book

Fisher Investments on Technology

Name: Fisher Investments on Technology
ISBN: 9780470452370

by Fisher Investments, Brendan Erne, Andrew Teufel

March 2010

Intermediate to advanced

224 pages

4h 39m

English

Wiley

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Copyright
Foreword
Preface
USING YOUR TECHNOLOGY GUIDE
Acknowledgments
I. GETTING STARTED IN TECHNOLOGY
1. TECHNOLOGY BASICS
1.1. MORE THAN GADGETS . . . A MEANS1.2. TECHNOLOGY 1011.3. STARTING SMALL: SEMICONDUCTORS1.3.1. Types of Semiconductors and End Market Applications1.3.2. End-Market Applications1.4. GETTING LARGER: PRODUCTS AND COMPONENTS1.4.1. Computer Hardware1.4.2. Communications Equipment1.4.3. Consumer Electronics1.5. MAKING IT ALL WORK: SOFTWARE AND SERVICES1.5.1. Operating System1.5.2. Application Software1.5.3. Middleware1.5.4. Internet Software1.5.5. IT Services
2. A BRIEF HISTORY OF MODERN TECHNOLOGY
2.1. THE SNOWBALL EVENT: HISTORY OF SEMICONDUCTORS2.1.1. Eureka! A Half-Way Conductor!2.1.2. The Dawn of Integrated Circuits2.1.3. Initial Applications2.1.4. A Giant in the Making2.1.5. The Microprocessor2.1.6. Rise of Japan and Asia2.1.7. The New Millennium2.2. HISTORY OF COMPUTERS2.2.1. Early Origins2.2.2. Big Blue2.2.3. The PC2.2.4. Attack of the Clones2.2.5. A New Revolution in PC Manufacturing2.2.6. Upgrade Cycles2.3. HISTORY OF COMMUNICATIONS2.3.1. Mobile Phones2.3.2. Battle for the Top2.3.3. Smartphones2.4. HISTORY OF THE INTERNET2.4.1. Early Origins2.4.2. Commercialization2.4.3. The Dot-com Era2.4.4. The Boom2.4.5. The Bust2.4.6. The Aftermath
3. TECHNOLOGY SECTOR DRIVERS
3.1. ECONOMIC DRIVERS3.1.1. Economic Growth3.1.2. Fixed Investment3.1.3. Consumer Spending3.1.4. Inflation3.1.5. Share Supply3.1.6. Innovation & Upgrade Cycles3.1.7. Exchange Rates3.2. POLITICAL DRIVERS3.2.1. Taxes3.2.2. Intellectual Property Rights3.2.3. Trade Policy3.2.4. Industrial Policy3.3. SENTIMENT DRIVERS3.3.1. Beta3.3.2. Professional Market Forecasts
II. NEXT STEPS: TECHNOLOGY DETAILS
4. TECHNOLOGY SECTOR BREAKDOWN
4.1. GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS)4.2. GLOBAL TECHNOLOGY BENCHMARKS4.2.1. Differences in Benchmarks4.2.2. Industry Weights4.2.3. A Concentrated Group4.3. TECHNOLOGY INDUSTRY BREAKDOWN4.3.1. Computers & Peripherals4.3.2. Communications Equipment4.3.3. Semiconductors & Semiconductor Equipment4.3.4. Electronic Equipment, Instruments & Components4.3.5. IT Services4.3.6. Internet Software & Services4.3.7. Office Electronics

