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Fisher Investments on Energy, by Fisher Investments, Andrew Teufel, Aaron Azelton
Ebook Fisher Investments on Energy, by Fisher Investments, Andrew Teufel, Aaron Azelton
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The first offering from the Fisher Investments On investing series is a comprehensive guide to the Energy sector. The book can benefit both new and seasoned investors, covering everything from Energy sector basics to specific industry insights to practical investing tactics, including common pitfalls to avoid. Azelton and Teufel demonstrate a method for uncovering performance and risk-management opportunities—and show the readers how they can do it, too. Filled with detailed graphs and tables, unique insight, and practical advice, Fisher Investments on Energy can provide readers with a solid foundation in this sector.
For more information visit www.energy.fisherinvestments.com
- Sales Rank: #658855 in Books
- Published on: 2009-02-03
- Original language: English
- Number of items: 1
- Dimensions: 9.10" h x .72" w x 6.10" l, .70 pounds
- Binding: Paperback
- 272 pages
From the Back Cover
The Fisher Investments on series is designed to provide individual investors, aspiring investment professionals, and students 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 specifically focuses on Energy, 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 Energy can help you make more informed decisions within the Energy sector. It skillfully addresses how to approach your portfolio's Energy allocation, how to determine which Energy sub-industries have the potential to perform well, and how individual stocks can benefit in various environments. The global Energy sector is complex, covering multiple sub-industries and countries—each with unique characteristics. Using the framework found here, you can discover how to identify these differences, spot opportunities, and avoid major pitfalls.
Divided into three comprehensive parts—Getting Started, Energy Details, and Thinking Like a Portfolio Manager—Fisher Investments on Energy:
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Discusses Energy's drivers, including all the supply and demand components of its main drivers—oil and natural gas prices
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Takes you through the seven sub-industries within the global Energy sector and reveals how they operate
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Addresses the challenges of today's Energy sector, including peak oil and alternative energy
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Delves into top-down investment methodology as well as individual security analysis
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Outlines a five-step process to help differentiate firms in this field—designed to help you identify ones with the greatest probability of outperforming
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Provides investment strategies for a variety of market environments
Filled with in-depth insights and expert advice, Fisher Investments on Energy 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'll gain a global perspective of the Energy sector in your quest to achieve consistent success in it.
About the Author
Aaron M. Azelton (San Francisco, California) is an equity research analyst covering the Energy sector at Fisher Investments. He graduated from the University of California at Berkeley with a B.A. in Economics. He has been with Fisher Investments since 2002. Aaron grew up in Santa Monica, California, and is currently living in San Francisco.
Andrew S. Teufel (San Francisco, California) has been a member of Fisher Investments research staff since 1995 and is currently Co-President and Director of Research. Prior to joining the firm, he worked at Bear Stearns as a corporate finance analyst. He is a graduate of the University of California at Berkeley, and has lectured at the Haas School of Business on topics in investment management. Andrew has conducted hundreds of investment seminars and educational workshops throughout the US and the United Kingdom. He also serves as Editor-in-Chief of MarketMinder.com.
Most helpful customer reviews
18 of 21 people found the following review helpful.
Good overview but not much specifics
By moneymanager
The book covers the energy sector but it should be re-titled "Fisher Investments on Oil" because this is what the majority of the book is about. It covers some natural gas and coal fundamentals but only to a small extent, mostly delving into how these are driven by regional factors and not global factors.
The first 60 pages goes over the oil fundamentals and the different types of companies out there (exploration, service companies, etc.), what the difference between upstream and downstream are, which are most sensitive to the price of oil and which are more stable with respect to stock price volatility, what are dayrates for rigs, etc. If you don't know the basics, its actually a very good tutorial and even a good review if you do now the fundamental. But then, like a lot of other books, it repeats itself for the next 60 pages by breaking down the oil industry subsectors and once again going over the same fundamentals stated in the first 60 pages. But there is nothing on how to value the companies or rate the companies with respect to performance
With the rest of the book you get facts here and there about natural gas and coal. You also get a quick look at the new energy sources (solar, wind, etc.) and why they won't work, at least not right away. Then in the final 1/4 of the book you get a tutorial about benchmarking against an index, how to do top-down analysis to bet which way the sector will move, etc. If you've read a Ken Fisher book before, its basically a pitch for his stock picking method,but at least without any ads for his firm.
