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 Telecom, 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 Telecom can help you make more informed
decisions within the Telecom sector. It skillfully addresses how to
determine optimal times to invest in Telecom stocks and which
Telecom industries have the potential to perform well in various
environments.
Divided into three comprehensive parts—Getting Started, Telecom
Details, and Thinking Like a Portfolio Manager—Fisher
Investments on Telecom:
Explains some of the sector’s key macro drivers—like interest
rates, regulation, and risk aversion
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 Telecom 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
Telecom 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 Telecom sector and discover strategies to help
achieve your investing goals.
關於作者：
Dan Sinton is a Research Analyst at Fisher
Investments. Prior to joining Fisher, he worked at Franklin
Templeton and Charles Schwab and in the nonprofit sector. Dan
received a BA in international affairs at the University of
Colorado and an MBA from Georgetown University. He currently lives
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 Editor in Chief of
MarketMinder.com. Andrew is a graduate of UC Berkeley.
目錄：
Foreword.
Preface.
Acknowledgments.
Part I Getting Started in Telecom.
Chapter 1 Telecom Basics.
Telecom 101.
A Defensive Sector.
Inelastic Demand.
A Capital Intensive Sector.
Regulation.
Chapter 2 A Brief History of the Telecom Industry.
The Early Years.
Recent History.
Chapter 3 Telecom Sector Composition.
Global Industry Classification Standard GICS.
Global Telecom Benchmarks.
Industry Breakdown.
Same, Same, but Different.
Part II Next Steps: Telecom Details.
Chapter 4 Telecom Sector Drivers.
Economic Drivers.
Political Drivers.
Sentiment Drivers.
Chapter 5 Consumer Demand.
Emerging Markets.
Developed Markets.
Chapter 6 Challenges and Opportunities.
Wireline.
Wireless.
Advertising Publishing.
Part III Thinking Like a Portfolio Manager.
Chapter 7 The Top-Down Method.
Investing Is a Science.
Einstein’s Brain and the Stock Market.
The Top-Down Method.
Top-Down Deconstructed.
Managing Against a Telecommunications Benchmark.
Chapter 8 Security Analysis.
Make Your Selection.
A Five-Step Process.
Telecom Analysis.
Chapter 9 Telecom Investing Strategies.
Strategy 1: Adding Value at the Sector Level.
Strategy 2: Adding Value at the Country or Industry Level.
Strategy 3: Adding Value at the Security Level.
Appendix: Additional Resources.
Notes.
Glossary.
About the Authors.
Index.
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