3Q 2020 Market Commentary

Phillip Fisher, an American stock investor best known for his 1958 book, Common Stocks and Uncommon Profits, once said that “…the stock market is filled with individuals who know the price of everything but the value of nothing.” Taken literally, Fisher’s words ring true for us. Portions of the stock market seem as irrationally priced as they have been in a long time, and we would argue that for many stocks – especially those in the high-growth, new economy category – price has started to decouple from fundamental, intrinsic value.

Click here to download the full Third Quarter 2020 Deighan Market Commentary