Fisher Investments on Consumer Discretionary

Overview

The Fisher Investments On series is designed to provideindividual investors, aspiring investment professionals, andstudents the tools necessary to understand and analyze investmentopportunities—primarily for investing in global stocks. Eachguide is an easily accessible primer to economic sectors, regions,or other components of the global stock market. While this guidespecifically focuses on Consumer Discretionary, the basicinvestment methodology is applicable for analyzing any globalsector, regardless of the ...

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Overview

The Fisher Investments On series is designed to provideindividual investors, aspiring investment professionals, andstudents the tools necessary to understand and analyze investmentopportunities—primarily for investing in global stocks. Eachguide is an easily accessible primer to economic sectors, regions,or other components of the global stock market. While this guidespecifically focuses on Consumer Discretionary, the basicinvestment methodology is applicable for analyzing any globalsector, regardless of the current macroeconomic environment.

Following a top-down approach to investing, FisherInvestments on Consumer Discretionary can help you make moreinformed decisions within the Consumer Discretionary sector. Itskillfully addresses how to determine the optimal times to investin Consumer Discretionary stocks and which Consumer Discretionaryindustries and sub-industries have the potential to perform well invarious environments.

Divided into three comprehensive parts—Getting Started,Consumer Discretionary Details, and Thinking Like a PortfolioManager—Fisher Investments on Consumer Discretionary:

  • Explains some of the sector's key macro drivers—likeconsumer spending, income, and employment
  • 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 12 sub-industrieswithin the global Consumer Discretionary sector and reveals howthey 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 in thisfield—designed to help you identify ones with the greatestprobability of outperforming

Filled with in-depth insights and expert advice, FisherInvestments on Consumer Discretionary provides a framework forunderstanding this sector and its industries to help you makebetter investment decisions—now and in the future. With thisbook as your guide, you can gain a global perspective of theConsumer Discretionary sector and discover strategies to helpachieve your investing goals.

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Product Details

  • ISBN-13: 9780470527030
  • Publisher: Wiley
  • Publication date: 7/6/2010
  • Series: Fisher Investments Press Series, #17
  • Edition number: 1
  • Pages: 191
  • Sales rank: 892,194
  • Product dimensions: 6.30 (w) x 9.00 (h) x 0.80 (d)

Meet the Author

Erik Renaud is a Consumer Discretionary Research Analyst atFisher Investments. Renaud graduated from Santa Clara Universitywith 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 since1995, where he currently serves as a Co-President and the Directorof Research. Prior to joining Fisher Investments, he worked at BearStearns as a corporate finance analyst in its Global TechnologyGroup. Teufel also instructs at many seminars and educationalworkshops throughout the United States and United Kingdom, and haslectured at the Haas School of Business at UC Berkeley. He is alsothe Editor in Chief of MarketMinder.com. Teufel is a graduate of UCBerkeley.

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Table of Contents

Foreword.

Preface.

Acknowledgments.

Part I Getting Started in Consumer Discretionary.

Chapter 1 Consumer Discretionary Basics.

Consumer Discretionary 101.

Getting to Know the Consumer Discretionary Sector.

Chapter 2 The History of the Consumer DiscretionarySector.

The Earliest American Consumers.

The Birth of the Modern Consumer Discretionary Sector.

Chapter 3 Consumer Discretionary SectorDrivers.

Economic Drivers.

Political Drivers.

Sentiment Drivers.

Part II Next Steps: Consumer Discretionary Details.

Chapter 4 Consumer Discretionary SectorLandscape.

Global Industry Classification Standard (GICS).

Global Consumer Discretionary Benchmarks.

Automobiles & Components Industry Group.

Retailing Industry Group.

Media Industry Group.

Consumer Durables & Apparel Industry Group.

Consumer Services Industry Group.

Chapter 5 Challenges in the Consumer DiscretionarySector.

Challenge 1: Growing Profits in Mature Markets.

Challenge 2: Managing Volatile Demand.

Case Study: Callaway Golf.

Chapter 6 Household Debt—Myths andOpportunities.

Household Debt in Developed Markets—Basically a VeryUseful Tool.

Tremendous Opportunities in Emerging Markets.

Case Study: Brazil’s Credit-Driven Consumption Boom.

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 Consumer Discretionary Benchmark.

Chapter 8 Security Analysis.

Make Your Selection.

A Five-Step Process.

Important Questions to Ask.

Chapter 9 Consumer Discretionary InvestmentStrategies.

Strategy 1: Adding Value at the Industry and Sub-IndustryLevel.

Strategy 2: Adding Value at the Security Level.

Strategy 3: Adding Value in a Consumer Discretionary SectorDownturn.

How to Implement Your Strategy.

Notes.

About the Authors.

Index.

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