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JARRED J. KRIZ has been in the financial ser-vices industry since 1997, with experience in the banking, investment banking, brokerage, and asset management fields. He regularly presents to audiences at investing workshops across the country and currently works as a Senior Capital Markets Research Analyst at Fisher Investments with a focus on the Financials sector and macroeconomic strategy.
About Fisher Investments Press
Fisher Investments Press brings the research, analysis, and market intelligence of Fisher Investments' research team, headed by CEO and New York Times bestselling author Ken Fisher, to all investors. The Press covers a range of investing and market-related topics for a wide audiencefrom novices to enthusiasts to professionals.
Foreword ix
Preface xi
Acknowledgments xv
Part I Introduction 1
Chapter 1 Financials 101 4
Financials Sector Breakdown 23
Financials Basics 3Part II Industry Group Details 31
Chapter 2 Banks 101 34
Types of Banks 45
Banks Industry Group Characteristics 48
Bank Regulation 53
Banks 33Chapter 3 Capital Markets 64
Consumer Finance 76
Diversified Financial Services 80
Diversified Financials 63Chapter 4 Characteristics of Insurers 84
How Do Insurance Companies Make Money? 89
How Do Insurance Companies Act? 94
Regulation 98
Insurance Industry Group 83Chapter 5 What Is a REIT? 105
REIT Characteristics 108
A Representative Example: Annaly Capital Management 112
Equity REIT Sub-Industries 115
Unique Measurements for REITs 118
Real Estate Industry Group 103Part III Thinking Like a Portfolio Manager 121
Chapter 6 Investing Is a Science 123
The Top-Down Method 126
Top-Down Deconstructed 131
Managing Against a Financials Benchmark 139
The Top-Down Method 123Chapter 7 Make Your Selection 144
A Five-Step Process 145
Financials Analysis 153
Security Analysis 143Chapter 8 Adding Value at the Sector Level 160
Adding Value at the Country or Industry Level 161
Adding Value at the Security Level 162
Financials Investing Strategies 159Appendix A: Reference Material 165
Appendix B: Derivatives 171
Appendix C: Risk-Adjusted Balance Sheet 175
Notes 179
About the Author 185
Index 187
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