Description
Book SynopsisThe goal of the Fisher Investments On Industrials is to provide the average investor with the tools necessary to understand and analyze investment opportunities within the global Industrial sector.
Table of ContentsForeword 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: Adding Value at the Industry Level 171
Strategy 2: Adding Value at the Security Level 179
Strategy 3: Industrials Sector Downturn 180
How to Implement Your Strategy 180
Appendix: Industrials Websites and Data Sources 183
Notes 185
Glossary 194
About the Authors 197
Index 198
