Fisher Investments is a respected investment management company which serves the needs of investors demanding superior performance, low fees and exceptional service.?With over $45 billion under management, its clients include Fortune 500 companies, foundations and endowments, as well as thousands of high net worth investors. Unlike many money management firms who typically have little contact with individual investors, Fisher Investments' Private Client Group was specifically created to allow?the investment management company to deliver institutional-level capabilities to high net worth individuals. Brad W. Pyles (San Francisco, California) graduated from UCLA with a BA in Business Economics and a Minor in Mathematics. He regularly presents to audiences at investing seminars across the country and currently works as a Research Analyst at Fisher Investments with a focus on Materials and macroeconomic strategy.?Originally from Honolulu, he now lives in San Francisco with his wife. He has been with Fisher Investments since 2001. Andrew S. Teufel (Woodside, CA) is Co-President and Director of Research at Fisher Investments. He has been with Fisher Investments since 1995 and has been a member of the Investment Policy Committee since 1996. He is responsible for the supervision of the firm's research department. Prior to joining the firm, he worked at Bear, Stearns & Co. Inc. as a Corporate Finance Analyst in its Global Technology Group.

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• Foreword ixPreface xiAcknowledgments xvPart I Getting Started in Materials 1Chapter 1 Materials Basics 3Materials 101 4Commodity Pricing Basics 9The Production Process 13Chapter 2 A Brief History of Materials 29The Industrial Revolution 29Structural Shifts in Metals Since the Industrial Revolution 33Industrialization of the Emerging Markets 37Chapter 3 Materials Sector Drivers 41Key Drivers 42Drivers at Work 46Case Study: Copper 51Part II Next Steps: Materials Details 63Chapter 4 Materials Sector Breakdown 65Global Industry Classification Standard (GICS) 66Global Materials Benchmarks 67Metals & Mining Industry 74Chemicals 88Construction Materials 96Paper & Forest Products 96Containers & Packaging 98Chapter 5 Staying Current: Tracking Sector Fundamentals 101What to Watch 102Chapter 6 Case Study: The 2003 to 2007Bull Market in Materials 117The Backdrop 119Demand Growth 120Supply Constraints 130The Growth of Mergers and Acquisitions 136Part III Thinking Like a Portfolio Manager 139Chapter 7 The Top-Down Method 141Investing is a Science 141The Top-Down Method 144Top-Down Deconstructed 150Managing Against a Materials Benchmark 157Chapter 8 Security Analysis 163Make Your Selection 164A Five-Step Process 165Important Questions to Ask 173Chapter 9 Materialize Your Portfolio: Investing Strategies 181Strategy 1: Adding Value at the Industry and Sub-industry Level 182Strategy 2: Adding Value at the Security Level 189Strategy 3: Adding Value in a Materials Sector Downturn 190Strategy 4: Investing in Commodities 191Appendix A: Materials Sector Resources 195Appendix B: Top 10 Materials Firms by Industry 199Notes 203Glossary 217About the Authors 223Index 225

Fisher Investments is a respected investment management company which serves the needs of investors demanding superior performance, low fees and exceptional service.?With over $45 billion under management, its clients include Fortune 500 companies, foundations and endowments, as well as thousands of high net worth investors. Unlike many money management firms who typically have little contact with individual investors, Fisher Investments' Private Client Group was specifically created to allow?the investment management company to deliver institutional-level capabilities to high net worth individuals. Brad W. Pyles (San Francisco, California) graduated from UCLA with a BA in Business Economics and a Minor in Mathematics. He regularly presents to audiences at investing seminars across the country and currently works as a Research Analyst at Fisher Investments with a focus on Materials and macroeconomic strategy.?Originally from Honolulu, he now lives in San Francisco with his wife. He has been with Fisher Investments since 2001. Andrew S. Teufel (Woodside, CA) is Co-President and Director of Research at Fisher Investments. He has been with Fisher Investments since 1995 and has been a member of the Investment Policy Committee since 1996. He is responsible for the supervision of the firm's research department. Prior to joining the firm, he worked at Bear, Stearns & Co. Inc. as a Corporate Finance Analyst in its Global Technology Group.