5. CHALLENGES IN THE INFORMATION TECHNOLOGY SECTOR
5.1. PRODUCT MATURITY AND OBSOLESCENCE5.2. FIGHTING MATURITY AND OBSOLESCENCE5.2.1. Innovation5.2.2. Mergers & Acquisitions5.2.3. New Business Models5.2.4. Restructuring/Cost Cutting5.3. EXTREME FLUCTUATIONS IN SUPPLY AND DEMAND5.3.1. Semiconductors5.3.2. Semiconductor Equipment5.4. INTELLECTUAL PROPERTY THREATS5.4.1. Piracy5.4.2. Competition
6. A DEEPER LOOK AT CURRENT AND EMERGING TECHNOLOGIES
6.1. SEMICONDUCTOR PRODUCTION PROCESS6.1.1. First Things First—Silicon Wafers6.1.2. Chip Production Today6.2. EMERGING MANUFACTURING TECHNOLOGIES6.2.1. Immersion Lithography6.2.2. High-k Dielectrics6.3. COMPUTER TECHNOLOGY6.3.1. Emerging PC Technology—Solid State Drives6.3.2. Enterprise Storage Technology6.3.3. Other Notable Emerging Technologies
III. THINKING LIKE A PORTFOLIO MANAGER
7. THE TOP-DOWN METHOD
7.1. INVESTING IS A SCIENCE7.2. EINSTEIN'S BRAIN AND THE STOCK MARKET7.3. THE TOP-DOWN METHOD7.3.1. Top-Down Means Thinking 70-20-107.3.2. Benchmarks7.4. TOP-DOWN DECONSTRUCTED7.4.1. Step 1: Analyze Portfolio Drivers and Country and Sector Selection7.4.2. Step 2: Quantitative Factor Screening7.4.3. Strict Criteria7.4.4. Broad Criteria7.4.5. Step 3: Stock Selection7.5. MANAGING AGAINST A TECHNOLOGY BENCHMARK
8. SECURITY ANALYSIS
8.1. MAKE YOUR SELECTION8.2. A FIVE-STEP PROCESS8.2.1. Step 1: Understand Business and Earnings Drivers8.2.2. Step 2: Identify Strategic Attributes8.2.3. Step 3: Analyze Fundamental and Stock Price Performance8.2.4. Step 4: Identify Risks8.2.5. Step 5: Analyze Valuations and Consensus Expectations8.3. IMPORTANT QUESTIONS TO ASK8.3.1. Software Industry8.3.2. Computers & Peripherals Industry8.3.3. Communications Equipment Industry8.3.4. Semiconductors & Semiconductor Equipment Industry8.3.5. IT Services Industry8.3.6. Internet Software & Services Industry8.3.7. Electronic Equipment & Instruments Industry8.3.8. Office Electronics Industry
9. UPGRADING YOUR PORTFOLIO—INVESTING STRATEGIES
9.1. STRATEGY 1: ADDING VALUE AT THE SECTOR LEVEL9.1.1. Implementing Sector Over- and Underweights9.2. STRATEGY 2: ADDING VALUE AT THE INDUSTRY LEVEL9.2.1. Implementing Industry Over- and Underweights9.3. STRATEGY 3: ADDING VALUE AT THE SECURITY LEVEL9.4. STRATEGY 4: ADDING VALUE IN A TECHNOLOGY SECTOR DOWNTURN9.4.1. Implementing Your Defensive Strategy9.5. STRATEGY 5: VENTURE CAPITAL9.6. GOOD LUCK!
Glossary
Notes
CHAPTER 1: TECHNOLOGY BASICSCHAPTER 2: A BRIEF HISTORY OF MODERN TECHNOLOGYCHAPTER 3: TECHNOLOGY SECTOR DRIVERSCHAPTER 4: TECHNOLOGY SECTOR BREAKDOWNCHAPTER 5: CHALLENGES IN THE INFORMATION TECHNOLOGY SECTORCHAPTER 6: A DEEPER LOOK AT CURRENT & EMERGING TECHNOLOGIESCHAPTER 7: THE TOP-DOWN METHODCHAPTER 9: UPGRADING YOUR PORTFOLIO: INVESTING STRATEGIES
About the Authors

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Fisher Investments on Technology

by Fisher Investments, Brendan Erne, Andrew Teufel

Part III. THINKING LIKE A PORTFOLIO MANAGER

Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.