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Full Description
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 Health
Care, 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 Heath Care can help you make more informed decisions within the Health Care sector. It skillfully addresses how to determine optimal times to invest in Health Care stocks and which Health Care industries have the potential to perform well in various environments.
Explains some of the sector's key macro drivers—like its defensive characteristics, economic cycles, and investor sentiment
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 Health Care 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 Health Care 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 Health Care sector and discover strategies to help achieve your investing goals.
Contents
Foreword ix
Preface xiii
Acknowledgments xvii
Part I Getting Started in Health Care 1
Chapter 1 Health Care Basics 3
Health Care Basics 5
Health Care Characteristics 7
Chapter 2 The US Health Care System 19
Why Does It Cost So Much? 20
Private Versus Public 25
The Regulatory System 30
US Health Care Reform 33
Chapter 3 Brief Overview of Health Care Systems by Major Countries 37
Japan 38
Germany 42
France 45
United Kingdom 48
China 52
Chapter 4 Health Care Sector Drivers 57
Defensive Nature of Health Care 58
Innovation and Patent Expirations 61
Political/Regulatory Developments 63
Part II Next Steps: Health Care Details 67
Chapter 5 Health Care Sector Breakdown 69
Global Industry Classification Standard 70
Global Health Care Benchmarks 71
Pharmaceuticals, Biotechnology & Life Sciences 74
Health Care Equipment & Services Industry Group 90
Health Care Providers & Services 97
Health Care Facilities 98
Health Care Services 99
Managed Health Care 102
Health Care Technology 106
Chapter 6 Challenges in the Health Care Sector 111
Slowing Growth in Mature Markets 112
Legislation and Regulation 115
Responding to Challenges 119
Part III Thinking Like a Portfolio Manager 127
Chapter 7 The Top-Down Method 129
Investing Is a Science 129
The Top-Down Method 132
Top-Down Deconstructed 138
Managing Against a Health Care Benchmark 145
Chapter 8 Security Analysis 151
Make Your Selection 152
A Five-Step Process 153
Important Questions to Ask 161
Chapter 9 Make Your Portfolio "Healthy" 169
Strategy 1: Adding Value at the Industry and Sub-Industry Level 170
Strategy 2: Adding Value at the Security Level 176
Strategy 3: Adding Value in a Health Care Sector Downturn 176
How to Implement Your Strategy 177
Appendix Reference Material 181
Notes 187
About the Authors 193
Index 195
