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P1 : OTE/PGN P2: OTE JWPR01 2-P. Fisher June 5 , 2007 1 8:5 0 Paths to Wealth through Common Stocks Philip A. Fisher John Wiley & Sons, Inc. iii P1 : OTE/PGN P2: OTE JWPR01 2-P. Fisher June 5 , 2007 1 8:5 0 vi P1 : OTE/PGN P2: OTE JWPR01 2-P. Fisher June 5 , 2007 1 8:5 0 Paths to Wealth through Common Stocks i P1 : OTE/PGN P2: OTE JWPR01 2-P. Fisher June 5 , 2007 1 8:5 0 INTRODUCING WILEY INVESTMENT CLASSICS There are certain books that have redefined the way we see the worlds of finance and investing—books that deserve a place on every investor’s shelf. Wiley Investment Classics will introduce you to these memorable books, which are just as relevant and vital today as when they were first published. Open a Wiley Investment Classic and rediscover the proven strategies, market philosophies, and definitive techniques that continue to stand the test of time. ii P1 : OTE/PGN P2: OTE JWPR01 2-P. Fisher June 5 , 2007 1 8:5 0 Paths to Wealth through Common Stocks Philip A. Fisher John Wiley & Sons, Inc. iii P1 : OTE/PGN P2: OTE JWPR01 2-P. Fisher June 5 , 2007 1 8:5 0 C 1 960 by Prentice-Hall, Inc. Copyright C 2007 by Kenneth L. Fisher. All rights reserved Foreword copyright Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. Originally Published in 1 960 by Prentice-Hall, Inc. Wiley Bicentennial Logo: Richard J. Pacifico No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 1 07 or 1 08 of the 1 976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01 923, (978) 75 0-8400, fax (978) 646-8600, or on the Web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 1 1 1 River Street, Hoboken, NJ 07030, (201 ) 748-601 1 , fax (201 ) 748-6008, or online at http://www.wiley.com/go/permissions. Limit of Liability/Disclaimer of Warranty: While the publisher and the author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor the author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages. For general information on our other products and services or for technical support, please contact our Customer Care Department within the United States at (800) 762-2974, outside the United States at (31 7) 5 72-3993, or fax (31 7) 5 72-4002. Wiley also publishes its books in a variety of electronic formats. Some content that appears in print may not be available in electronic formats. For more information about Wiley products, visit our Web site at www.wiley.com. Library of Congress Cataloging-in-Publication Data: Fisher, Philip A. Paths to wealth t