Fisher Investments on Consumer Staples

<p>Foreword ix</p>
<p>Preface xi</p>
<p>Acknowledgments xv</p>
<p>Part I Getting Started in Consumer Staples 1</p>
<p>Chapter 1 Consumer Staples Basics 3</p>
<p>Overview 4</p>
<p>Staples Distant Cousin Consumer Discretionary 7</p>
<p>The Business Cycle s Winds of Change 10</p>
<p>Boring Can Be Beautiful 15</p>
<p>Chapter 2 History of Consumerism in America 21</p>
<p>Colonial America and Consumerism 22</p>
<p>Mass Production in the Late Nineteenth Century 26</p>
<p>The Roaring Twenties and the Consumer Economy (1921 1929) 28</p>
<p>Mass Marketing and Modern Consumer Products 35</p>
<p>The Modern Landscape 37</p>
<p>Chapter 3 Consumer Staples Sector Drivers 39</p>
<p>Economic Drivers 39</p>
<p>Political Drivers 52</p>
<p>Sentiment Drivers 55</p>
<p>Part II Next Steps: Consumer Staples Details 59</p>
<p>Chapter 4 Consumer Staples Sector Breakdown 61</p>
<p>Global Industry Classification Standard (GICS) 62</p>
<p>Global Consumer Staples Benchmarks 63</p>
<p>Food, Beverage &amp; Tobacco 65</p>
<p>Household &amp; Personal Products 86</p>
<p>Food &amp; Staples Retailers 90</p>
<p>Chapter 5 Challenges in the Consumer Staples Sector 101</p>
<p>Challenge 1: Growing in Mature Industries 101</p>
<p>Challenge 2: Dealing With Volatile Input Costs 113</p>
<p>Chapter 6 Consumer Staples in Emerging Markets 123</p>
<p>Opportunity Knocks 123</p>
<p>Emerging Markets and Consumer Products 125</p>
<p>Investment Idiosyncrasies 135</p>
<p>Part III Thinking Like a Portfolio Manager 139</p>
<p>Chapter 7 The Top–Down Method 141</p>
<p>Investing Is a Science 141</p>
<p>The Top–Down Method 145</p>
<p>Top–Down Deconstructed 150</p>
<p>Managing Against a Consumer Staples Benchmark 158</p>
<p>Chapter 8 Security Analysis 163</p>
<p>Make Your Selection 164</p>
<p>A Five–Step Process 165</p>
<p>Important Questions to Ask 173</p>
<p>Chapter 9 Consumerize Your Portfolio Investing Strategies 181</p>
<p>Strategy 1: Playing the Market Cycle 182</p>
<p>Strategy 2: Playing Style Shifts 186</p>
<p>Strategy 3: Develop New Categorizations 189</p>
<p>Implementing Your Strategy 191</p>
<p>Appendix: Consumer Staples Sector Resources 195</p>
<p>Notes 199</p>
<p>About the Authors 209</p>
<p>Index 211</p>