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<p>Foreword ix</p> <p>Preface xi</p> <p>Acknowledgments xv</p> <p><b>Part I Getting Started in Consumer Staples 1</b></p> <p><b>Chapter 1 Consumer Staples Basics 3</b></p> <p>Overview 4</p> <p>Staples’ Distant Cousin—Consumer Discretionary 7</p> <p>The Business Cycle’s Winds of Change 10</p> <p>Boring Can Be Beautiful 15</p> <p><b>Chapter 2 History of Consumerism in America 21</b></p> <p>Colonial America and Consumerism 22</p> <p>Mass Production in the Late Nineteenth Century 26</p> <p>The Roaring Twenties and the Consumer Economy (1921–1929) 28</p> <p>Mass Marketing and Modern Consumer Products 35</p> <p>The Modern Landscape 37</p> <p><b>Chapter 3 Consumer Staples Sector Drivers 39</b></p> <p>Economic Drivers 39</p> <p>Political Drivers 52</p> <p>Sentiment Drivers 55</p> <p><b>Part II Next Steps: Consumer Staples Details 59</b></p> <p><b>Chapter 4 Consumer Staples Sector Breakdown 61</b></p> <p>Global Industry Classification Standard (GICS) 62</p> <p>Global Consumer Staples Benchmarks 63</p> <p>Food, Beverage & Tobacco 65</p> <p>Household & Personal Products 86</p> <p>Food & Staples Retailers 90</p> <p><b>Chapter 5 Challenges in the Consumer Staples Sector 101</b></p> <p>Challenge 1: Growing in Mature Industries 101</p> <p>Challenge 2: Dealing With Volatile Input Costs 113</p> <p><b>Chapter 6 Consumer Staples in Emerging Markets 123</b></p> <p>Opportunity Knocks 123</p> <p>Emerging Markets and Consumer Products 125</p> <p>Investment Idiosyncrasies 135</p> <p><b>Part III Thinking Like a Portfolio Manager 139</b></p> <p><b>Chapter 7 The Top-Down Method 141</b></p> <p>Investing Is a Science 141</p> <p>The Top-Down Method 145</p> <p>Top-Down Deconstructed 150</p> <p>Managing Against a Consumer Staples Benchmark 158</p> <p><b>Chapter 8 Security Analysis 163</b></p> <p>Make Your Selection 164</p> <p>A Five-Step Process 165</p> <p>Important Questions to Ask 173</p> <p><b>Chapter 9 Consumerize Your Portfolio—Investing Strategies 181</b></p> <p>Strategy 1: Playing the Market Cycle 182</p> <p>Strategy 2: Playing Style Shifts 186</p> <p>Strategy 3: Develop New Categorizations 189</p> <p>Implementing Your Strategy 191</p> <p>Appendix: Consumer Staples Sector Resources 195</p> <p>Notes 199</p> <p>About the Authors 209</p> <p>Index 211</p>

<p><b>MICHAEL CANNIVET</b> is a Consumer Staples Research Analyst at Fisher Investments. He is also a contributing columnist for MarketMinder.com. Michael is a graduate of Georgetown University. Originally from Chicago, he currently resides in the Bay Area with his wife, Jennifer. <p><b>ANDREW S. TEUFEL</b> 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. Andrew also instructs at many seminars and educational workshops throughout the United States and United Kingdom, and lectures at the Haas School of Business at UC Berkeley. He is also the Editor in Chief of MarketMinder.com. Andrew is a graduate of UC Berkeley.

<ul> <li>An in-depth look at the global Consumer Staples investment universe including food, beverages, household products, retailers, and more</li> <li>Tips and tools for security analysis and portfolio management</li> <li>A useful guide for investing in any market condition</li> </ul> <p><b>FISHER INVESTMENTS™</b> on <b>CONSUMER STAPLES</b> <p>The third installment of the <i>Fisher Investments On</i> series is an all-encompassing guide to the Consumer Staples industry—which includes companies that manufacture and sell food and beverages, tobacco, prescription drugs, and household products to name a few. <p>This reliable resource provides you with the tools necessary to understand and analyze opportunities within today's global Consumer Staples sector. With this book as your guide, you can quickly become familiar with how the investment universe of the Consumer Staples sector is segmented by industries, their respective macroeconomic drivers, and the challenges facing companies in this sector. Additionally, there are chapters dedicated to explaining the unique aspects of Consumer Staples products in emerging markets and security analysis techniques focused on the Consumer Staples sphere. <p>You don't have to be a professional to successfully invest in the Consumer Staples sector—but you do need to be prepared. <i>Fisher Investments on Consumer Staples</i> can get you up to speed in this area and help you make the most of your time in any market.

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