Michael Kelly & Andrew S. Teufel 
Fisher Investments on Health Care [PDF ebook] 

Foreword ix
Preface xiii
Acknowledgments xvii
Part I Getting Started in Health Care 1
Chapter 1 Health Care Basics 3
Health Care Basics 5
Health Care Characteristics 7
Chapter 2 The US Health Care System 19
Why Does It Cost So Much? 20
Private Versus Public 25
The Regulatory System 30
US Health Care Reform 33
Chapter 3 Brief Overview of Health Care Systems by Major Countries 37
Japan 38
Germany 42
France 45
United Kingdom 48
China 52
Chapter 4 Health Care Sector Drivers 57
Defensive Nature of Health Care 58
Innovation and Patent Expirations 61
Political/Regulatory Developments 63
Part II Next Steps: Health Care Details 67
Chapter 5 Health Care Sector Breakdown 69
Global Industry Classification Standard 70
Global Health Care Benchmarks 71
Pharmaceuticals, Biotechnology & Life Sciences 74
Health Care Equipment & Services Industry Group 90
Health Care Providers & Services 97
Health Care Facilities 98
Health Care Services 99
Managed Health Care 102
Health Care Technology 106
Chapter 6 Challenges in the Health Care Sector 111
Slowing Growth in Mature Markets 112
Legislation and Regulation 115
Responding to Challenges 119
Part III Thinking Like a Portfolio Manager 127
Chapter 7 The Top-Down Method 129
Investing Is a Science 129
The Top-Down Method 132
Top-Down Deconstructed 138
Managing Against a Health Care Benchmark 145
Chapter 8 Security Analysis 151
Make Your Selection 152
A Five-Step Process 153
Important Questions to Ask 161
Chapter 9 Make Your Portfolio ‘Healthy’ 169
Strategy 1: Adding Value at the Industry and Sub-Industry Level 170
Strategy 2: Adding Value at the Security Level 176
Strategy 3: Adding Value in a Health Care Sector Downturn 176
How to Implement Your Strategy 177
Appendix Reference Material 181
Notes 187
About the Authors 193
Index 195

MICHAEL KELLY is a Health Care Research Analyst at Fisher Investments. He has a master of science degree in finance from Saint Xavier University and holds the CFA¯® and CFP¯® certifications.
ANDREW S. TEUFEL has been with Fisher Investments since 1995, where he currently serves as a Vice Chairman. Prior to joining Fisher Investments, he worked at Bear Stearns as a corporate finance analyst in its Global Technology Group. Andrew also instructs at many seminars and educational workshops throughout the United States and United Kingdom, and has lectured at the Haas School of Business at UC Berkeley. He is also the Editor in Chief of Market Minder.com. Andrew is a graduate of UC Berkeley.