Fisher Investments on Telecom

Preface.

Acknowledgments.

Part I Getting Started in Telecom.

Chapter 1 Telecom Basics.

Telecom 101.

A Defensive Sector.

Inelastic Demand.

A Capital Intensive Sector.

Regulation.

Chapter 2 A Brief History of the Telecom Industry.

The Early Years.

Recent History.

Chapter 3 Telecom Sector Composition.

Global Industry Classification Standard (GICS).

Global Telecom Benchmarks.

Industry Breakdown.

Same, Same, but Different.

Part II Next Steps: Telecom Details.

Chapter 4 Telecom Sector Drivers.

Economic Drivers.

Political Drivers.

Sentiment Drivers.

Chapter 5 Consumer Demand.

Emerging Markets.

Developed Markets.

Chapter 6 Challenges and Opportunities.

Wireline.

Wireless.

Advertising & Publishing.

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 Telecommunications Benchmark.

Chapter 8 Security Analysis.

Make Your Selection.

A Five-Step Process.

Telecom Analysis.

Chapter 9 Telecom Investing Strategies.

Strategy 1: Adding Value at the Sector Level.

Strategy 2: Adding Value at the Country or Industry Level.

Strategy 3: Adding Value at the Security Level.

Appendix: Additional Resources.

Notes.

Glossary.

About the Authors.

Index.