Dan Sinton, Andrew S.Teufel – Fisher Investments on Telecom

DAN SINTON, ANDREW S.TEUFEL – FISHER INVESTMENTS ON TELECOM

The Fisher Investments On series is designed to provide individual investors, students, and aspiring investment professionals the tools necessary to understand and analyze investment opportunities—primarily for investing in global stocks.

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

Following a top-down approach to investing, Fisher Investments on Telecom can help you make more informed decisions within the Telecom sector. It skillfully addresses how to determine optimal times to invest in Telecom stocks and which Telecom industries have the potential to perform well in various environments.

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

• Explains some of the sector’s key macro drivers—like interest rates, regulation, and risk aversion
• Shows how to capitalize on a wide array of macro conditions and industry-specific features to help you form an opinion on each of the industries within the sector
• Takes you through the major components of the industries within the global Telecom sector and reveals how they operate
• Offers investment strategies to help you determine when and how to overweight specific industries within the sector
• Outlines a five-step process to help differentiate firms in this field—designed to help you identify ones with the greatest probability of outperforming

Filled with in-depth insights, Fisher Investments on Telecom provides a framework for understanding this sector and its industries to help you make better investment decisions—now and in the future. With this book as your guide, you can gain a global perspective of the Telecom sector and discover strategies to help achieve your investing goals.

TABLE OF CONTENTS

Foreword.

Preface.

Acknowledgments.

PART I GETTING STARTED IN TELECOM.

CHAPTER 1 TELECOM BASICS.

Telecom 101.

A Defensive Sector.

Inelastic Demand.

A Capital Intensive Sector.

Regulation.

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.

Wireline.

Wireless.

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.

Notes.

Glossary.

About the Authors.

Index.

AUTHOR INFORMATION

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

Andrew S. Teufel has been with Fisher Investments since 1995 where he currently serves as a Vice Chairman. Prior to joining Fisher Investments, he worked at Bear Stearns as a corporate finance analyst in its Global Technology Group. Andrew also instructs at many seminars and educational workshops throughout the United States and United Kingdom, and has lectured at the Haas School of Business at UC Berkeley. He is also Editor in Chief of MarketMinder.com. Andrew is a graduate of UC Berkeley.

 

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