The fourth installment of the Fisher Investments On series
is a comprehensive guide to understanding and analyzing investment
opportunities within the global Industrials sector. Fisher
Investments on Industrials can help you quickly become familiar
with this highly diversified sector, how the sector is segmented by
industries, their respective macroeconomic drivers, and the
challenges facing Industrials firms.
This reliable guide skillfully addresses how to determine
optimal times to invest in Industrials stocks, and which industries
and sub-industries have the potential to perform well in various
environments. The global Industrials sector is complex, including a
variety of sub-industries and countries--each with their own
unique characteristics. Using the framework found here, you'll
discover how to identify these differences, spot opportunities, and
avoid major pitfalls.
Fisher Investments on Industrials:
* Discuses industry fundamentals, drivers, attributes, and
potential challenges
* Profiles each of the Industrials sector's sub-industries,
broken down by industry group: Capital Goods, Transportation, and
Commercial Services & Supplies
* Delves into a top-down investment methodology as well as
individual security analysis
led with in-depth insights and expert advice, Fisher
Investments on Industrials provides a framework for
understanding this sector and can help you make better investment
decisions--now and in the future. With this book as your
guide, you can quickly gain a global perspective of investing with
regard to Industrials.
For more information visit
www.industrials.fisherinvestments.com
Autorentext
MATT SCHRADER is an Industrials analyst for Fisher Investments. He is also a contributing columnist for MarketMinder.com. Matt is a graduate of the University of California, San Diego. Originally from Marin County, California, he currently resides in San Francisco.
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. Andrew also instructs at many seminars and educational workshops throughout the United States and United Kingdom, and lectures at the Haas School of Business at UC Berkeley. He is also the Editor in Chief of MarketMinder.com. Andrew is a graduate of UC Berkeley.
Zusammenfassung
The fourth installment of the Fisher Investments On series is a comprehensive guide to understanding and analyzing investment opportunities within the global Industrials sector. Fisher Investments on Industrials can help you quickly become familiar with this highly diversified sector, how the sector is segmented by industries, their respective macroeconomic drivers, and the challenges facing Industrials firms.
This reliable guide skillfully addresses how to determine optimal times to invest in Industrials stocks, and which industries and sub-industries have the potential to perform well in various environments. The global Industrials sector is complex, including a variety of sub-industries and countrieseach with their own unique characteristics. Using the framework found here, you'll discover how to identify these differences, spot opportunities, and avoid major pitfalls.
Fisher Investments on Industrials:
- Discuses industry fundamentals, drivers, attributes, and potential challenges
- Profiles each of the Industrials sector's sub-industries, broken down by industry group: Capital Goods, Transportation, and Commercial Services & Supplies
- Delves into a top-down investment methodology as well as individual security analysis
led with in-depth insights and expert advice, Fisher Investments on Industrials provides a framework for understanding this sector and can help you make better investment decisionsnow and in the future. With this book as your guide, you can quickly gain a global perspective of investing with regard to Industrials.
For more information visit www.industrials.fisherinvestments.com
Inhalt
Foreword ix
Preface xi
Acknowledgments xv
Part I: Getting Started in Industrials 1
Chapter 1: Industrials Basics 3
Industrials Basics 4
Industrials Characteristics 7
The Modern Production Process 14
Chapter 2: History of Modern Manufacturing 21
The Advancement of Trade and Investment 22
The Rise of Asia and Changes in the Manufacturing Landscape 29
The State of US Manufacturing 41
Chapter 3: Industrials Sector Drivers 47
Corporate Spending 48
Government Spending 59
Part II: Next Steps: Industrials Details 65
Chapter 4: Industrials Sector Breakdown 67
Global Industry Classification Standard (GICS) 67
Global Industrials Benchmarks 69
Capital Goods Industry Group 75
Transportation 85
Commercial & Professional Services 93
Chapter 5: Staying Current: Tracking Sector Fundamentals 97
What to Watch 97
Corporate and Government Spending-Related Metrics 98
Industry Specific Indicators 111
Chapter 6: The Infrastructure Market 117
A Very Big Market 118
Infrastructure Investment Drivers 120
Risks to Infrastructure Growth 123
Participating in the Infrastructure Boom 125
Part III: Thinking Like a Portfolio Manager 131
Chapter 7: The Top-Down Method 133
Investing Is a Science 133
Einstein's Brain and the Stock Market 134
The Top-Down Method 136
Top-Down Deconstructed 142
Managing Against an Industrials Benchmark 149
Chapter 8: Security Analysis 155
Make Your Selection 156
A Five-Step Process 157
Important Questions to Ask 164
Chapter 9: Allocating your Capital Good 171
Strategy 1: Adding Value at the Industry Level 171
Strategy 2: Adding Value at the Security Level 179
Strategy 3: Industrials Sector Downturn 180
How to Implement Your Strategy 180
Appendix: Industrials Websites and Data Sources 183
Notes 185
Glossary 194
About the Authors 197
Index 198