FI on Technology

ISBN-13: 9780470452370 / Angielski / Twarda / 2010 / 224 str.

Fisher Investments

Opis

The sixth installment of the Fisher Investments On series is a comprehensive guide to understanding and analyzing investment opportunities within the Technology sector. Fisher Investments on Technology can help you quickly become familiar with this highly diversified sector, how the sector is segmented by industries, their respective macroeconomic drivers, and the challenges facing Technology firms. This reliable guide skillfully addresses how to determine optimal times to invest in Technology stocks, and which industries and sub-industries have the potential to perform well in various environments. The global Technology sector is complex, including a variety of sub-industries and countries--each with their own unique characteristics. Using the framework found here, you'll discover how to identify these differences, spot opportunities, and avoid major pitfalls. Fisher Investments on Technology:

• Discusses industry fundamentals, drivers, attributes, and potential challenges
• Addresses the challenges unique to Technology and some common pitfalls to avoid.
• Delves into top-down investment methodology as well as individual security analysis.
• Outlines a five-step process to help differentiate Technology firms--designed to help you identify ones that may have greatest probability of outperforming
• Provides investment strategies for a variety of market environments

Filled with in-depth insights and expert advice, Fisher Investments on Technology 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 Technology sector and discover strategies to help achieve your investing goals.

Spis treści

Foreword ix

Preface xi

Acknowledgments xv

Part I Getting Started in Technology 1

Chapter 1 Technology Basics 3

More Than Gadgets . . . A Means 4

Technology 101 7

Starting Small: Semiconductors 7

Getting Larger: Products and Components 12

Making It All Work: Software and Services 20

Chapter 2 A Brief History of Modern Technology 25

The Snowball Event: History of Semiconductors 26

History of Computers 31

History of Communications 35

History of the Internet 37

Chapter 3 Technology Sector Drivers 43

Economic Drivers 43

Political Drivers 57

Sentiment Drivers 61

Part II Next Steps: Technology Details 67

Chapter 4 Technology Sector Breakdown 69

Global Industry Classification Standard (GICS) 69

Global Technology Benchmarks 71

Technology Industry Breakdown 75

Chapter 5 Challenges in the Information Technology Sector 99

Product Maturity and Obsolescence 99

Fighting Maturity and Obsolescence 101

Extreme Fluctuations in Supply and Demand 110

Intellectual Property Threats 113

Chapter 6 A Deeper Look at Current and Emerging Technologies 117

Semiconductor Production Process 118

Emerging Manufacturing Technologies 122

Computer Technology 124

Part III Thinking Like a Portfolio Manager 131

Chapter 7 The Top–Down Method 133

Investing Is a Science 133

Einstein’s Brain and the Stock Market 134

The Top–Down Method 136

Top–Down Deconstructed 141

Managing Against a Technology Benchmark 149

Chapter 8 Security Analysis 155

Make Your Selection 156

A Five–Step Process 157

Important Questions to Ask 165

Chapter 9 Upgrading Your Portfolio—Investing Strategies 175

Strategy 1: Adding Value at the Sector Level 176

Strategy 2: Adding Value at the Industry Level 178

Strategy 3: Adding Value at the Security Level 183

Strategy 4: Adding Value in a Technology Sector Downturn 184

Strategy 5: Venture Capital 185

Good Luck! 186

Glossary 187

Notes 194

About the Authors 201

Index 202

O autorze

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.

BRENDAN ERNE is an equity research analyst at Fisher Investments, focusing on the Global Technology sector. He is also a contributing columnist for MarketMinder.com. Erne received a BA in finance from Washington State University. Prior to joining Fisher Investments, he worked as a financial advisor for Ameriprise Financial in Bellevue, Washington. Originally from Redmond, Washington, Erne currently resides in San Francisco.

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.

Blurb

• An in–depth look at the global Technology sector investment universe, including software, computers and peripherals, semiconductors, and more
• Tips and tools to develop a Technology portfolio, including identifying portfolio drivers and security analysis
• A useful guide for investing in any market condition

FISHER INVESTMENTS^™ ON TECHNOLOGY

While the innovative potential of technology is exciting, investing in this sector requires a good dose of discipline. Forecasting the ways in which technology transfers into stock price movements can be difficult, but Fisher Investments on Technology can help you gain a better understanding of how this can be accomplished.

This installment of the Fisher Investments On series is an all–encompassing guide to understanding and analyzing investment opportunities within the global Technology sector. With this book as your guide, you′ll quickly become familiar with the global Technology investment universe—from IT services and software to semiconductors and communications equipment—and discover a viable approach for identifying firms in this field with the greatest probability of outperforming. Along the way, you′ll also become familiar with the high–level economic, political, and sentiment drivers behind this sector and how accurately identifying them can help determine when to overweight or underweight it.

You don′t have to be a professional to successfully invest in the global Technology sector—but you do need to be prepared. Fisher Investments on Technology provides a framework for investing in Technology now and for the rest of your investing career.