The definitive introduction to the Utilities sector Life requires basics such as electricity, water and gas. People put their trust in utility companies to deliver uninterrupted service of these goods. 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. 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 21st 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 3: 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.