Fisher Investments on Telecom

by Unknown

• ISBN13: 9780470527078
• ISBN10: 0470527072
• Edition: 1st
• Format: Hardcover
• Copyright: 2011-06-07
• Publisher: Wiley

Summary

The Fisher Investments on Telecommunications provides the average investor with the tools necessary to understand and analyze investment opportunities within the global Telecom sector. Through this book, one will gain a basic understanding of how the sector works, the investment universe of the Telecomunications sector segmented by industry, pertinent macroeconomic drivers, and challenges facing companies in the sector. Telecommunications includes telephone, radio, and television companies. Telecommunications play an important role in the world economy and the worldwide telecommunication industry has a revenue over 4 trillion dollars.Times have changed, and investors need to change with them. Telecommunications is an ever-changing market due to increasing advances in technology. Just think about how the advent of the iPhone, Android, and other smart phones have changed the way telephone companies operate. Though investors can be weary of telecom investing, with big risk can come even bigger rewards. Fisher Investments on Telecommunications gives readers the tools to invest in this ever-changing sector.

Author Biography

Dan Sinton is a Research Analyst at Fisher Investments. Prior to joining Fisher, he worked at Franklin Templeton and Charles Schwab and in the nonprofit sector. Dan received a BA in international affairs at the University of Colorado and an MBA from Georgetown University. He currently lives in San Francisco, California.

Andrew S. Teufel has been with Fisher Investments since 1995 where he currently serves as a Vice Chairman. Prior to joining Fisher Investments, he worked at Bear Stearns as a corporate finance analyst in its Global Technology Group. Andrew also instructs at many seminars and educational workshops throughout the United States and United Kingdom, and has lectured at the Haas School of Business at UC Berkeley. He is also Editor in Chief of MarketMinder.com. Andrew is a graduate of UC Berkeley.

Table of Contents

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