Gilliland / Teufel Fisher Investments on Utilities

1. Auflage 2011
ISBN: 978-1-118-00986-4
Verlag: John Wiley & Sons
Format: EPUB
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 240 Seiten, E-Book

Reihe: Fisher Investments Press

The Fisher Investments On series is designed to provideindividual investors, students, and aspiring investmentprofessionals the tools necessary to understand and analyzeinvestment opportunities--primarily for investing in globalstocks. Each guide is an easily accessible primer to economicsectors, regions, or other components of the global stock market.While this guide is specifically on Utilities, the basic investmentmethodology is applicable for analyzing any global sector,regardless of the current macroeconomic environment.
Following a top-down approach to investing, FisherInvestments on Utilities can help you make more informeddecisions within the Utilities sector. It skillfully addresses howto determine optimal times to invest in Utilities stocks and whichUtilities industries have the potential to perform well in variousenvironments.
Divided into three comprehensive parts--Getting Started,Utilities Details, and Thinking Like a PortfolioManager--Fisher Investments on Utilities:
* Explains some of the sector's key macrodrivers--like regulation, economic cycles, and investorsentiment
* Shows how to capitalize on a wide array of macro conditions andindustry-specific features to help you form an opinion on each ofthe industries within the sector
* Takes you through the major components of the industries withinthe global Utilities sector and reveals how they operate
* Offers investment strategies to help you determine when and howto overweight specific industries within the sector
* Outlines a five-step process to help differentiate firms inthis field--designed to help you identify ones with thegreatest probability of outperforming
Filled with in-depth insights, Fisher Investments onUtilities provides a framework for understanding this sectorand its industries to help you make better investmentdecisions--now and in the future. With this book as yourguide, you can gain a global perspective of the Utilities sectorand discover strategies to help achieve your investing goals.

Autoren/Hrsg.

Gilliland, Theodore

Teufel, Andrew S.

Inhaltsverzeichnis

Foreword.
Preface.
Acknowledgments.
Part I Getting Started in Utilities.
Chapter 1 Utilities Basics.
Utilities 101.
A Defensive Sector.
What Makes Utilities Defensive?
Chapter 2 A Brief History of the Electric UtilitiesIndustry.
Early Development in the United States (1882-1935).
A Maturing Industry (1935-1978).
Market Liberalization and a New Set of Rules (1978-2009).
An Auspicious Start to the Twenty-First Century.
Part II Next Steps: Utilities Details.
Chapter 3 Utilities Sector Composition.
Global Industry Classifications Standards (GICS).
Global Utilities Benchmarks.
Why Don't Utilities Have More Weight?
Benchmark Differences.
Benchmark Changes.
Sector Benchmarks.
Industry Breakdown.
Chapter 4 The Electricity Business in Depth.
The Consumer: Who Uses Electricity?
The Vertically Integrated Electric Utility.
Power Generation.
Transmission.
Distribution.
Chapter 5 Utilities Sector Drivers.
Economic Drivers.
Political Drivers.
Sentiment Drivers.
Chapter 6 Utilities Investing in a Resource-ConsciousWorld.
Energy Challenges.
Policy Solutions.
Technological Solutions.
Part III Thinking Like a Portfolio Manager.
Chapter 7 The Top-Down Method.
Investing Is a Science.
The Top-Down Method.
Top-Down Deconstructed.
Managing Against a Utilities Benchmark.
Chapter 8 Security Analysis.
Make Your Selection.
A Five-Step Process.
Utilities Analysis.
Chapter 9 Utilities Investing Strategies.
Adding Value at the Sector Level.
Adding Value at the Country or Industry Level.
Adding Value at the Security Level.
Notes.
About the Authors.
Index.

Über Autor(innen)

THEODORE GILLILAND is a Research Analyst at FisherInvestments. Theodore graduated from the University of Colorado,Boulder, with a bachelor's degree in international affairs. Hecurrently resides in San Francisco, California.
ANDREW S. TEUFEL has been with Fisher Investments since1995, where he currently serves as a Vice Chairman. Prior tojoining Fisher Investments, he worked at Bear Stearns as acorporate finance analyst in its Global Technology Group. Andrewalso instructs at many seminars and educational workshopsthroughout the United States and United Kingdom, and has lecturedat the Haas School of Business at UC Berkeley. He is also theEditor in Chief of MarketMinder.com. Andrew is a graduate of UCBerkeley.