菲利普·A·费雪，1907-2004（肯·费雪在《福布斯》的讣告）
菲利普·A·费雪于 3 月 11 日去世，享年 96 岁，死于自然衰老。他是一位伟大的人。但不是在他生命的最后几年，那时他已被痴呆症严重摧残，成了一个不起眼的小老头。不过，他是我心中的那个小老头。我将永远爱他！在成长型股票投资学派的开创性、奠基性思想家中，他或许是见证过 1929 年股市崩盘并最终成为大名的最后一位专业人士。
Phillip A. Fisher died Mar. 11 at 96 from old age. He was a great man. Not in his last years, ravaged by dementia. Then he was just a little old man. But he was my little old man. I will love him, forever! Among the pioneer, formative thinkers in the growth stock school of investing, he may have been the last professional witnessing the 1929 crash to go on to become a big name.
他的职业生涯跨越 74 年——但远不止是挑选成长股那么简单。早年他做过风险投资和私募股权，为公司首席执行官们提供咨询，还著书立说、站上讲台。他影响深远。几十年来，投资界的赫赫有名之辈无不称父亲为导师、榜样、灵感源泉，或是诸如此类的称呼。
His career spanned 74 years--but was more diverse than growth stock picking. He did early venture capital and private equity, advised chief executives, wrote and taught. He had an impact. For decades, big names in investing claimed Dad as a mentor, role model, inspiration or whatever.
他的第一本书《普通股与非凡利润》（Common Stocks and Uncommon Profits）于 1958 年出版，是有史以来第一本登上《纽约时报》畅销书排行榜的投资类书籍。至今仍然在约翰·威利出版社（Wiley）持续再版。
His first book, Common Stocks and Uncommon Profits , appeared in 1958. It was the first investment book ever to make the New York Times bestseller list. It's still in print at Wiley.
菲尔·费雪是斯坦福商学院历史上仅有的三位投资课教授之一。如今这门课由杰克·麦克唐纳执教——他正是费雪的学生。四十年来，杰克始终坚持：想通过这门课，就必须读费雪。父亲四年前最后一次为杰克在斯坦福授课。他有一种天赋，能让杰出的大脑独自思考——但思考的深度远超他们原本的想象。很多门徒都向我描述过这种体验。
Phil Fisher was one of only three people ever to teach the investment course at Stanford's Graduate School of Business. He taught Jack McDonald, the course's current professor. For 40 years Jack has seen to it that you can't get past that class without reading Phil Fisher. Dad last lectured at Stanford for Jack four years ago. He had a knack for getting great minds to think their own thoughts--but bigger than they would have conceived otherwise on their own. Many disciples described this experience to me.
人们以为我从他那里学到了很多股票知识。其实不然！他为我开了个头，然后我形成了自己的理念，其他受他影响的人也是如此。对我成长为今天的我，更重要的影响来自他 1950 年代初那些睡前故事。他构思出关于海盗、探险家、国王和恶棍的精彩冒险传奇。虚构的主人公名叫杰里·克莱伦登。当时我完全不懂，但后来才明白，这个角色是父亲希望我成为的那种人。他的故事驱使我怀抱比大多数孩子被允许拥有的更宏大的梦想。
People presume I learned lots about stocks from him. Not really! He got me started and then I fashioned my own notions, as did everyone else he influenced. Much more important in making me who I am were his early 1950s bedtime stories. He conceived stunning adventure tales of pirates, explorers, kings and crooks. The fictional hero was Jerry Clerenden. I couldn't fathom this at the time but I realized later that this character was created as the person Dad wanted me to be. His stories drove me to dream bigger visions than most children are allowed.
他身材瘦小、单薄，几乎有些憔悴，生性羞怯，总是忧心忡忡。但伟大的头脑却从他身上汲取洞见，就像从井里打水一样。
He was small, slight, almost gaunt, timid, forever fretful. But great minds drew insights out of him like water from a well.
他的观点已经体现在他的著作和他人对他的记述中，我不再赘述。还有什么未曾言明的？如果他今天还活着，且心智清醒，他会怎么想？
His views are in his writings and those of others. I won't repeat. What remains unsaid? What would he think now if he were alive and in his right mind?
