[Philip] Fisher stood out as one of the first money managers to focus on qualitative factors instead of quantitative ones. He examined factors that were difficult to measure through ratios and other mathematical formulations: the quality of management, the potential for future long-term sales growth and the firm's competitive edge.
Although Fisher focused on the qualitative characteristics of a company, he was first and foremost a growth stock investor. He felt the greatest investment returns did not come from the purchase of stocks that were undervalued, since a stock that is undervalued by as much as 50% would only double in price to reach fair market value.
Instead, he sought much higher returns from those companies that could achieve growth in sales and profits greater than the overall market over a long period of time. Furthermore, Fisher did not seek companies showing promise of short-term growth due to cyclical events or one-time factors. He felt that the timing was too risky and the promised returns too small.
~ Forbes, "Ken Fisher's Dad's Lucky 13," October 20, 2008, by Wayne A. Thorpe