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Following a top-down approach to investing, Fisher Investments on Materials can help you make more informed decisions within today's dynamic Materials sector. It skillfully addresses how to determine the better times to invest in Materials stocks, and which materials industries and sub-industries have the potential to perform well in various environments. The global Materials sector is complex, covering multiple sub-industries and countries—each with unique characteristics. Using the framework found here, you can discover how to identify these differences, spot opportunities, and avoid major pitfalls.
Divided into three comprehensive parts—Getting Started, Materials Details, and Thinking Like a Portfolio Manager—Fisher Investments on Materials:
Covers the entire Materials universe—from metals and mining to chemicals, construction materials, and paper
Discusses Materials' main drivers—basic materials prices—and provides eight simple questions to help you form an educated opinion on Materials stocks
Takes you through the fifteen sub-industries within the global Materials sector and reveals how they operate
Addresses issues unique to Materials stocks—from the importance of emerging markets demand to the effects of supply shortages
Delves into top-down investment methodology as well as individual security analysis
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 and expert advice, Fisher Investments on Materials provides a framework for understanding this sector and its industries, to help you make profitable investment decisions—now and in the future. With this book as your guide, you'll gain a global perspective of the Materials sector and discover strategies to help achieve your investing goals.
Part I. Getting Started in Materials.
Chapter 1. Materials Basics.
Commodity Pricing Basics.
The Production Process.
Chapter 2. A Brief History of Materials.
The Industrial Revolution.
Structural Shifts in Metals Since the Industrial Revolution.
Industrialization of the Emerging Markets.
Chapter 3. Materials Sector Drivers.
Drivers at Work.
Case Study: Copper.
Part II. Next Steps: Materials Details.
Chapter 4. Materials Sector Breakdown.
Global Industry Classification Standard (GICS).
Global Materials Benchmarks.
Metals & Mining Industry.
Paper & Forest Products.
Containers & Packaging.
Chapter 5. Staying Current: Tracking Sector Fundamentals.
What to Watch.
Chapter 6. Case Study: The 2003 to 2007 Bull Market in Materials.
The Growth of Mergers and Acquisitions.
Part III. Thinking Like a Portfolio Manager.
Chapter 7. The Top-Down Method.
Investing Is a Science.
The Top-Down Method.
Managing Against a Materials Benchmark.
Chapter 8. Security Analysis.
Make Your Selection.
A Five-Step Process.
Important Questions to Ask.
Chapter 9. Materialize Your Portfolio: Investing Strategies.
Strategy 1: Adding Value at the Industry and Sub-industry Level.
Strategy 2: Adding Value at the Security Level.
Strategy 3: Adding Value in a Materials Sector Downturn.
Strategy 4: Investing In Commodities.
Appendix A: Materials Sector Resources.
Appendix B: Top 10 Materials Firms by Industry.
About the Authors.