Series Volume Number20
Table Of ContentForeword 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
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., This tenth installment of the Fisher Investments On series is a comprehensive guide to the Telecom sector which includes companies like AT&T, Vodafone, and América Móvil, to name a few. This reliable guide can help you in making top-down investment decisions. The framework presented here can be applied to Telecom, but also more broadly to any major investing category. It shows how to determine better times to invest in Telecom, which Telecom industries and sub-industries are likelier to do best and in which regions, and how individual stocks can benefit in various environments. The global Telecom industry is complex and can vary greatly from country to country. Using the framework detailed in this book, you can learn to be better equipped to identify opportunities and avoid major pitfalls. Given the vast market landscape and diverse geographic operations, it is vital to maintain a global perspective when investing in the Telecom sector. This invaluable resource provides the tools to help you understand and analyze opportunities no matter their country of origin. For more information visit www.telecommunications.fisherinvestments.com 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 audience from novices to enthusiasts to professionals., The 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. Each guide is an easily accessible primer to economic sectors, regions, or other components of the global stock market. While this guide is specifically on Telecom, the basic investment methodology is applicable for analyzing any global sector, regardless of the current macroeconomic environment. Following a top-down approach to investing, Fisher Investments on Telecom can help you make more informed decisions within the Telecom sector. It skillfully addresses how to determine optimal times to invest in Telecom stocks and which Telecom industries have the potential to perform well in various environments. Divided into three comprehensive parts--Getting Started, Telecom Details, and Thinking Like a Portfolio Manager-- Fisher Investments on Telecom: Explains some of the sector's key macro drivers--like interest rates, regulation, and risk aversion Shows how to capitalize on a wide array of macro conditions and industry-specific features to help you form an opinion on each of the industries within the sector Takes you through the major components of the industries within the global Telecom sector and reveals how they operate Offers investment strategies to help you determine when and how to overweight specific industries within the sector Outlines a five-step process to help differentiate firms in this field--designed to help you identify ones with the greatest probability of outperforming Filled with in-depth insights, Fisher Investments on Telecom provides a framework for understanding this sector and its industries to help you make better investment decisions--now and in the future. With this book as your guide, you can gain a global perspective of the Telecom sector and discover strategies to help achieve your investing goals.
LC Classification NumberHE7631