Fisher Investments on Health Care

by Unknown

• ISBN13: 9780470527054
• ISBN10: 0470527056
• Edition: 1st
• Format: Hardcover
• Copyright: 2011-03-08
• Publisher: Wiley

Summary

The definitive guide to investing in the Health Care sectorHealth Care is an ever-changing market, so in order to excel in this arena, you need the tools to better understand the market. Fisher Investments on Health Care has what you need to achieve this goal.This reliable resource provides you with the tools necessary to understand and analyze investment opportunities within the global Health Care sector. Throughout the book, you'll gain a basic understanding of how this sector works, the investment universe of the Health Care sector segmented by industry, pertinent macroeconomic drivers, and challenges facing companies in this area. Contains information that will allow you to successfully invest in various areas of Health Care-from pharmaceuticals, biotech, and research organizations to medical instruments and supplies Offers timely advice for stock selection and includes a discussion of common pitfalls and how to avoid them Delves into a top-down investment methodology as well as individual security analysisFilled with in-depth insights and expert advice, Fisher Investments on Health Care provides a framework for understanding this sector, to help improve your investment endeavors-now and in the future. With this book as your guide, you'll quickly gain a global perspective of investing in the Health Care arena.

Author Biography

Michael Kelly is a Health Care Research Analyst at Fisher Investments. He has a master of science degree in finance from Saint Xavier University and holds the CFA® and CFP® certifications.

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 the 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 Health Care	p. 1
Health Care Basics	p. 3
Health Care Basics	p. 5
Health Care Characteristics	p. 7
The US Health Care System	p. 19
Why Does It Cost So Much?	p. 20
Private Versus Public	p. 25
The Regulatory System	p. 30
US Health Care Reform	p. 33
Brief Overview of Health Care Systems by Major Countries	p. 37
Japan	p. 38
Germany	p. 42
France	p. 45
United Kingdom	p. 48
China	p. 52
Health Care Sector Drivers	p. 57
Defensive Nature of Health Care	p. 58
Innovation and Patent Expirations	p. 61
Political/Regulatory Developments	p. 63
Next Steps: Health Care Details	p. 67
Health Care Sector Breakdown	p. 69
Global Industry Classification Standard	p. 70
Global Health Care Benchmarks	p. 71
Pharmaceuticals, Biotechnology & Life Sciences	p. 74
Health Care Equipment & Services Industry Group	p. 90
Health Care Providers & Services	p. 97
Health Care Facilities	p. 98
Health Care Services	p. 99
Managed Health Care	p. 102
Health Care Technology	p. 106
Challenges in the Health Care Sector	p. 111
Slowing Growth in Mature Markets	p. 112
Legislation and Regulation	p. 115
Responding to Challenges	p. 119
Thinking Like a Portfolio Manager	p. 127
The Top-Down Method	p. 129
Investing Is a Science	p. 129
The Top-Down Method	p. 132
Top-Down Deconstructed	p. 138
Managing Against a Health Care Benchmark	p. 145
Security Analysis	p. 151
Make Your Selection	p. 152
A Five-Step Process	p. 153
Important Questions to Ask	p. 161
Make Your Portfolio ôHealthyö	p. 169
Adding Value at the Industry and Sub-Industry Level	p. 170
Adding Value at the Security Level	p. 176
Adding Value in a Health Care Sector Downturn	p. 176
How to Implement Your Strategy	p. 177
Appendix Reference Material	p. 181
Notes	p. 187
About the Authors	p. 193
Index	p. 195
Table of Contents provided by Ingram. All Rights Reserved.