Table of Contents
Foreword.
Preface.
Acknowledgments.
Part I Getting Started in Utilities.
Chapter 1 Utilities Basics.
Utilities 101.
A Defensive Sector.
What Makes Utilities Defensive?
Chapter 2 A Brief History of the Electric Utilities Industry.
Early Development in the United States (1882-1935).
A Maturing Industry (1935-1978).
Market Liberalization and a New Set of Rules (1978-2009).
An Auspicious Start to the Twenty-First Century.
Part II Next Steps: Utilities Details.
Chapter 3 Utilities Sector Composition.
Global Industry Classifications Standards (GICS).
Global Utilities Benchmarks.
Why Don't Utilities Have More Weight?
Benchmark Differences.
Benchmark Changes.
Sector Benchmarks.
Industry Breakdown.
Chapter 4 The Electricity Business in Depth.
The Consumer: Who Uses Electricity?
The Vertically Integrated Electric Utility.
Power Generation.
Transmission.
Distribution.
Chapter 5 Utilities Sector Drivers.
Economic Drivers.
Political Drivers.
Sentiment Drivers.
Chapter 6 Utilities Investing in a Resource-Conscious World.
Energy Challenges.
Policy Solutions.
Technological Solutions.
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 Utilities Benchmark.
Chapter 8 Security Analysis.
Make Your Selection.
A Five-Step Process.
Utilities Analysis.
Chapter 9 Utilities Investing Strategies.
Adding Value at the Sector Level.
Adding Value at the Country or Industry Level.
Adding Value at the Security Level.
Notes.
About the Authors.
Index.
