Fisher Investments On Industrials

Description

By (author) Fisher Investments; By (author) Schrader Matt; By (author) Teufel, Andrew

Short /annotation:
The goal of theFisher Investments On Industrialsis to provide the average investor with the tools necessary to understand and analyze investment opportunities within the global Industrial sector.

:

The fourth installment of the Fisher Investments On series is a comprehensive guide to understanding and analyzing investment opportunities within the global Industrials sector. Fisher Investments on Industrials can help you quickly become familiar with this highly diversified sector, how the sector is segmented by industries, their respective macroeconomic drivers, and the challenges facing Industrials firms.

This reliable guide skillfully addresses how to determine optimal times to invest in Industrials stocks, and which industries and sub-industries have the potential to perform well in various environments. The global Industrials sector is complex, including a variety of sub-industries and countries—each with their own unique characteristics. Using the framework found here, you”ll discover how to identify these differences, spot opportunities, and avoid major pitfalls.

Fisher Investments on Industrials:

• Discuses industry fundamentals, drivers, attributes, and potential challenges
• Profiles each of the Industrials sector”s sub-industries, broken down by industry group: Capital Goods, Transportation, and Commercial Services & Supplies
• Delves into a top-down investment methodology as well as individual security analysis

led with in-depth insights and expert advice, Fisher Investments on Industrials provides a framework for understanding this sector and can help you make better investment decisions—now and in the future. With this book as your guide, you can quickly gain a global perspective of investing with regard to Industrials.

For more information visit

Table of contents:

Foreword ix

Preface xi

Acknowledgments xv

Part I: Getting Started in Industrials 1

Chapter 1: Industrials Basics 3

Industrials Basics 4

Industrials Characteristics 7

The Modern Production Process 14

Chapter 2: History of Modern Manufacturing 21

The Advancement of Trade and Investment 22

The Rise of Asia and Changes in the Manufacturing Landscape 29

The State of US Manufacturing 41

Chapter 3: Industrials Sector Drivers 47

Corporate Spending 48

Government Spending 59

Part II: Next Steps: Industrials Details 65

Chapter 4: Industrials Sector Breakdown 67

Global Industry Classification Standard (GICS) 67

Global Industrials Benchmarks 69

Capital Goods Industry Group 75

Transportation 85

Commercial & Professional Services 93

Chapter 5: Staying Current: Tracking Sector Fundamentals 97

What to Watch 97

Corporate and Government Spending-Related Metrics 98

Industry Specific Indicators 111

Chapter 6: The Infrastructure Market 117

A Very Big Market 118

Infrastructure Investment Drivers 120

Risks to Infrastructure Growth 123

Participating in the Infrastructure Boom 125

Part III: Thinking Like a Portfolio Manager 131

Chapter 7: The Top-Down Method 133

Investing Is a Science 133

Einstein’s Brain and the Stock Market 134

The Top-Down Method 136

Top-Down Deconstructed 142

Managing Against an Industrials Benchmark 149

Chapter 8: Security Analysis 155

Make Your Selection 156

A Five-Step Process 157

Important Questions to Ask 164

Chapter 9: Allocating your “Capital Good” 171

Strategy 1: Add