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Now you've got the basics of how the Industrials sector works, an understanding of its history, and its high-level drivers. But a high-level understanding is just the beginning. Just like our overall economy, the sector is made of many distinct parts—some relatively similar to others and some quite unique. To better understand the whole, you must understand the parts. Reference Chapter 1 of Fisher Investments on Industrials, where we covered the basic types of Industrials stocks: Capital Goods, Transportation, and Commercial Services and Supplies. But within those classifications, there are numerous types of firms with very different product lines, end markets, and drivers. While an understanding of every company isn't necessary, a firm grasp on the major industries is vital before making any sector-related portfolio decisions. In Chapter 4 of Fisher Investments on Industrials, we explore the sector's industries and how an investor can begin forming opinions on each.
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