Fisher Investments on Consumer Discretionary

Fisher Investments on Consumer Discretionary

by Fisher Investments, Erik Renaud

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Product Details

ISBN-13: 9780470527030
Publisher: Wiley
Publication date: 07/06/2010
Series: Fisher Investments Press Series , #17
Pages: 208
Sales rank: 900,334
Product dimensions: 6.30(w) x 9.00(h) x 0.80(d)

About 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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