Hi guys,(Lynne-I actually typed this one out):I'm at least as tired of talking about the 15 points as many of you, but I just read John Train's chapter on Fisher in The Money Masters, and thought his take on this clarified some points (for me, at least).Train feels that among F's writing are probably about 20 points to examine, which can be grouped under 2 main categories:Characteristics of an attractive business:1. Growth from existing products and from new ones.2. A high profit margin and return on capital, together with favorable trends for both.3. Effective research.4. A superior sales organization.5. A leading industry position giving advantages of scale.6. A valid "franchise"-proprietary products and services.Qualities of management:1. Integrity, implying conservative accounting2. Accessibility3. An orientation toward long-rangeresults (if necessary at the expense of this quarter's bottom line) without equity dilution.4. A recogntion of the pervasiveness of change5. Excellent financial controls.6. Multidisciplinary skills (where appropriate).7. The special skills associated with particular industries.8. Good personnel policies, including management training. He insists that a company must consciously and continually become a better place to work, from the executive level to union relations, and to be so perceived by its employees.With regard to our stock option discussion, Train's take is that A greedy management's most common abuse is issuing itself overly generous stock options when the company's stock happens to be at a low point…Time passes,..and management has taken millions of dollars of value from the shareholders.Feel free to clarify this further for me.Train also states: Not in his books but in conversation, Fisher makes another point: Management must have a continuous and effective program of cost-cutting. There must be a plan, it must be articulated, it must be understood, and it must work.I know the next stuff belongs on the prior thread, but humor me. Train recommends trade shows as an outstanding source of scuttlebut - everyone is there to provide you with exactly the kind of information you are looking for.Thanks for reading, and feel free to comment-CSUP does seem to slow down a bit after this action-packed chapter.Hope this helps,Mark
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