Books on investment analysis by industry?
Hi all,
I found this book in my office called "The Paine Webber Handbook of Stock and Bond Analysis." The book provides information on equity and fixed-income analysis organized by industry.
It seems like a really interesting read, but I don't know how useful it is given its from 1979. Does anyone know of similar books that are more up to date?
Pictures of the table of contents are attached.
Here it is on Amazon: goo.gl/Y6mHwt
Thanks!
interested
Fisher has a series of books dedicated to particular industries, however I have found them to be aimed towards the novice. I use a 2009 Hoovers Handbook of Industry Profiles, they can be pricey though and just give a quick rundown of the industry. It's very useful though as a reference.
Not a book, but if you follow the various pages and links from this site you'll get a decent overview of many many industries and how to look at them broadly. It is pretty decent introductory material.
http://www.valueline.com/Stocks/Industries.aspx
@subrosa: I took a look at the Fisher books, and they seem pretty useful, but definitely novice (that would be useful for me though, so no complaints there). The most recent version of the Hoover's Handbook that I can find is from 2010, any idea if there will be a new one anytime soon?
@Going Concern: I've heard good things about ValueLine, so I'll be sure to take a look at that.
Overall, what interested me the most about the Paine Webber book was that it focused on equity/fixed-income analysis for various industries, not just on industry trends/information. That's something I haven't seen very often.
I would think there would be a more recent edition but I'm not sure. If you're looking for industry specific valuations you have to pretty much do your own homework. I read a great book called Analyzing and Investing in Community Bank Stocks by David Moore ( I think you can get a pdf of it somewhere for free). It would be right up your alley. Investopedia has a series of industry valuation tools somewhere on there website. It was pretty helpful. You really just have to read as much as possible about the industries your interested in. It's hard to locate just one source for all of them.
@"subrosa": I haven't been able to find a newer version than the '79. Paine Webber became part of UBS in 2000, so I feel like the newest version, if there is one, would be from around then, which is outdated anyway. Thanks for the tip on learning about specific industries. I need to just pick a few and start educating myself!
Does anyone else have any other recommendations for books/online material on specific industries?
I was talking about the Hoover's book. I would guess that there is something similar to the book you have though. Do you ever check out VIC and DDIC? I've learned a lot about different industries from there.
Michael porter has some decent books for the components that make up porters 5 forces. Not necessarily industry specific but it helps you think outside the box.
Look for industry primers
Consultants have a lot of industry analysis tools in their toolkit so I'd advise you to look there for a general idea of how an industry evolves. Michael Porter is the king with his 5 forces framework - but that's just the ti.p of the iceberg. If you read his book you'll learn a lot more about what drives industry shifts over time. I'd first write out the many different characteristics of an industry, and then go through a philosophical exercise of what causes them?
Also, you should think more deeply about indicators and how, in general, one should use indicators to forcast or at the very least "now-cast". An indicator is just a number that provides a snapshot of something bigger - no indicator is perfect and there are many types. Many times they'll contradict eachother, and sometimes their relationships will change - Think of the 7 blind men touching an elephant. How would you develop forecast and what types of indicators would you use? How would you combine them? What are the characteristics of indicators you want. Having developed a philosophy removed from Equity Analysis, you can then apply your strategy and look for the right numbers you need.
Combine both industry analysis and your philosophy on indicators and you will have an idea of what numbers truly matter.
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