Description
Book SynopsisThe 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.
Table of ContentsForeword ix
Preface xiii
Acknowledgments xvii
Part I Getting Started in Telecom 1
Chapter 1 Telecom Basics 3
Telecom 101 4
A Defensive Sector 5
Inelastic Demand 11
A Capital Intensive Sector 12
Regulation 14
Chapter 2 A Brief History of the Telecom Industry 19
The Early Years 19
Recent History 24
Chapter 3 Telecom Sector Composition 31
Global Industry Classification Standard (GICS) 31
Global Telecom Benchmarks 32
Industry Breakdown 38
Same, Same, but Different 41
Part II Next Steps: Telecom Details 43
Chapter 4 Telecom Sector Drivers 45
Economic Drivers 46
Political Drivers 51
Sentiment Drivers 56
Chapter 5 Consumer Demand 61
Emerging Markets 61
Developed Markets 66
Chapter 6 Challenges and Opportunities 71
Wireline 72
Wireless 78
Advertising & Publishing 82
Part III Thinking Like a Portfolio Manager 85
Chapter 7 The Top-Down Method 87
Investing Is a Science 87
Einstein’s Brain and the Stock Market 89
The Top-Down Method 90
Top-Down Deconstructed 96
Managing Against a Telecommunications Benchmark 103
Chapter 8 Security Analysis 107
Make Your Selection 108
A Five-Step Process 109
Telecom Analysis 117
Chapter 9 Telecom Investing Strategies 123
Strategy 1: Adding Value at the Sector Level 124
Strategy 2: Adding Value at the Country or Industry Level 125
Strategy 3: Adding Value at the Security Level 126
Appendix: Additional Resources 129
Notes 137
Glossary 141
About the Authors 151
Index 153
