Fisher Investments on Materials (Fisher Investments Press) - Andrew Teufel & Brad Pyles

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Fisher Investments on Materials (Fisher Investments Press)

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FISHER INVESTMENTS PRESS
Title Page
Copyright Page
Foreword
Preface
USING YOUR MATERIALS GUIDE
Acknowledgements
I - GETTING STARTED IN MATERIALS
Chapter 1 - MATERIALS BASICS
MATERIALS 101
Materials Are Extremely Capital Intensive
Materials Are Hypersensitive to Economic Growth
What’s So Important About Supply and Demand?
COMMODITY PRICING BASICS
Futures Exchanges
THE PRODUCTION PROCESS
Upstream Versus Downstream
The Life Cycle of Metals
The Life Cycle of Chemicals
The Life Cycle of Concrete
The Life Cycle of Paper
Chapter 2 - A BRIEF HISTORY OF MATERIALS
THE INDUSTRIAL REVOLUTION
The Birth of the Modern Chemicals Industry
STRUCTURAL SHIFTS IN METALS SINCE THE INDUSTRIAL REVOLUTION
The Surge of World War I
Re-Building After World War II
Inflation of the 1970s
INDUSTRIALIZATION OF THE EMERGING MARKETS
Chapter 3 - MATERIALS SECTOR DRIVERS
KEY DRIVERS
Economic Growth
Commodity Prices
Commodity Production Growth
Exploration and Development Costs
Production Costs
Share Buybacks and M&A Activity
Investor Sentiment
Taxes, Politics, and Regulations
DRIVERS AT WORK
Is the Material Priced Globally or Regionally?
What Is the Material Used For?
Who Are the Primary Consumers?
Where Is It Produced?
Who Are the Largest Producers?
What Are Production’s Primary Costs?
Are There Significant Barriers to Entry?
What Is the Expected Change in Supply and Demand?
CASE STUDY: COPPER
Is Copper Priced Globally or Regionally?
What Is Copper Used For?
Who Consumes Copper?
Where Is Copper Produced?
Who Are the Largest Copper Producers?
What Are the Primary Costs Associated With Copper Production?
Are There Any Significant Barriers to Entry in Copper?
What Is the Expected Change in the Supply and Demand of Copper?
Copper Summary
II - NEXT STEPS: MATERIALS DETAILS
Chapter 4 - MATERIALS SECTOR BREAKDOWN
GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS)
GLOBAL MATERIALS BENCHMARKS
Differences in Benchmarks
A Concentrated Group
METALS & MINING INDUSTRY
Iron Ore
Coal
Steel
Gold
Aluminum
Nickel
Zinc
CHEMICALS
Commodity Chemicals
Specialty Chemicals
Fertilizers & Agricultural Chemicals
Industrial Gases
CONSTRUCTION MATERIALS
PAPER & FOREST PRODUCTS
Paper Products
Forest Products
CONTAINERS & PACKAGING
Chapter 5 - STAYING CURRENT
WHAT TO WATCH
GDP Growth
Global Materials Production Growth
Inventories
Global Materials Trade: Imports and Exports
Capacity Utilization
Raw Material Costs
Marginal Cost of Production
Tariffs, Royalties, Subsidies, and Price Caps
Freight Rates
Chapter 6 - CASE STUDY
THE BACKDROP
DEMAND GROWTH
Why Governments Fund Infrastructure Investments
How Infrastructure Investments Impact Basic Materials Consumption
The Wealth Effect
Who Was Industrializing and Investing in Infrastructure?
Where the Emerging Market Industrialization Process Is Headed
What the Developed World Contributed to Demand, and Its Outlook Ahead
SUPPLY CONSTRAINTS
Lack of Skilled Labor
Lack of Equipment
Infrastructure Bottlenecks and Declining Ore Grades
The Shift to Less Developed Regions
Environmental Regulations
THE GROWTH OF MERGERS AND ACQUISITIONS
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 Means Thinking 70-20-10
Benchmarks
TOP-DOWN DECONSTRUCTED
Step 1: Analyze Portfolio Drivers and Country and Sector Selection
Step 2: Quantitative Factor Screening
Step 3: Stock Selection
MANAGING AGAINST A MATERIALS BENCHMARK
Chapter 8 - SECURITY ANALYSIS
MAKE YOUR SELECTION
A FIVE-STEP PROCESS
Step 1: Understand Business and Earnings Drivers
Step 2: Identify Strategic Attributes
Step 3: Analyze Fundamentals and Stock Price Performance
Step 4: Identify Risks
Step 5: Analyze Valuations and Consensus Expectations
IMPORTANT QUESTIONS TO ASK
Chapter 9 - MATERIALIZE YOUR PORTFOLIO Investing Strategies
STRATEGY 1: ADDING VALUE AT THE INDUSTRY AND SUB-INDUSTRY LEVEL
How to Implement Sub-Asset Allocation Over- and Underweights
STRATEGY 2: ADDING VALUE AT THE SECURITY LEVEL
STRATEGY 3: ADDING VALUE IN A MATERIALS SECTOR DOWNTURN
How to Implement Your Strategy
STRATEGY 4: INVESTING IN COMMODITIES
How to Implement Your Strategy
Appendix A Materials Sector Resources
ECONOMIC SOURCES
MATERIALS SECTOR SOURCES
MATERIALS INDUSTRY & SUB-INDUSTRY SOURCES
Appendix B Top 10 Materials Firms by Industry
Notes
CHAPTER 1: MATERIALS BASICS
CHAPTER 2: A BRIEF HISTORY OF MATERIALS
CHAPTER 3: MATERIALS SECTOR DRIVERS
CHAPTER 4: MATERIALS SECTOR BREAKDOWN
CHAPTER 5: STAYING CURRENT: TRACKING SECTOR FUNDAMENTALS
CHAPTER 6: CASE STUDY: THE 2003 TO 2007 BULL MARKET IN MATERIALS
CHAPTER 7: THE TOP-DOWN METHOD
CHAPTER 9: MATERIALIZE YOUR PORTFOLIO: INVESTING STRATEGIES
APPENDIX B
Glossary
About the Authors
Index
A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
S
T
U
V
W
X
Y
Z

Fisher Investments on Materials (Fisher Investments Press) - Andrew Teufel & Brad Pyles

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