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There we might find Philip Fisher more usable.

Although I argued against Graham's formula it's infinitely better than a Fisher analysis. I remember seeing a 15 (?) point Fisher analysis by Mycroft*** some time ago on Nokia and found no attempt to measure whether the company was under- or overvalued. That's similar to the rule maker flaw. We might have reasons to like a company, but without translating that into a formal valuation we can't know whether it has a chance of being a good investment.

*** I don't know whether Fisher advocated some valuation steps also, but recommending a buy based on the 15 (?) point analysis I saw is meaningless.

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