This reliable guide can help you in making top-down investmentdecisions specifically for the Consumer Discretionary sector. Itshows how to determine better times to invest in ConsumerDiscretionary, which Consumer Discretionary industries andsub-industries are likelier to do best, and how individual stockscan benefit in various environments. The global ConsumerDiscretionary sector is complex, covering many sub-industries andcountries with unique characteristics. Using the framework detailedin this book, you can learn to be better equipped to identify theirdifferences, spot opportunities, and avoid major pitfalls.
Given the vast market landscape and diverse geographicoperations, it is vital to maintain a global perspective wheninvesting in the Consumer Discretionary sector. This invaluableresource provides the tools that can help you understand andanalyze opportunities both in the United States and abroad withinthis diverse sector.
For more information, visitwww.consumerdiscretionary.fisherinvestments.com.
About Fisher Investments Press
Fisher Investments Press brings the research, analysis,and market intelligence of Fisher Investments' research team,headed by CEO and New York Times bestselling author KenFisher, to all investors. The Press covers a range of investing andmarket-related topics for a wide audience—from novices toenthusiasts to professionals.
About the Author
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.
Table of ContentsForeword.
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.
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.
About the Authors.