Contents
Part II: Industry Group Details
Banks Industry Group Characteristics
Chapter 3: Diversified Financials
Diversified Financial Services
Chapter 4: Insurance Industry Group
How do Insurance Companies Make Money?
How do Insurance Companies Act?
Chapter 5: Real Estate Industry Group
A Representative Example: Annaly Capital Management
Part III: Thinking Like a Portfolio Manager
Chapter 6: The Top-Down Method
Managing Against a Financials Benchmark
Chapter 8: Financials Investing Strategies
Adding Value at the Sector Level
Adding Value at the Country or Industry Level
Adding Value at the Security Level
Appendix A: Reference Material