The Fisher Investments on Consumer Discretionary provides the average investor with the tools necessary to understand and analyze investment opportunities within the global Consumer Discretionary sector. Through this book, one will gain a basic understanding of how the sector works, the investment universe of the Consumer Discretionary sector segmented by industry, pertinent macroeconomic drivers, and challenges facing companies in the sector. Consumer Discretionary includes companies which deal with products or services that are not necessities. The degree of spending and amount of…mehr
The Fisher Investments on Consumer Discretionary provides the average investor with the tools necessary to understand and analyze investment opportunities within the global Consumer Discretionary sector. Through this book, one will gain a basic understanding of how the sector works, the investment universe of the Consumer Discretionary sector segmented by industry, pertinent macroeconomic drivers, and challenges facing companies in the sector. Consumer Discretionary includes companies which deal with products or services that are not necessities. The degree of spending and amount of consumption of these products and services varies depending upon the individual. These industries include automobiles, high-end clothing, restaurants, hotels, and luxury goods.
Times have changed, and investors need to change with them. Consumer Discretionary is an ever-changing market. Though investors are often weary of luxury investing, with big risk can come even bigger rewards. Fisher Investments on Consumer Discretionary gives readers the tools to invest in luxury and consumer good companies which include staples such as entertainment, media, automobiles, and travel goods.Hinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.
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
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
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