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Fisher Investments on Utilities


This seventh installment of the Fisher Investments On series is a comprehensive guide to the Utilities industry—which includes companies like Duke Energy, Iberdrola, and Exelon, to name just a few.

This reliable guide can help you in making top-down investment decisions specifically for the Utilities sector. It shows how to determine better times to invest in Utilities, what Utilities industries and sub-industries are likelier to do best, and how individual stocks can benefit in various environments. The global Utilities sector is complex, covering many sub-industries and countries with unique characteristics. Using the framework detailed in this book, you can learn to be better equipped to identify their differences, spot opportunities, and avoid major pitfalls.

Given the vast market landscape and diverse geographic operations, it is vital to maintain a global perspective when investing in the Utilities sector. This invaluable resource provides the tools that can help you understand and analyze opportunities both in the US and abroad within this sector.

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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.

THEODORE GILLILAND 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.

ANDREW S. TEUFEL 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 Andrew is a graduate of UC Berkeley.




Part I Getting Started in Utilities.

Chapter 1 Utilities Basics.

Utilities 101.

A Defensive Sector.

What Makes Utilities Defensive?

Chapter 2 A Brief History of the Electric Utilities Industry.

Early Development in the United States (1882-1935).

A Maturing Industry (1935-1978).

Market Liberalization and a New Set of Rules (1978-2009).

An Auspicious Start to the Twenty-First Century.

Part II Next Steps: Utilities Details.

Chapter 3 Utilities Sector Composition.

Global Industry Classifications Standards (GICS).

Global Utilities Benchmarks.

Why Don't Utilities Have More Weight?

Benchmark Differences.

Benchmark Changes.

Sector Benchmarks.

Industry Breakdown.

Chapter 4 The Electricity Business in Depth.

The Consumer: Who Uses Electricity?

The Vertically Integrated Electric Utility.

Power Generation.



Chapter 5 Utilities Sector Drivers.

Economic Drivers.

Political Drivers.

Sentiment Drivers.

Chapter 6 Utilities Investing in a Resource-Conscious World.

Energy Challenges.

Policy Solutions.

Technological Solutions.

Part III Thinking Like a Portfolio Manager.

Chapter 7 The Top-Down Method.

Investing Is a Science.

The Top-Down Method.

Top-Down Deconstructed.

Managing Against a Utilities Benchmark.

Chapter 8 Security Analysis.

Make Your Selection.

A Five-Step Process.

Utilities Analysis.

Chapter 9 Utilities Investing Strategies.

Adding Value at the Sector Level.

Adding Value at the Country or Industry Level.

Adding Value at the Security Level.


About the Authors.