Each guide is an easily accessible primer to economic sectors,regions, or other components of the global stock market. While thisguide is specifically on Health
Care, the basic investment methodology is applicable foranalyzing any global sector, regardless of the currentmacroeconomic environment.
Following a top-down approach to investing, FisherInvestments on Heath Care can help you make more informeddecisions within the Health Care sector. It skillfully addresseshow to determine optimal times to invest in Health Care stocks andwhich Health Care industries have the potential to perform well invarious environments.
- Explains some of the sector’s key macrodrivers—like its defensive characteristics, economic cycles,and investor sentiment
- 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 Health Care 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 ones with thegreatest probability of outperforming
Filled with in-depth insights, Fisher Investments on HealthCare provides a framework for understanding this sector and itsindustries to help you make better investment decisions—nowand in the future. With this book as your guide, you can gain aglobal perspective of the Health Care sector and discoverstrategies to help achieve your investing goals.
About the Author
Andrew S. Teufel has been with Fisher Investments since1995, where he currently serves as a Vice Chairman. Prior tojoining Fisher Investments, he worked at Bear Stearns as acorporate finance analyst in its Global Technology Group. Andrewalso instructs at many seminars and educational workshopsthroughout the United States and United Kingdom, and has lecturedat the Haas School of Business at UC Berkeley. He is also theEditor in Chief of MarketMinder.com. Andrew is a graduate of UCBerkeley.
Table of ContentsForeword.
Part I Getting Started in Health Care.
Chapter 1 Health Care Basics.
Health Care Basics.
Health Care Characteristics.
Chapter 2 The US Health Care System.
Why Does It Cost So Much?
Private Versus Public.
The Regulatory System.
US Health Care Reform.
Chapter 3 Brief Overview of Health Care Systems by MajorCountries.
Chapter 4 Health Care Sector Drivers.
Defensive Nature of Health Care.
Innovation and Patent Expirations.
Part II Next Steps: Health Care Details.
Chapter 5 Health Care Sector Breakdown.
Global Industry Classification Standard.
Global Health Care Benchmarks.
Pharmaceuticals, Biotechnology & Life Sciences.
Health Care Equipment & Services Industry Group.
Health Care Providers & Services.
Health Care Facilities.
Health Care Services.
Managed Health Care.
Health Care Technology.
Chapter 6 Challenges in the Health Care Sector.
Slowing Growth in Mature Markets.
Legislation and Regulation.
Responding to Challenges.
Part III Thinking Like a Portfolio Manager.
Chapter 7 The Top-Down Method.
Investing Is a Science.
The Top-Down Method.
Managing Against a Health Care Benchmark.
Chapter 8 Security Analysis.
Make Your Selection.
A Five-Step Process.
Important Questions to Ask.
Chapter 9 Make Your Portfolio “Healthy”.
Strategy 1: Adding Value at the Industry and Sub-IndustryLevel.
Strategy 2: Adding Value at the Security Level.
Strategy 3: Adding Value in a Health Care Sector Downturn.
How to Implement Your Strategy.
Appendix Reference Material.
About the Authors.