首先，永远要着眼长远。短期视角——如果它真有意义的话——不过是通往长期未来的战术工具。着眼长远通常伴随着低换手率的投资组合。我父亲在 1955 年买入摩托罗拉，当时它的主要吸引力来自无线电系统。他去世时还持有这支股票。
First, always think long term. A short-term horizon, if it is relevant at all, is a mere tactical tool to get to your long-term future. Thinking long term usually goes hand in hand with a low turnover of a portfolio. My father bought Motorola in 1955, when its main attraction was radio systems. He still owned it at his death.
接下来，每个月都要读一遍菲利普·费雪最爱的诗——拉迪亚德·吉卜林那首常被引用的《如果》，它会帮你成长为杰里·克莱伦登那样的人。
Next, every single month read Phil Fisher's favorite poem, Rudyard Kipling's oft-quoted "If," to help you become Jerry Clerenden.
从骨子里坚信资本主义，以及它有能力——即便经历衰退和丑闻——让人类处境变得更好。基于这份信念，你可以得出结论：长期而言，股市是有效的。靠信仰得出这个结论，比靠研究一列统计数据要好。
In your bones believe in capitalism and its basic ability, despite recessions and scandals, to better the human condition. From that belief you can conclude that, over the long term, the stock market works. It is better to come to this conclusion from faith than from studying a column of statistics.
买入你理解的生意。从这条里你能听出彼得·林奇的味道。别买太多只股票。从这条里你能听出沃伦·巴菲特的味道。我父亲在巅峰时期大概持有 30 只股票。并且要分散到不同类型里，不能只盯着你最喜欢的那类，这样当你喜欢的类型表现不佳时，手里还有其他股票能撑住局面。
Buy what you understand. You can hear Peter Lynch in that. And not too many stocks. You hear Warren Buffett in that. In his primeDad owned about 30 stocks. And diversify into different types, and not only your favorite types, so you have ones that work when your favorites fail.
别想着成为菲利普·费雪，也别想成为沃伦·巴菲特、彼得·林奇或其他什么人。做你自己，但要比你想象中更精力充沛、更富有想象力。梦想再大一点。
Don't try to be Phil Fisher. Or Warren Buffett or Peter Lynch or anyone else. Be yourself, but be more energetic and imaginative than you thought you could be. Dream bigger.
我记得八年前我父亲对当时这本杂志的编辑詹姆斯·W·迈克尔斯说过的话：“你们在做什么，是你们的竞争对手还没做的？”那时吉姆·迈克尔斯已经在这个岗位上干了 35 年，但他的想象力丝毫不比刚上任时逊色。
I remember what my father said eight years ago to James W. Michaels, then the editor of this magazine: "What are you doing your competitors aren't doing yet?" At the time Jim Michaels had been in the job for 35 years, but he was no less imaginative than he had been at the start.
对您投资组合里某家珍爱的公司也试着问这个问题：管理层在做哪些竞争对手没在做的事？优秀的管理层活出了答案，并在这一过程中创造出了伟大的股票。
Try posing that question about some cherished company in your portfolio. What is the management doing that the competition is not doing? Great managements live the answer and in the process create great stocks.
别理那些长期唱衰的人。未来才刚刚开始，而且会精彩绝伦。我父亲曾说，技术在接下来几十年给社会带来的馈赠，连技术专家都严重低估了。不过，投资那些采用技术的公司和投资创造技术的公司，威力一样巨大。无论是哪一种，他都会敦促你买入他口中“根基扎实”的企业股票。你买的不是资产或盈利，而是整个事业。下个月我会给大家推荐几只股票。
Ignore the long-term doomsters. The future is just beginning and will be awesome. My father would say technology offers society a bounty in the decades ahead that is vastly underestimated even by technologists. Still, it is as powerful to invest in companies adopting technology as those creating it. With either, he would urge buying stocks of firms he called "fundamental." You don't buy assets or earnings but the overall endeavor. I'll have stocks for you next month.
Kenneth L. Fisher
Kenneth L. Fisher
是一位来自加州伍德赛德（Woodside）的基金经理。访问他的主页请访问
is a Woodside, Calif.-based money manager. Visit his homepage at
www.forbes.com/fisher
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