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Fisher Investments on Health Care

ISBN: 978-0-470-52705-4
206 pages
March 2011
Fisher Investments on Health Care (0470527056) cover image
The Fisher Investments On series is designed to provide individual investors, students, and aspiring investment professionals the tools necessary to understand and analyze investment opportunities—primarily for investing in global stocks.

Each guide is an easily accessible primer to economic sectors, regions, or other components of the global stock market. While this guide is specifically on Health

Care, the basic investment methodology is applicable for analyzing any global sector, regardless of the current macroeconomic environment.

Following a top-down approach to investing, Fisher Investments on Heath Care can help you make more informed decisions within the Health Care sector. It skillfully addresses how to determine optimal times to invest in Health Care stocks and which Health Care industries have the potential to perform well in various environments.

  • Explains some of the sector’s key macro drivers—like its defensive characteristics, economic cycles, and investor sentiment
  • Shows how to capitalize on a wide array of macro conditions and industry-specific features to help you form an opinion on each of the industries within the sector
  • Takes you through the major components of the industries within the global Health Care sector and reveals how they operate
  • Offers investment strategies to help you determine when and how to overweight specific industries within the sector
  • Outlines a five-step process to help differentiate firms in this field—designed to help you identify ones with the greatest probability of outperforming

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

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Foreword.

Preface.

Acknowledgments.

Part I Getting Started in Health Care.

Chapter 1 Health Care Basics.

Health Care Basics.

Health Care Characteristics.

Chapter 2 The US Health Care System.

Why Does It Cost So Much?

Private Versus Public.

The Regulatory System.

US Health Care Reform.

Chapter 3 Brief Overview of Health Care Systems by Major Countries.

Japan.

Germany.

France.

United Kingdom.

China.

Chapter 4 Health Care Sector Drivers.

Defensive Nature of Health Care.

Innovation and Patent Expirations.

Political/Regulatory Developments.

Part II Next Steps: Health Care Details.

Chapter 5 Health Care Sector Breakdown.

Global Industry Classification Standard.

Global Health Care Benchmarks.

Pharmaceuticals, Biotechnology & Life Sciences.

Health Care Equipment & Services Industry Group.

Health Care Providers & Services.

Health Care Facilities.

Health Care Services.

Managed Health Care.

Health Care Technology.

Chapter 6 Challenges in the Health Care Sector.

Slowing Growth in Mature Markets.

Legislation and Regulation.

Responding to Challenges.

Part III 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 Health Care Benchmark.

Chapter 8 Security Analysis.

Make Your Selection.

A Five-Step Process.

Important Questions to Ask.

Chapter 9 Make Your Portfolio “Healthy”.

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 Health Care Sector Downturn.

How to Implement Your Strategy.

Appendix Reference Material.

Notes.

About the Authors.

Index.

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Michael Kelly is a Health Care Research Analyst at Fisher Investments. He has a master of science degree in finance from Saint Xavier University and holds the CFA® and CFP® certifications.

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 the Editor in Chief of MarketMinder.com. Andrew is a graduate of UC Berkeley.

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