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 Financials, 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 Financials can help you make more informed decisions within the Financials sector. It skillfully addresses how to determine optimal times to invest in Financials stocks and which Financials industries have the potential to perform well in various environments. Divided into three comprehensive parts- Getting Started, Financials Details, and Thinking Like a Portfolio Manager-Fisher Investments on Financials:* Explains some of the sector's key macro drivers-like regulation, interest rates and credit trends* 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 Financials 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 Financials 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 Financials sector and discover strategies to help achieve your investing goals.
Foreword ix Preface xi Acknowledgments xv Part I Introduction 1 Chapter 1 Financials 101 4 Financials Sector Breakdown 23 Financials Basics 3 Part II Industry Group Details 31 Chapter 2 Banks 101 34 Types of Banks 45 Banks Industry Group Characteristics 48 Bank Regulation 53 Banks 33 Chapter 3 Capital Markets 64 Consumer Finance 76 Diversified Financial Services 80 Diversified Financials 63 Chapter 4 Characteristics of Insurers 84 How Do Insurance Companies Make Money? 89 How Do Insurance Companies Act? 94 Regulation 98 Insurance Industry Group 83 Chapter 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 103 Part 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 123 Chapter 7 Make Your Selection 144 A Five-Step Process 145 Financials Analysis 153 Security Analysis 143 Chapter 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 159 Appendix 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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