Fisher Investments on Technology (Fisher Investments Press Series)
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...
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The Fisher Investments On series is designed to provide individual investors, aspiring investment professionals, and students 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 focuses specifically on Technology, the basic investment methodology is applicable for analyzing any global equity category, regardless of the current macroeconomic environment. Following a top-down approach to investing, Fisher Investments on Technology can help you make more informed decisions, specifically within this dynamic arena. It skillfully addresses how to determine optimal times to invest in Technology, what Technology industries are likely to do better, and how individual stocks can benefit in various environments. The global Technology sector is complex, covering many industries and countries with unique characteristics. Using the framework found here, you can discover how to identify their differences, spot opportunities, and avoid major pitfalls. Divided into three comprehensive parts—Getting Started, Technology Details, and Thinking Like a Portfolio Manager—Fisher Investments on Technology: Discusses the high-level economic, political, and sentiment drivers of the Technology sector Details many of the challenges Technology firms face, including historical examples of how these challenges have been met and overcome Walks you through the eight industries—as well as the sixteen sub-industries—within the global Technology sector and reveals how they operate and what drives their profitability Delves into top-down investment methodology as well as individual security analysis Covers the entire global Technology investment universe and its diverse components—from software and computers to semiconductors and communications equipment 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 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.
Foreword ixPreface xiAcknowledgments xvPart I Getting Started in Technology 1Chapter 1 Technology Basics 3More Than Gadgets ... A Means 4Technology 101 7Starting Small: Semiconductors 7Getting Larger: Products and Components 12Making It All Work: Software and Services 20Chapter 2 A Brief History of Modern Technology 25The Snowball Event: History of Semiconductors 26History of Computers 31History of Communications 35History of the internet 37Chapter 3 Technology Sector Drivers 43Economic Drivers 43Political Drivers 57Sentiment Drivers 61Part II Next Steps: Technology Details 67Chapter 4 Technology Sector Breakdown 69Global Industry Classification Standard (GICS) 69Global Technology Benchmarks 71Technology Industry Breakdown 75Chapter 5 Challenges in the Information Technology Sector 99Product Maturity and Obsolescence 99Fighting Maturity and Obsolescence 101Extreme Fluctuations in Supply and Demand 110Intellectual Property Threats 113Chapter 6 A Deeper Look at Current and Emerging Technologies 117Semiconductor Production Process 118Emerging Manufacturing Technologies 122Computer Technology 124Part III Thinking Like a Portfolio Manager 131Chapter 7 The Top-Down Method 133Investing Is a Science 133Einstein's Brain and the Stock Market 134The Top-Down Method 136Top-Down Deconstructed 141Managing Against a Technology Benchmark 149Chapter 8 Security Analysis 155Make Your Selection 156A Five-Step Process 157Important Questions to Ask 165Chapter 9 Upgrading Your Portfolio-Investing Strategies 175Strategy 1 Adding Value at the Sector Level 176Strategy 2 Adding Value at the Industry Level 178Strategy 3 Adding Value at the Security Level 183Strategy 4 Adding Value in a Technology Sector Downturn 184Strategy 5 Venture Capital 185Good Luck! 186Glossary 187Notes 194About the Authors 201Index 202
