Fisher Investments on Financials / Edition 1

Fisher Investments on Financials / Edition 1

by Fisher Investments, Jarred Kriz
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Fisher Investments on Financials / Edition 1

The easy-to-use resource for anyone looking to learn more aboutthe financial sector and how to make the most of it

The Fisher Investments On series is designed to provideindividual investors, students, and aspiring investmentprofessionals with 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 Financials, the basicinvestment methodology is applicable for analyzing any globalsector, regardless of the current macroeconomic environment.

Following a top-down approach to investing, FisherInvestments on Financials can help you make more informeddecisions within the Financials sector. It skillfully addresses howto determine optimal times to invest in Financials stocks and whichFinancials industries have the potential to perform well in variousenvironments. The book is divided into three comprehensiveparts—Getting Started, Financials Details, and Thinking Likea Portfolio Manager.

  • Explains some of the sector's key macro drivers—likeregulation, interest rates, and credit trends
  • 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 Financials 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 those with thegreatest probability of outperforming

Filled with in-depth insights, Fisher Investments onFinancials 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 Financials sectorand discover strategies to help achieve your investing goals.

Product Details

ISBN-13: 9780470527061
Publisher: Wiley
Publication date: 10/02/2012
Series: Fisher Investments Press Series , #19
Pages: 224
Product dimensions: 5.90(w) x 9.10(h) x 0.90(d)

About the Author

JARRED J. KRIZ has been in the financial ser-vicesindustry since 1997, with experience in the banking, investmentbanking, brokerage, and asset management fields. He regularlypresents to audiences at investing workshops across the country andcurrently works as a Senior Capital Markets Research Analyst atFisher Investments with a focus on the Financials sector andmacroeconomic strategy.

About Fisher Investments Press
Fisher Investments Press brings the research, analysis, and marketintelligence of Fisher Investments' research team, headed by CEOand New York Times bestselling author Ken Fisher, to all investors.The Press covers a range of investing and market-related topics fora wide audience—from novices to enthusiasts toprofessionals.

Table of Contents

Foreword ix

Preface xi

Acknowledgments xv

Part I Introduction 1

Chapter 1 Financials 101 4

Financials Sector Breakdown 23

Financials Basics 3

Part II Industry Group Details 31

Chapter 2 Banks 101 34

Types of Banks 45

Banks Industry Group Characteristics 48

Bank Regulation 53

Banks 33

Chapter 3 Capital Markets 64

Consumer Finance 76

Diversified Financial Services 80

Diversified Financials 63

Chapter 4 Characteristics of Insurers 84

How Do Insurance Companies Make Money? 89

How Do Insurance Companies Act? 94

Regulation 98

Insurance Industry Group 83

Chapter 5 What Is a REIT? 105

REIT Characteristics 108

A Representative Example: Annaly Capital Management 112

Equity REIT Sub-Industries 115

Unique Measurements for REITs 118

Real Estate Industry Group 103

Part III Thinking Like a Portfolio Manager 121

Chapter 6 Investing Is a Science 123

The Top-Down Method 126

Top-Down Deconstructed 131

Managing Against a Financials Benchmark 139

The Top-Down Method 123

Chapter 7 Make Your Selection 144

A Five-Step Process 145

Financials Analysis 153

Security Analysis 143

Chapter 8 Adding Value at the Sector Level 160

Adding Value at the Country or Industry Level 161

Adding Value at the Security Level 162

Financials Investing Strategies 159

Appendix A: Reference Material 165

Appendix B: Derivatives 171

Appendix C: Risk-Adjusted Balance Sheet 175

Notes 179

About the Author 185

Index 187

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