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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.
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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