The Fisher Investments On series is designed to provide
individual investors, students, and aspiring investment
professionals 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 is specifically on Utilities, 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 Utilities can help you make more informed
decisions within the Utilities sector. It skillfully addresses how
to determine optimal times to invest in Utilities stocks and which
Utilities industries have the potential to perform well in various
environments.

Divided into three comprehensive parts--Getting Started,
Utilities Details, and Thinking Like a Portfolio
Manager--Fisher Investments on Utilities:

* Explains some of the sector's key macro
drivers--like regulation, economic cycles, and investor
sentiment

* 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 industries within
the global Utilities 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, Fisher Investments on
Utilities 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 Utilities sector
and discover strategies to help achieve your investing goals.

THEODORE GILLILAND is a Research Analyst at Fisher Investments. Theodore graduated from the University of Colorado, Boulder, with a bachelor's degree in international affairs. He currently resides in San Francisco, California.

ANDREW S. TEUFEL has been with Fisher Investments since 1995, where he currently serves as a Vice Chairman. 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 has lectured 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.

Klappentext

• An in-depth look at the global Utilities universe, including electric, natural gas, and water utilities, power generation, and renewable energy
• Tips and tools for security analysis and portfolio management
• A useful guide for investing in any market condition

FISHER INVESTMENTS ™ on UTILITIES

The Fisher Investments On series is designed to provide individual investors, students, and aspiring investment professionals 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 is specifically on Utilities, 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 Utilities can help you make more informed decisions within the Utilities sector. It skillfully addresses how to determine optimal times to invest in Utilities stocks and which Utilities industries have the potential to perform well in various environments.

Divided into three comprehensive parts—Getting Started, Utilities Details, and Thinking Like a Portfolio Manager—Fisher Investments on Utilities:

• Explains some of the sector's key macro drivers—like regulation, economic cycles, and investor sentiment
• 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 industries within the global Utilities 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, Fisher Investments on Utilities 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 Utilities sector and discover strategies to help achieve your investing goals.

Zusammenfassung
The Fisher Investments On series is designed to provide individual investors, students, and aspiring investment professionals the tools necessary to understand and analyze investment opportunitiesprimarily 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 is specifically on Utilities, 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 Utilities can help you make more informed decisions within the Utilities sector. It skillfully addresses how to determine optimal times to invest in Utilities stocks and which Utilities industries have the potential to perform well in various environments.

Divided into three comprehensive partsGetting Started, Utilities Details, and Thinking Like a Portfolio ManagerFisher Investments on Utilities:

• Explains some of the sector's key macro driverslike regulation, economic cycles, and investor sentiment
• 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 industries within the global Utilities 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 fielddesigned to help you identify ones with the greatest probability of outperforming

Filled with in-depth insights, Fisher Investments on Utilities provides a framework for understanding this sector and its industries to help you make better investment decisionsnow and in the future. With this book as your guide, you can gain a global perspective of the Utilities sector and discover strategies to help achieve your investing goals.

Foreword ix

Preface xiii

Acknowledgments xvii

Part I Getting Started in Utilities 1

Chapter 1 Utilities Basics 3

Utilities 101 4

A Defensive Sector 5

What Makes Utilities Defensive? 10

Chapter 2 A Brief History of the Electric Utilities Industry 19