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Fisher Investments on Utilities
(Author), Theodore Gilliland (Author), Andrew S. Teufel (Author)
9780470642122, Wiley
Hardback, published 29 March 2011
240 pages, Tables: 40 B&W, 0 Color
23.1 x 15.5 x 2.5 cm, 0.454 kg
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 Utilities, 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 Utilities can help you make more informed decisions within the Utilities sector. It skillfully addresses how to determine optimal times to invest in Utilities stocks and which Utilities industries have the potential to perform well in various environments. Divided into three comprehensive parts—Getting Started, Utilities Details, and Thinking Like a Portfolio Manager—Fisher Investments on Utilities: Filled with in-depth insights, Fisher Investments on Utilities 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 Utilities sector and discover strategies to help achieve your investing goals.
Foreword ix Preface xiii Acknowledgments xvii Part I Getting Started in Utilities 1 Chapter 1 Utilities Basics 3 Utilities 101 4 A Defensive Sector 5 What Makes Utilities Defensive? 10 Chapter 2 A Brief History of the Electric Utilities Industry 19 Early Development in the US (1882–1935) 20 A Maturing Industry (1935–1978) 24 Market Liberalization and a New Set of Rules (1978–2009) 30 An Auspicious Start to the Twenty-First Century 36 Part II Next Steps: Utilities Details 39 Chapter 3 Utilities Sector Composition 41 Global Industry Classification Standards (GICS) 41 Global Utilities Benchmarks 42 Why Don’t Utilities Have More Weight? 43 Benchmark Differences 45 Benchmark Changes 47 Sector Benchmarks 47 Industry Breakdown 49 Chapter 4 The Electricity Business in Depth 59 The Consumer: Who Uses Electricity? 60 The Vertically Integrated Electric Utility 68 Power Generation 74 Transmission 93 Distribution 97 Chapter 5 Utilities Sector Drivers 101 Economic Drivers 102 Political Drivers 117 Sentiment Drivers 128 Chapter 6 Utilities Investing in a Resource-Conscious World 133 Energy Challenges 134 Policy Solutions 138 Technological Solutions 144 Part III Thinking Like a Portfolio Manager 155 Chapter 7 The Top-Down Method 157 Investing Is a Science 157 The Top-Down Method 160 Top-Down Deconstructed 166 Managing Against a Utilities Benchmark 173 Chapter 8 Security Analysis Contents 177 Make Your Selection 178 A Five-Step Process 179 Utilities Analysis 188 Chapter 9 Utilities Investing Strategies 195 Adding Value at the Sector Level 196 Adding Value at the Country or Industry Level 197 Adding Value at the Security Level 199 Notes 201 About the Author 207 Index 209
Subject Areas: Finance & accounting [KF]
