Fisher Investments on Telecom

Fisher Investments on Telecom

by Fisher Investments


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Fisher Investments on Telecom by Fisher Investments

The Fisher Investments On series is designed to provideindividual investors, students, and aspiring investmentprofessionals the tools necessary to understand and analyzeinvestment opportunities—primarily for investing in globalstocks.

Each guide is an easily accessible primer to economic sectors,regions, or other components of the global stock market. While thisguide is specifically on Telecom, the basic investment methodologyis applicable for analyzing any global sector, regardless of thecurrent macroeconomic environment.

Following a top-down approach to investing, FisherInvestments on Telecom can help you make more informeddecisions within the Telecom sector. It skillfully addresses how todetermine optimal times to invest in Telecom stocks and whichTelecom industries have the potential to perform well in variousenvironments.

Divided into three comprehensive parts—Getting Started,Telecom Details, and Thinking Like a PortfolioManager—Fisher Investments on Telecom:

  • Explains some of the sector’s key macrodrivers—like interest rates, regulation, and riskaversion
  • 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 Telecom 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 onTelecom provides a framework for understanding this sector andits 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 Telecom sector anddiscover strategies to help achieve your investing goals.

Product Details

ISBN-13: 9780470527078
Publisher: Wiley
Publication date: 06/07/2011
Series: Fisher Investments Press Series , #20
Pages: 176
Product dimensions: 6.10(w) x 9.10(h) x 0.80(d)

About the Author

Dan Sinton is a Research Analyst at Fisher Investments.Prior to joining Fisher, he worked at Franklin Templeton andCharles Schwab and in the nonprofit sector. Dan received a BA ininternational affairs at the University of Colorado and an MBA fromGeorgetown University. He currently lives in San Francisco,California.

Andrew S. Teufel has been with Fisher Investments since1995 where he currently serves as a Vice Chairman. Prior to joiningFisher Investments, he worked at Bear Stearns as a corporatefinance analyst in its Global Technology Group. Andrew alsoinstructs at many seminars and educational workshops throughout theUnited States and United Kingdom, and has lectured at the HaasSchool of Business at UC Berkeley. He is also Editor in Chief Andrew is a graduate of UC Berkeley.

Table of Contents




Part I Getting Started in Telecom.

Chapter 1 Telecom Basics.

Telecom 101.

A Defensive Sector.

Inelastic Demand.

A Capital Intensive Sector.


Chapter 2 A Brief History of the Telecom Industry.

The Early Years.

Recent History.

Chapter 3 Telecom Sector Composition.

Global Industry Classification Standard (GICS).

Global Telecom Benchmarks.

Industry Breakdown.

Same, Same, but Different.

Part II Next Steps: Telecom Details.

Chapter 4 Telecom Sector Drivers.

Economic Drivers.

Political Drivers.

Sentiment Drivers.

Chapter 5 Consumer Demand.

Emerging Markets.

Developed Markets.

Chapter 6 Challenges and Opportunities.



Advertising & Publishing.

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 Telecommunications Benchmark.

Chapter 8 Security Analysis.

Make Your Selection.

A Five-Step Process.

Telecom Analysis.

Chapter 9 Telecom Investing Strategies.

Strategy 1: Adding Value at the Sector Level.

Strategy 2: Adding Value at the Country or Industry Level.

Strategy 3: Adding Value at the Security Level.

Appendix: Additional Resources.



About the Authors.


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