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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 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:
Explains some of the sector's key macro drivers—like regulation, 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 Utilities 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 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.
Contents
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
