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Fisher Investments on Technology

ISBN: 978-0-470-45237-0
224 pages
March 2010
Fisher Investments on Technology (0470452374) cover image


The sixth installment of the Fisher Investments On series is a comprehensive guide to understanding and analyzing investment opportunities within the Technology sector. Fisher Investments on Technology can help you quickly become familiar with this highly diversified sector, how the sector is segmented by industries, their respective macroeconomic drivers, and the challenges facing Technology firms.

This reliable guide skillfully addresses how to determine optimal times to invest in Technology stocks, and which industries and sub-industries have the potential to perform well in various environments. The global Technology sector is complex, including a variety of sub-industries and countries—each with their own unique characteristics. Using the framework found here, you'll discover how to identify these differences, spot opportunities, and avoid major pitfalls.

Fisher Investments on Technology:

  • Discusses industry fundamentals, drivers, attributes, and potential challenges
  • Addresses the challenges unique to Technology and some common pitfalls to avoid.
  • Delves into top-down investment methodology as well as individual security analysis.
  • Outlines a five-step process to help differentiate Technology firms—designed to help you identify ones that may have greatest probability of outperforming
  • Provides investment strategies for a variety of market environments

Filled with in-depth insights and expert advice, Fisher Investments on Technology 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 Technology sector and discover strategies to help achieve your investing goals.

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Table of Contents




Part I Getting Started in Technology.

Chapter 1 Technology Basics.

More Than Gadgets . . . A Means.

Technology 101.

Starting Small: Semiconductors.

Getting Larger: Products and Components.

Making It All Work: Software and Services.

Chapter 2 A Brief History of Modern Technology.

The Snowball Event: History of Semiconductors.

History of Computers.

History of Communications.

History of the Internet.

Chapter 3 Technology Sector Drivers.

Economic Drivers.

Political Drivers.

Sentiment Drivers.

Part II Next Steps: Technology Details.

Chapter 4 Technology Sector Breakdown.

Global Industry Classification Standard (GICS).

Global Technology Benchmarks.

Technology Industry Breakdown Software.

Chapter 5 Challenges in the Information Technology Sector.

Product Maturity and Obsolescence.

Fighting Maturity and Obsolescence.

Extreme Fluctuations in Supply and Demand.

Intellectual Property Threats.

Chapter 6 A Deeper Look at Current and Emerging Technologies.

Semiconductor Production Process.

Emerging Manufacturing Technologies.

Computer Technology.

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 Technology Benchmark.

Chapter 8 Security Analysis.

Make Your Selection.

A Five-Step Process.

Important Questions to Ask.

Chapter 9 Upgrading Your Portfolio—Investing Strategies.

Strategy 1: Adding Value at the Sector Level.

Strategy 2: Adding Value at the Industry Level.

Strategy 3: Adding Value at the Security Level.

Strategy 4: Adding Value in a Technology Sector Downturn.

Strategy 5: Venture Capital.

Good Luck!



About the Author.


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Author Information

Brendan Erne is an equity research analyst at Fisher Investments, focusing on the Global Technology sector. He is also a contributing columnist for MarketMinder.com. Erne received a BA in finance from Washington State University. Prior to joining Fisher Investments, he worked as a financial advisor for Ameriprise Financial in Bellevue, Washington. Originally from Redmond, Washington, Erne currently resides in San Francisco.

Andrew S. Teufel has been with Fisher Investments since 1995, where he currently serves as a Co-President and the Director of Research. Prior to joining Fisher Investments, he worked at Bear Stearns as a corporate finance analyst in its Global Technology Group. Teufel 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. Teufel is a graduate of UC Berkeley.

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