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Fisher Investments on Telecom


This tenth installment of the Fisher Investments On series is a comprehensive guide to the Telecom sector—which includes companies like AT&T, Vodafone, and América Móvil, to name a few.

This reliable guide can help you in making top-down investment decisions. The framework presented here can be applied to Telecom, but also more broadly to any major investing category. It shows how to determine better times to invest in Telecom, which Telecom industries and sub-industries are likelier to do best and in which regions, and how individual stocks can benefit in various environments. The global Telecom industry is complex and can vary greatly from country to country. Using the framework detailed in this book, you can learn to be better equipped to identify 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 Telecom sector. This invaluable resource provides the tools to help you understand and analyze opportunities no matter their country of origin.

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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.

Dan Sinton is a Research Analyst at Fisher Investments. Prior to joining Fisher, he worked at Franklin Templeton and Charles Schwab and in the nonprofit sector. Dan received a BA in international affairs at the University of Colorado and an MBA from Georgetown University. He currently lives 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 Editor in Chief of Andrew is a graduate of UC Berkeley.




Part I Getting Started in Telecom.

Chapter 1 Telecom Basics.

Telecom 101.

A Defensive Sector.

Inelastic Demand.

A Capital Intensive Sector.


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.



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.



About the Authors.