After reading a lot by Phil Fisher he has become my second favorite after Mr. Warren Buffet. His unique sense of business and that too in manufacturing industry is commendable. I don’t know why but he is not so popular like Benjamin Graham. The most important learning these people share with us is there Business knowledge in different industries. Where Buffet is more inclined towards industries which have simple business and have really long term capital generation power and which took very less extra cash infusion and which gives good dividend (read his letters for more knowledge about his dividend theory it’s exceptional) , Fisher is more inclined towards manufacturing companies which infuse good amount in R&D and bring out extraordinary capital appreciation for share holders but then doing fisher like investing is very tough where he depend less on companies balance sheet but more on the outcome of his research about the company which invlove more of a field work. Although I have tried to do his kind of research using many public forums, company employee forums and one thing is for sure scuttlebutt is not an easy task becasue I can not directly go and talk to key people as far as my current situation is concerned.
So I’m now working with a new philosophy and it has given me exceptional results. I’m using a mix of philosophy of Buffet and Fisher. First I’ve drawn geographic boundaries around Bangalore and currently I’m not thinking of crossing them. Well in future I’ll cross them that's for sure. But the ease of analysing the company and its employees and talking to them has never been
this easy for me where I use different public websites and groups. Moreover ,apart from IT Bangalore is becoming a hub for many great companies which are not at all related to IT(I usually restrain myself from investing in this industry although I understand the criticalities of the business but if you find a management at par with Infosys try your luck). I have divided my available fund depending on where there is more upside and spend them entirely on some great business’ which are growing here. And obviously I have done thorough research of these companies and in due time, have learnt there businesses too.
Almost daily I’m reading different advices by some market experts, about buying some stock or in some sector. Well I have already tested there mettle before start on my own. There are people who are running different blogs advising about future multibaggers on the basis of some daily news papers or magazines, but they very much forget the hidden business economics which is generating or not generating cash for the business.Take for example Satyam about which one of the blog from some hyderabad based investor was advising about buying the stock,he is even recommending that while businesses which are in nich sectors it's useless to even look at the annual report.Well I pity them wheren instead of looking at the actual cash on the table for satyam they were looking at the earnings report. I suggest you all to remove all the other's and non cach charges or income while calculating the yearly earnings. It's your money and don't be emotional while spending your money as most of the well wishers of Mr.Raju has done,and they are repenting now. Read about American Express Salad oil Scandal and Enron Scandal where to get a better picture.

Finally for business Insight Read these lines from Buffet’s Letters:---
Businesses – The Great, the Good and the Gruesome

"Charlie and I look for companies that have a) a business we understand; b) favorable long-term economics; c) able and trustworthy management; and d) a sensible price tag. We like to buy the whole business or, if management is our partner, at least 80%. When control-type purchases of quality aren’t available, though, we are also happy to simply buy small portions of great businesses by way of stockmarket purchases. It’s better to have a part interest in the Hope Diamond than to own all of a rhinestone."
"A truly great business must have an enduring “moat” that protects excellent returns on invested capital. The dynamics of capitalism guarantee that competitors will repeatedly assault any business “castle” that is earning high returns. Therefore a formidable barrier such as a company’s being the lowcost producer (GEICO, Costco) or possessing a powerful world-wide brand (Coca-Cola, Gillette, American Express) is essential for sustained success. Business history is filled with “Roman Candles,” companies whose moats proved illusory and were soon crossed."
"Our criterion of “enduring” causes us to rule out companies in industries prone to rapid and
continuous change. Though capitalism’s “creative destruction” is highly beneficial for society, it precludes investment certainty. A moat that must be continuously rebuilt will eventually be no moat at all."
"Additionally, this criterion eliminates the business whose success depends on having a great
manager. Of course, a terrific CEO is a huge asset for any enterprise, and at Berkshire we have an abundance of these managers. Their abilities have created billions of dollars of value that would never have materialized if typical CEOs had been running their businesses.
But if a business requires a superstar to produce great results, the business itself cannot be deemed great. A medical partnership led by your area’s premier brain surgeon may enjoy outsized and growing earnings, but that tells little about its future. The partnership’s moat will go when the surgeon goes. You can count, though, on the moat of the Mayo Clinic to endure, even though you can’t name its CEO."
"Long-term competitive advantage in a stable industry is what we seek in a business. If that comes with rapid organic growth, great. But even without organic growth, such a business is rewarding. We will simply take the lush earnings of the business and use them to buy similar businesses elsewhere. There’s no rule that you have to invest money where you’ve earned it. Indeed, it’s often a mistake to do so: Truly great businesses, earning huge returns on tangible assets, can’t for any extended period reinvest a large portion of their earnings internally at high rates of return."