Fisher Investments, Erik Renaud

Fisher Investments on Consumer Discretionary (eBook, PDF)

• Format: PDF

Produktbeschreibung

The Fisher Investments On series is designed to provide individual investors, aspiring investment professionals, and students the tools necessary to understand and analyze investment opportunities--primarily for investing in global stocks. Each guide is an easily accessible primer to economic sectors, regions, or other components of the global stock market. While this guide specifically focuses on Consumer Discretionary, the basic investment methodology is applicable for analyzing any global sector, regardless of the current macroeconomic environment. Following a top-down approach to investing, Fisher Investments on Consumer Discretionary can help you make more informed decisions within the Consumer Discretionary sector. It skillfully addresses how to determine the optimal times to invest in Consumer Discretionary stocks and which Consumer Discretionary industries and sub-industries have the potential to perform well in various environments. Divided into three comprehensive parts--Getting Started, Consumer Discretionary Details, and Thinking Like a Portfolio Manager--Fisher Investments on Consumer Discretionary: * Explains some of the sector's key macro drivers--like consumer spending, income, and employment * Shows how to capitalize on a wide array of macro conditions and industry-specific features to help you form an opinion on each of the industries within the sector * Takes you through the major components of the 12 sub-industries within the global Consumer Discretionary sector and reveals how they operate * Offers investment strategies to help you determine when and how to overweight specific industries within the sector * Outlines a five-step process to help differentiate firms in this field--designed to help you identify ones with the greatest probability of outperforming Filled with in-depth insights and expert advice, Fisher Investments on Consumer Discretionary provides a framework for understanding this sector and its industries to help you make better investment decisions--now and in the future. With this book as your guide, you can gain a global perspective of the Consumer Discretionary sector and discover strategies to help achieve your investing goals.

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Produktdetails

• Verlag: John Wiley & Sons
• Seitenzahl: 208
• Erscheinungstermin: 10. September 2010
• Englisch
• ISBN-13: 9780470948392
• Artikelnr.: 37300701

Autorenporträt

ERIK RENAUD is a Consumer Discretionary Research Analyst at Fisher Investments. Renaud graduated from Santa Clara University with a bachelor's degree in finance. Hailing from Minnetonka, Minnesota, he currently resides in San Francisco, California. ANDREW S. TEUFEL has been with Fisher Investments since 1995, where he currently serves as a Co-President and the Director of Research. Prior to joining Fisher Investments, he worked at Bear Stearns as a corporate finance analyst in its Global Technology Group. Teufel also instructs at many seminars and educational workshops throughout the United States and United Kingdom, and has lectured at the Haas School of Business at UC Berkeley. He is also the Editor in Chief of MarketMinder.com. Teufel is a graduate of UC Berkeley.

Inhaltsangabe

Foreword ix
Preface xi
Acknowledgments xv
Part I Getting Started in Consumer Discretionary 1
Chapter 1 Consumer Discretionary Basics 3
Consumer Discretionary 101 4
Getting to Know the Consumer Discretionary Sector 13
Chapter 2 The History of the Consumer Discretionary Sector 19
The Earliest American Consumers 20
The Birth of the Modern Consumer Discretionary Sector 23
Chapter 3 Consumer Discretionary Sector Drivers 35
Economic Drivers 36
Political Drivers 49
Sentiment Drivers 54
Part II Next Steps: Consumer Discretionary Details 57
Chapter 4 Consumer Discretionary Sector Landscape 59
Global Industry Classification Standard (GICS) 60
Global Consumer Discretionary Benchmarks 61
Automobiles & Components Industry Group 66
Retailing Industry Group 72
Media Industry Group 76
Consumer Durables & Apparel Industry Group 81
Consumer Services Industry Group 86
Chapter 5 Challenges in the Consumer Discretionary Sector 91
Challenge 1: Growing Profits in Mature Markets 91
Challenge 2: Managing Volatile Demand 101
Case Study: Callaway Golf 106
Chapter 6 Household Debt-Myths and Opportunities 111
Household Debt in Developed Markets-Basically a Very Useful Tool 112
Tremendous Opportunities in Emerging Markets 117
Case Study: Brazil's Credit-Driven Consumption Boom 118
Part III Thinking Like a Portfolio Manager 127
Chapter 7 The Top-Down Method 129
Investing Is a Science 130
Einstein's Brain and the Stock Market 131
The Top-Down Method 132
Top Down Deconstructed 138
Managing Against a Consumer Discretionary Benchmark 145
Chapter 8 Security Analysis 151
Make Your Selection 152
A Five-Step Process 153
Important Questions to Ask 161
Chapter 9 Consumer Discretionary Investment Strategies 167
Strategy 1: Adding Value at the Industry and Sub-Industry Level 168
Strategy 2: Adding Value at the Security Level 174
Strategy 3: Adding Value in a Consumer Discretionary Sector Downturn 174
How to Implement Your Strategy 176
Notes 179
About the Authors 183
Index 185