Fisher Investments on Consumer Discretionary Book

Foreword.

Preface.

Acknowledgments.

Part I Getting Started in Consumer Discretionary.

Chapter 1 Consumer Discretionary Basics.

Consumer Discretionary 101.

Getting to Know the Consumer Discretionary Sector.

Chapter 2 The History of the Consumer Discretionary Sector.

The Earliest American Consumers.

The Birth of the Modern Consumer Discretionary Sector.

Chapter 3 Consumer Discretionary Sector Drivers.

Economic Drivers.

Political Drivers.

Sentiment Drivers.

Part II Next Steps: Consumer Discretionary Details.

Chapter 4 Consumer Discretionary Sector Landscape.

Global Industry Classification Standard (GICS).

Global Consumer Discretionary Benchmarks.

Automobiles & Components Industry Group.

Retailing Industry Group.

Media Industry Group.

Consumer Durables & Apparel Industry Group.

Consumer Services Industry Group.

Chapter 5 Challenges in the Consumer Discretionary Sector.

Challenge 1: Growing Profits in Mature Markets.

Challenge 2: Managing Volatile Demand.

Case Study: Callaway Golf.

Chapter 6 Household Debt—Myths and Opportunities.

Household Debt in Developed Markets—Basically a Very Useful Tool.

Tremendous Opportunities in Emerging Markets.

Case Study: Brazil’s Credit-Driven Consumption Boom.

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 Consumer Discretionary Benchmark.

Chapter 8 Security Analysis.

Make Your Selection.

A Five-Step Process.

Important Questions to Ask.

Chapter 9 Consumer Discretionary Investment Strategies.

Strategy 1: Adding Value at the Industry and Sub-Industry Level.

Strategy 2: Adding Value at the Security Level.

Strategy 3: Adding Value in a Consumer Discretionary Sector Downturn.

How to Implement Your Strategy.

Notes.

About the Authors.

Index.