Fisher Investments on Consumer Staples

Preface.

Acknowledgments.

Part 1: Getting Started in Consumer Staples.

Chapter 1: Consumer Staples Basics.

Overview.

Consumer Staples, Meet Your Distant Cousin—Consumer Discretionary.

An Introduction to the Business Cycle's Winds of Change.

Boring Can Be Beautiful.

Chapter 2: History of Consumerism in America.

Colonial America and Consumerism.

Mass Production in the Late 19^th Century.

The Roaring Twenties and the Consumer Economy (1921-1929).

Mass Marketing & the Modern Day Consumer Products Industry.

The Modern Landscape and What to Expect In the Future.

Chapter 3: Consumer Staples Sector Drivers.

Economic Drivers.

Political Drivers.

Sentiment Drivers.

Part 2: Next Steps: Consumer Staples Details.

Chapter 4: Consumer Staples Sector Breakdown.

Global Industry Classification Standard (GICS).

Global Consumer Staples Benchmarks.

Food, Beverage & Tobacco.

Household & Personal Products.

Food & Staples Retailers.

Chapter 5: Challenges in the Consumer Staples Sector.

Challenge #1—Growing in Mature Industries.

Challenge #2—Dealing With Volatile Input Costs.

Chapter 6: Consumer Staples in Emerging Markets.

Opportunity Knocks.

Emerging Markets and Consumer Products.

Investment Idiosyncrasies.

Part 3: 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 Consumer Staples Benchmark

Chapter 8: Security Analysis.

Make Your Selection.

A Five-Step Process.

Important Questions to Ask.

Chapter 9: Consumerize Your Portfolio - Investing Strategies.

Strategy #1: Playing the Market Cycle.

Strategy #2 – Playing Style Shifts.

Strategy #3 – Develop New Categorizations.

Implementing Your Strategy.

Appendix: Consumer Staples Sector Resources.

Notes.

Glossary.

About the Authors.

Index.