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• Foreword ixPreface xiAcknowledgments xvPart I Getting Started in Materials 1Chapter 1 Materials Basics 3Materials 101 4Commodity Pricing Basics 9The Production Process 13Chapter 2 A Brief History of Materials 29The Industrial Revolution 29Structural Shifts in Metals Since the Industrial Revolution 33Industrialization of the Emerging Markets 37Chapter 3 Materials Sector Drivers 41Key Drivers 42Drivers at Work 46Case Study: Copper 51Part II Next Steps: Materials Details 63Chapter 4 Materials Sector Breakdown 65Global Industry Classification Standard (GICS) 66Global Materials Benchmarks 67Metals & Mining Industry 74Chemicals 88Construction Materials 96Paper & Forest Products 96Containers & Packaging 98Chapter 5 Staying Current: Tracking Sector Fundamentals 101What to Watch 102Chapter 6 Case Study: The 2003 to 2007Bull Market in Materials 117The Backdrop 119Demand Growth 120Supply Constraints 130The Growth of Mergers and Acquisitions 136Part III Thinking Like a Portfolio Manager 139Chapter 7 The Top-Down Method 141Investing is a Science 141The Top-Down Method 144Top-Down Deconstructed 150Managing Against a Materials Benchmark 157Chapter 8 Security Analysis 163Make Your Selection 164A Five-Step Process 165Important Questions to Ask 173Chapter 9 Materialize Your Portfolio: Investing Strategies 181Strategy 1: Adding Value at the Industry and Sub-industry Level 182Strategy 2: Adding Value at the Security Level 189Strategy 3: Adding Value in a Materials Sector Downturn 190Strategy 4: Investing in Commodities 191Appendix A: Materials Sector Resources 195Appendix B: Top 10 Materials Firms by Industry 199Notes 203Glossary 217About the Authors 223Index 225

Fisher Investments is a respected investment management company which serves the needs of investors demanding superior performance, low fees and exceptional service.?With over $45 billion under management, its clients include Fortune 500 companies, foundations and endowments, as well as thousands of high net worth investors. Unlike many money management firms who typically have little contact with individual investors, Fisher Investments' Private Client Group was specifically created to allow?the investment management company to deliver institutional-level capabilities to high net worth individuals. Brad W. Pyles (San Francisco, California) graduated from UCLA with a BA in Business Economics and a Minor in Mathematics. He regularly presents to audiences at investing seminars across the country and currently works as a Research Analyst at Fisher Investments with a focus on Materials and macroeconomic strategy.?Originally from Honolulu, he now lives in San Francisco with his wife. He has been with Fisher Investments since 2001. Andrew S. Teufel (Woodside, CA) is Co-President and Director of Research at Fisher Investments. He has been with Fisher Investments since 1995 and has been a member of the Investment Policy Committee since 1996. He is responsible for the supervision of the firm's research department. Prior to joining the firm, he worked at Bear, Stearns & Co. Inc. as a Corporate Finance Analyst in its Global Technology Group.

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• Foreword ixPreface xiAcknowledgments xvPart I Getting Started in Materials 1Chapter 1 Materials Basics 3Materials 101 4Commodity Pricing Basics 9The Production Process 13Chapter 2 A Brief History of Materials 29The Industrial Revolution 29Structural Shifts in Metals Since the Industrial Revolution 33Industrialization of the Emerging Markets 37Chapter 3 Materials Sector Drivers 41Key Drivers 42Drivers at Work 46Case Study: Copper 51Part II Next Steps: Materials Details 63Chapter 4 Materials Sector Breakdown 65Global Industry Classification Standard (GICS) 66Global Materials Benchmarks 67Metals & Mining Industry 74Chemicals 88Construction Materials 96Paper & Forest Products 96Containers & Packaging 98Chapter 5 Staying Current: Tracking Sector Fundamentals 101What to Watch 102Chapter 6 Case Study: The 2003 to 2007Bull Market in Materials 117The Backdrop 119Demand Growth 120Supply Constraints 130The Growth of Mergers and Acquisitions 136Part III Thinking Like a Portfolio Manager 139Chapter 7 The Top-Down Method 141Investing is a Science 141The Top-Down Method 144Top-Down Deconstructed 150Managing Against a Materials Benchmark 157Chapter 8 Security Analysis 163Make Your Selection 164A Five-Step Process 165Important Questions to Ask 173Chapter 9 Materialize Your Portfolio: Investing Strategies 181Strategy 1: Adding Value at the Industry and Sub-industry Level 182Strategy 2: Adding Value at the Security Level 189Strategy 3: Adding Value in a Materials Sector Downturn 190Strategy 4: Investing in Commodities 191Appendix A: Materials Sector Resources 195Appendix B: Top 10 Materials Firms by Industry 199Notes 203Glossary 217About the Authors 223Index 225