Fisher Investments on Consumer Discretionary

Erik Renaud is a Consumer Discretionary Research Analyst at Fisher Investments. Renaud graduated from Santa Clara University with a bachelor's degree in finance. Hailing from Minnetonka, Minnesota, he currently resides in San Francisco, California.
 
Andrew S. Teufel has been with Fisher Investments since 1995, where he currently serves as a Co-President and the Director of Research. Prior to joining Fisher Investments, he worked at Bear Stearns as a corporate finance analyst in its Global Technology Group. Teufel 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. Teufel is a graduate of UC Berkeley.

The Fisher Investments on Consumer Discretionary provides the average investor with the tools necessary to understand and analyze investment opportunities within the global Consumer Discretionary sector. Through this book, one will gain a basic understanding of how the sector works, the investment universe of the Consumer Discretionary sector segmented by industry, pertinent macroeconomic drivers, and challenges facing companies in the sector. Consumer Discretionary includes companies which deal with products or services that are not necessities. The degree of spending and amount of consumption of these products and services varies depending upon the individual. These industries include automobiles, high-end clothing, restaurants, hotels, and luxury goods.
 
Times have changed, and investors need to change with them. Consumer Discretionary is an ever-changing market. Though investors are often weary of luxury investing, with big risk can come even bigger rewards. Fisher Investments on Consumer Discretionary gives readers the tools to invest in luxury and consumer good companies which include staples such as entertainment, media, automobiles, and travel goods.

The Fisher Investments on Consumer Discretionary provides the average investor with the tools necessary to understand and analyze investment opportunities within the global Consumer Discretionary sector. Through this book, one will gain a basic understanding of how the sector works, the investment universe of the Consumer Discretionary sector segmented by industry, pertinent macroeconomic drivers, and challenges facing companies in the sector. Consumer Discretionary includes companies which deal with products or services that are not necessities. The degree of spending and amount of consumption of these products and services varies depending upon the individual. These industries include automobiles, high-end clothing, restaurants, hotels, and luxury goods.
Times have changed, and investors need to change with them. Consumer Discretionary is an ever-changing market. Though investors are often weary of luxury investing, with big risk can come even bigger rewards. Fisher Investments on Consumer Discretionary gives readers the tools to invest in luxury and consumer good companies which include staples such as entertainment, media, automobiles, and travel goods.

Foreword.
 
Preface.
 
Acknowledgments.
 
Part I Getting Started in Consumer Discretionary.
 
Chapter 1 Consumer Discretionary Basics.
 
Consumer Discretionary 101.
 
Getting to Know the Consumer Discretionary Sector.
 
Chapter 2 The History of the Consumer Discretionary Sector.
 
The Earliest American Consumers.
 
The Birth of the Modern Consumer Discretionary Sector.
 
Chapter 3 Consumer Discretionary Sector Drivers.
 
Economic Drivers.
 
Political Drivers.
 
Sentiment Drivers.
 
Part II Next Steps: Consumer Discretionary Details.
 
Chapter 4 Consumer Discretionary Sector Landscape.
 
Global Industry Classification Standard (GICS).
 
Global Consumer Discretionary Benchmarks.
 
Automobiles & Components Industry Group.
 
Retailing Industry Group.
 
Media Industry Group.
 
Consumer Durables & Apparel Industry Group.
 
Consumer Services Industry Group.
 
Chapter 5 Challenges in the Consumer Discretionary Sector.
 
Challenge 1: Growing Profits in Mature Markets.
 
Challenge 2: Managing Volatile Demand.
 
Case Study: Callaway Golf.
 
Chapter 6 Household Debt--Myths and Opportunities.
 
Household Debt in Developed Markets--Basically a Very Useful Tool.
 
Tremendous Opportunities in Emerging Markets.
 
Case Study: Brazil's Credit-Driven Consumption Boom.
 
Part III Thinking Like a Portfolio Manager.
 
Chapter 7 The Top-Down Method.
 
Investing Is a Science.
 
Einstein's Brain and the Stock Market.
 
The Top-Down Method.
 
Top Down Deconstructed.
 
Managing Against a Consumer Discretionary Benchmark.
 
Chapter 8 Security Analysis.
 
Make Your Selection.
 
A Five-Step Process.
 
Important Questions to Ask.
 
Chapter 9 Consumer Discretionary Investment Strategies.
 
Strategy 1: Adding Value at the Industry and Sub-Industry Level.
 
Strategy 2: Adding Value at the Security Level.
 
Strategy 3: Adding Value in a Consumer Discretionary Sector Downturn.
 
How to Implement Your Strategy.
 
Notes.
 
About the Authors.
 
Index.

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