If you know absolutely nothing about oil, oil services, rigs, etc., then this easy to read book (can easily read in a day) is a great intro to oil and would probably rate 4 stars instead. If you already now enough to understand half of what is said during an oil company conference call, then there probably aren't enough specifics here to be that interesting and it is too much overview; you are better off just looking things up on the web or reading through a 10-K,
2 of 2 people found the following review helpful.
A guide that will do the job
By investingbythebooks
The sector analysts at the asset management firm Fisher Investments, run by investment celebrity Ken Fisher, are working through the ten GICS-sectors and presenting them one by one in a number of books. I read this one on the energy sector in parallel with an unpublished manuscript called Global Exhaustion by UBS analyst Andrew Lees. They represent two useful but very different takes on energy and its usage. Where Azelton gives the reader the structure and overview, Lees provides passion and the pursuit of a thesis.
According to Lees the world is being increasingly squeezed between a rock and a hard place, or more precisely between peak energy and the low energy density of renewable energy. Not only are we somewhere close to peak oil, but also peak gas, coal and even uranium 235. As lower quality resources now are extracted at higher costs the Energy Return on Invested Energy, EROIE, goes down lowering the productivity of the economies. Fossil fuel is in essence 100 millions of years concentrated energy from the sun, hence the energy density is really high. It's, according to Lees, an illusion to believe that we could keep today's society using only energy from the sun in real time. The renewable energies are at best complements and at worst complete non-starters. The EROIE is too low. Try to run a jumbo jet on solar power.
The solution is human ingenuity and technology to create new energy sources with high energy density. The main candidate is fusion energy. The power generated is magnitudes more potent than the one from fission energy, the raw materials are abundant and non-radioactive so the process leaves no toxic waste. The problem is that fusion energy has been promising for so long that it's developed a bad name. Lees proposes that the reason for the slow development has been caused by shoestring financing due to short-termism among politicians and financial markets rather than lack of scientific merit. Lees plea is that politicians in the richest countries must take their responsibility and start funding a multitude of research project on fusion energy.
What Lees text lack in structure Azelton makes up with flying colours. The main segments in the value chain are presented: Upstream - exploration and taking resources out of the ground; Midstream - processing, storage and transportation; and Downstream - refining for example oil and gas to usable products and selling them to end customers. The reader is guided through topics like conventional hydrocarbon resources trapped between layers of solid rock and unconventional resources trapped within rock and sand, Oil qualities such as light and heavy or sweet and sour, but also business models, the role of OPEC and how the market is constructed in terms of the geographies of the buyer and sellers, the end usage of the energy bought etc. In the last part of the book then Fisher Investments top down method combining macro/strategy, screening and fundamental analysis.
The corresponding book on the health care sector was reviewed September 23, 2011. The books follow the same script and they share the same weakness. They are impersonal, they lack meet and blood. However, they are extremely practical if you want to pick up the basics of a sector. Non-other has published a similar series of books to allow you to familiarize yourself with the entire stock market from a sector perspective. The text from Lees in contrast cannot serve this purpose. His writing is meant to lead to debate and even if it's full of facts you don't get the kind of overview that a portfolio manager needs.
Contact your UBS sales representative and read Lees' cry for action, but only if you know the basics of the energy sector. If you don't, Fisher Investments offers a guide that will do the job.
This is a review by eqtbooks.com
3 of 5 people found the following review helpful.
Solid Introduction to Energy Business
By TJ SCHOENLEIN
This is a good introduction to the energy business. Without being redundant, you can read the product information above, and the other reviewed comments.
I just finished reading the book today and found a wealth of good information which one needs to know if you are going to invest in this business. If you know ( or think you know) all about the oil/gas business then take a pass.
For me, understanding "up/mid/down" stream businesses and all the pieces that work together was very helpful. The book covers world hydrocarbon reserves, who has it/who doesn't. Want to know about oil sands/oil shale.. it's here just for starters. Just a good.. easy to read/understandable book.
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