Details

<p>Foreword ix</p> <p>Preface xiii</p> <p>Acknowledgments xvii</p> <p><b>Part I Getting Started in Utilities 1</b></p> <p><b>Chapter 1 Utilities Basics 3</b></p> <p>Utilities 101 4</p> <p>A Defensive Sector 5</p> <p>What Makes Utilities Defensive? 10</p> <p><b>Chapter 2 A Brief History of the Electric Utilities Industry 19</b></p> <p>Early Development in the US (1882–1935) 20</p> <p>A Maturing Industry (1935–1978) 24</p> <p>Market Liberalization and a New Set of Rules (1978–2009) 30</p> <p>An Auspicious Start to the Twenty-First Century 36</p> <p><b>Part II Next Steps: Utilities Details 39</b></p> <p><b>Chapter 3 Utilities Sector Composition 41</b></p> <p>Global Industry Classification Standards (GICS) 41</p> <p>Global Utilities Benchmarks 42</p> <p>Why Don’t Utilities Have More Weight? 43</p> <p>Benchmark Differences 45</p> <p>Benchmark Changes 47</p> <p>Sector Benchmarks 47</p> <p>Industry Breakdown 49</p> <p><b>Chapter 4 The Electricity Business in Depth 59</b></p> <p>The Consumer: Who Uses Electricity? 60</p> <p>The Vertically Integrated Electric Utility 68</p> <p>Power Generation 74</p> <p>Transmission 93</p> <p>Distribution 97</p> <p><b>Chapter 5 Utilities Sector Drivers 101</b></p> <p>Economic Drivers 102</p> <p>Political Drivers 117</p> <p>Sentiment Drivers 128</p> <p><b>Chapter 6 Utilities Investing in a Resource-Conscious World 133</b></p> <p>Energy Challenges 134</p> <p>Policy Solutions 138</p> <p>Technological Solutions 144</p> <p><b>Part III Thinking Like a Portfolio Manager 155</b></p> <p><b>Chapter 7 The Top-Down Method 157</b></p> <p>Investing Is a Science 157</p> <p>The Top-Down Method 160</p> <p>Top-Down Deconstructed 166</p> <p>Managing Against a Utilities Benchmark 173</p> <p><b>Chapter 8 Security Analysis Contents 177</b></p> <p>Make Your Selection 178</p> <p>A Five-Step Process 179</p> <p>Utilities Analysis 188</p> <p><b>Chapter 9 Utilities Investing Strategies 195</b></p> <p>Adding Value at the Sector Level 196</p> <p>Adding Value at the Country or Industry Level 197</p> <p>Adding Value at the Security Level 199</p> <p>Notes 201</p> <p>About the Author 207</p> <p>Index 209</p>

<p><b>THEODORE GILLILAND</b> is a Research Analyst at Fisher Investments. Theodore graduated from the University of Colorado, Boulder, with a bachelor's degree in international affairs. He currently resides in San Francisco, California. <p><b>ANDREW S. TEUFEL</b> has been with Fisher Investments since 1995, where he currently serves as a Vice Chairman. 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 has lectured 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 Utilities universe, including electric, natural gas, and water utilities, power generation, and renewable energy</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 ™ on UTILITIES</b> <p>The <i>Fisher Investments</i> On series is designed to provide individual investors, students, and aspiring investment professionals 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 is specifically on Utilities, the basic investment methodology is applicable for analyzing any global sector, regardless of the current macroeconomic environment. <p>Following a top-down approach to investing, <i>Fisher Investments on Utilities</i> can help you make more informed decisions within the Utilities sector. It skillfully addresses how to determine optimal times to invest in Utilities stocks and which Utilities industries have the potential to perform well in various environments. <p><b>Divided into three comprehensive parts—Getting Started, Utilities Details, and Thinking Like a Portfolio Manager—Fisher Investments on Utilities:</b> <ul> <li>Explains some of the sector's key macro drivers—like regulation, economic cycles, and investor sentiment</li> <li>Shows how to capitalize on a wide array of macro conditions and industry-specific features to help you form an opinion on each of the industries within the sector</li> <li>Takes you through the major components of the industries within the global Utilities sector and reveals how they operate</li> <li>Offers investment strategies to help you determine when and how to overweight specific industries within the sector</li> <li>Outlines a five-step process to help differentiate firms in this field—designed to help you identify ones with the greatest probability of outperforming</li> </ul> <p>Filled with in-depth insights, <i>Fisher Investments on Utilities</i> 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 Utilities sector and discover strategies to help achieve your investing goals.

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