The Complex Personality of Philip Fisher
Phil Fisher was a complex and highly disciplined individual whose personality profoundly influenced his approach to investing and his personal life.
Phil Fisher, the father of growth investing, was known not only for his profound investment insights but also for his distinctive personality traits. His personality is a fascinating blend of intensity, discipline, and solitude. His profound dedication to his work and highly disciplined approach contributed significantly to his success as an investor. However, these traits also created challenges in his personal relationships, as his intense focus and social awkwardness often led to difficulties in connecting with others.
TL; DR
Dedicated and Disciplined: Phil Fisher was profoundly committed to his work, maintaining a highly disciplined and methodical lifestyle.
Solitary Nature: He preferred solitary activities like reading and walking, and had limited social interactions, reflecting his discomfort in social settings.
Routine and Stability: Fisher adhered strictly to routines and avoided change, which helped him maintain focus but complicated personal relationships.
Complex Family Dynamics: His need for control and solitude created challenges in his relationships with his sons, leading them to pursue independent paths.
Investment Genius: Despite personal challenges, Fisher's unique personality traits contributed to his success as an investor, offering valuable lessons for others.
Fisher’s personality
Phil Fisher was a man who was profoundly dedicated to his work and highly disciplined, yet often struggled with personal relationships due to his intense focus and social awkwardness.
His life outside of work was marked by a love for solitary activities that matched his personality. He enjoyed intellectual pursuits and was an avid reader, but he also found peace in physical activities like walking, which allowed him to reflect and rejuvenate. Fisher was a complex man, he could be both distant and warmly engaging, capable of profound insight but also prone to rigidity in his habits and views.
Phil’s daily routine was marked by simplicity and a strong adherence to habits, reflecting his deep-seated aversion to change and his preference for solitude. After publishing Common Stocks and Uncommon Profits in 1958, his typical day involved working standard office hours, from 9 AM to 4 PM, after which he would commute home by train, reading during his journey unless he fell asleep. His evenings were spent quietly at home, reading murder mysteries or business materials, highlighting his need for personal time after formal family dinners.
Early on, I marveled at how someone could have succeeded as well as he did working as few hours as he did or with as little strenuous effort as he exerted; but it was because of his genius. At times, he was like a laser beam and beautiful to behold. You only need a relative few of those times in a career to accomplish a great deal if you don’t screw up too badly at other times. He had the one and not the other, and that made it work.
— KEN FISHER
Despite his significant success, Phil was not comfortable in the public eye or in social settings, which was compounded by his methodical and solitary work habits. He rarely worked beyond what was necessary, believing in the efficacy of his focused and minimalistic approach to tasks. At work, he maintained a small circle, having no more than a part-time secretary for many years, underscoring his preference for working alone.
He was solitary. Non-social. Thinking. Reading. Talking on the phone, yes, but not oriented toward being with people. A very definite non-people person.
— KEN FISHER
His personal life was similarly structured around routines and an evident discomfort with new experiences or alterations to his environment. This resistance to change was so ingrained that even personal gifts or new technologies that could enhance his efficiency were met with reluctance or outright rejection. His social circle was extremely limited, mainly consisting of a few lifelong friends whom he seldom met, preferring infrequent but meaningful interactions.
As long as I knew him, in any area outside investing, he didn’t want to be confused with facts because he didn’t want his life disrupted because he was a creature of habit, almost above and beyond all things. Everything had to stay just as it was. You couldn’t replace anything with a new-and-improved version. That he tore down his house and re-built it was miraculous. He just didn’t want facts if they might lead him to change. It impacted everything from his garden to his cars, clothes, furniture, acquaintances; whatever it was, he didn’t want change.
Father was solitary. Stoic. Alone, except with my mother. He just didn’t like people very much. Most people like to be around friends, just to be with them and bask in their companionship, sort of glowing. He didn’t.
— KEN FISHER
A complex relationship with his family
Phil's relationship with his family, particularly with his sons was complex. His inability to delegate and his need for control made it difficult for his sons to work with him, leading to their eventual decision to pursue paths independent of their father. This detachment was necessary for maintaining their individual sanity and professional development, given Phil’s overwhelming need for solitude and control.
He liked to be alone or with my mother; and pretty much of the time when he was with my mother, they were both alone, she in the family den and he in the living room. It was just who he was. But he was beyond anxious if he was separated from her when he wasn’t at work or in the garden. Other people? He just didn’t like being around other people much. He liked me, but if I was around him too much, it bugged him. Or Arthur, and he liked Arthur better than anyone but my mother. But the reality is that Father was just a solitary guy. Regardless of with whom he interacted, it was all relative degrees of solitude.
He was pretty frugal sometimes; and when I was young and we went somewhere on business, I had to share a hotel room with him. We did this even after I could afford my own room because he couldn’t handle the notion of me “wasting” the money.
— KEN FISHER
Fisher’s three passions
Phil had three main passions: walking, worrying, and working. These activities were integral to his daily life and psychological makeup, offering a window into how he managed stress, thought deeply about his investments, and maintained his physical and mental health.
What else did my father enjoy? Three big W’s: walking, worrying, and work. He loved them all. I never really saw him relax in the ways most folks do, I think because he loved to worry so much.
— KEN FISHER
Walking was more than just a physical activity for Fisher; it was a way to clear his mind, think through problems, and enjoy a form of relaxation that complemented his intense focus on work. His walks, whether in the city or the woods, were times when he could be most at ease, often serving as a meditative practice that allowed him to decompress and gather his thoughts.
And walking? When Father was on a walk, his body was purging that excess undulating energy, and he was the most relaxed I ever saw him. He could take a long walk, in either the city or the woods, and calm down. He could talk while he was walking and be calm about it. He started every workday walking to and from the train station and ended his day that way, too. And if he wasn’t walking fast, it didn’t count.
— KEN FISHER
Worrying, on the other hand, was how Fisher engaged with the world around him and his investments. He believed that by worrying about all possible outcomes, he could mitigate risks and make more informed decisions. This constant mental activity was both a curse and a tool, as it kept him sharp but also burdened him with constant stress.
Underneath his surface was a sort of endless undulating nervous energy that he liked to channel into worrying. He could worry about anything. It made him feel safe in some way. It was as if he somehow believed if he worried enough, he would have covered all the risks and nothing bad could hap-pen to him. He would worry about the same things over and over and over.
— KEN FISHER
Work was Fisher’s final and perhaps most defining passion. His work ethic was legendary, characterized by an unwavering dedication to his investment practices and a deep commitment to his professional pursuits. Even as he aged and faced challenges like dementia, Fisher’s identity remained strongly tied to his work, highlighting how central his career was to his sense of self and purpose.
Together, these three elements—walking, worrying, and working—shaped much of Fisher’s life, influencing his daily routines, his interactions with others, and his overall approach to life and investing.
— KEN FISHER
Summary
Phil Fisher was a complex and highly disciplined individual whose personality profoundly influenced his approach to investing and his personal life. Known for his dedication to work, Fisher maintained a rigorous routine and a preference for solitary activities such as reading and walking. His intense focus and aversion to change made him a genius in his field but also led to challenges in personal relationships, including a complicated dynamic with his sons. Fisher's methodical lifestyle, marked by simplicity and minimal social interaction, underscored his deep-seated need for control and solitude. Despite these personal challenges, his unique blend of traits contributed to his remarkable success as an investor, offering valuable insights and lessons for those looking to emulate his disciplined and introspective approach.
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