Now Fisher Investments has provided the general basics and Energy's high-level drivers. But keep in mind a sector is really a broad category made of many distinct parts. Any good anthropologist knows "America" is too broad and diverse to understand as a single entity. Instead, one would study regions and states and see how they fit together to understand the whole country. Fisher Investments believes the same is true for the Energy -- and any other—sector.
Chapter 1 covered the major industries: Oil & Gas (O&G) and Energy Equipment & Services (EES). But even within those major components, differing sub-industries exist, each with unique characteristics and economic drivers, often interrelated in some way. Before you can make any portfolio decisions, you must understand what a sector looks like and what makes each distinct component tick. This chapter explores the sub-industries and how an investor can form an opinion on each. Fisher Investments answers questions like: What economic drivers are important for each industry? How do they fit with the rest of the sector? How do separate industries work in tandem or against each other?
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