outstanding executive relations?
9. Does the company have depth to its management?
10. How good are the company’s cost analysis and accounting control?
11. Arethere other aspects of the business, somewhat peculiar to the industryinvolved, which will give the investor important clues as to howoutstanding the company may be in relation to its competition?
12. Does the company have a short-rage or long-range outlook in regard to profits?
13. Inthe foreseeable future will the growth of the company requiresufficient equity financing to that the larger number of shares thenoutstanding will largely cancel the existing stockholders’ benefit fromthis anticipated growth?
14. Does the management talk freely toinvestors about it affairs when things are going well but “clam up”when troubles and disappointments occur?
15. Does the company have a management of unquestionable integrity?