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Performing Industry Research to Inform Investment Decisions

By: Nabil N. El-Hage, Ann Cullen

Conducting thorough research about an industry is often an important component of investment analysis. Written specifically for HBS MBA students, provides guidance on how to perform industry research…

• Length: 24 page(s)
• Publication Date: Oct 6, 2006
• Discipline: Finance
• Product #: 207069-PDF-ENG

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Conducting thorough research about an industry is often an important component of investment analysis. Written specifically for HBS MBA students, provides guidance on how to perform industry research to inform investment decisions. Provides detailed information about the recommended resources available for this type of research, focusing primarily on what is available from Harvard Business School's Baker Library. Focusing on how companies operate in the context of their industry, commences with an overview of why industry research is relevant, then offers detailed guidelines on how to approach and what to consider when investigating an industry as part of the analysis necessary to make a decision about investing in a company.

Learning Objectives

To provide a guide to students on how to approach industry research as part of analyzing the types of investments discussed in the "Active Investing in Illiquid Assets" course.

Oct 6, 2006 (Revised: Aug 14, 2008)

Discipline:

Harvard Business School

207069-PDF-ENG

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Financial wellness & planning

May 26, 2022

For many families, planning for college costs is a top financial priority. A Byzantine landscape of consumer choices, loans, tuition discounting, and public and private aid, however, makes it difficult to answer key questions like "How much will this cost us?” This is especially so for young families, for whom future spending needs are necessarily vague. Vanguard researchers explore how understanding the dynamics of financial aid and net pricing can help parents set a realistic savings target early on and shape a savings plan that evolves with them. 

Portfolio considerations

May 20, 2022

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April 14, 2022

The past few decades were a good time for spending from a retirement portfolio. What about the next 30 years? The apparent shifts in capital market conditions seen since the start of 2022 led us to examine sustainable withdrawal rates. Looking at historical return environments our authors developed three scenarios, with rates from 2.8% to 3.3%.

April 13, 2022

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March 29, 2022

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August 10, 2022

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March 15, 2022

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Behavioral research

February 23, 2022

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February 02, 2022

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Economics & markets

December 13, 2021

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November 19, 2021

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November 15, 2021

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October 29, 2021

This paper examines the effect of automatic escalation on defined contribution plan contribution rates and provides insights into plan designs that maximize participants’ chance of savings at rates necessary for a secure retirement. The motivations of participants to override automatic deferral rates and annual increases are also explored.

October 11, 2021

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October 08, 2021

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September 28, 2021

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September 23, 2021

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September 13, 2021

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Asset classes

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February 19, 2019

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June 23, 2022

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June 16, 2022

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June 28, 2022

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July 13, 2022

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July 27, 2022

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March 29, 2019

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November 09, 2022

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October 31, 2022

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October 27, 2022

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October 24, 2022

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October 06, 2022

Understanding your health care priorities and available coverage types can help you choose a Medicare coverage option, according to Vanguard researchers.

September 22, 2022

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June 06, 2019

Our Megatrends series examines fundamental shifts in the global economy likely to affect the financial services industry and society. In this edition, Vanguard explores the economic implications of an unprecedented shift in the age of global populations toward a smaller young-age cohort and a larger old-age cohort.

January 31, 2018

In this article published in The Journal of Portfolio Management in 2018, Vanguard researchers describe an enhancement to a standard approach of forecasting U.S. stock market returns. Starting with the cyclically adjusted price-to-earnings (CAPE) ratio, they incorporate bond yields, inflation, and volatility into the calculations. The authors find that results from this “fair-value” CAPE forecasting model, while not perfect, are about 40%–50% more accurate than conventional methods for 10-year-ahead stock market forecasts since 1960.

August 14, 2023

Key components for efficient tax savings: threshold planning, capital gains, income exclusions, and deductions.

July 27, 2023

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July 05, 2023

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June 15, 2023

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May 16, 2023

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May 12, 2023

Our research explores practical ways to build savings for an emergency while balancing long-term financial goals.

April 28, 2023

Selectively adding a credit tilt to the bond portion of a portfolio can enhance long-term expected returns.

April 04, 2023

This paper highlights some of the generational differences we have observed in our recordkeeping data over a 15-year period as a result of automatic solutions. We answer the question: How have generational patterns of saving and investing changed in DC plans?

March 28, 2023

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March 01, 2023

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February 27, 2023

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February 15, 2023

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February 01, 2023

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January 31, 2023

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January 23, 2023

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January 09, 2023

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December 13, 2022

Studies of ESG investment strategies have tried to identify an ESG-related factor to explain performance, but Vanguard research reveals that the performance of many ESG investment strategies is largely driven by well-known traditional sources of risk. We found quite a bit of variability in the exposure to and influence of the factors explored.

December 12, 2022

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November 30, 2022

Sustainable withdrawal rates can vary considerably, depending on the levels of desired bequests, portfolio depletion risk, and asset allocation, highlighting the need for customization rather than relying on a single rule of thumb. Learn more about the feasible ranges.

November 21, 2022

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November 16, 2022

Time-varying asset allocation can help build diversified, tax-efficient portfolios, Vanguard researchers say.

October 23, 2020

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A new Vanguard research paper, Revisiting the conventional wisdom regarding asset location , takes a second look at best practices for asset location and whether they are appropriate for investors.

March 19, 2024

Vanguard researchers present a framework to help investors choose the most efficient rebalancing method in terms of risk, return, and costs.

January 05, 2024

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December 12, 2023

A return to sound money, with interest rates above inflation, is the best financial market development in 20 years.

November 17, 2023

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November 15, 2023

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November 01, 2023

Vanguard research considers investors who may benefit from target portfolios using valuation-aware, time-varying return forecasts.

October 20, 2023

We consider the “loss harvest profile” of direct indexing over time, focusing on volatility and cash contributions.

October 13, 2023

Vanguard research shows how to optimize after-tax returns through placement of equity subclasses across accounts. 

October 03, 2023

A Vanguard analysis assesses retirement readiness for a nationally representative sample of American workers.

September 15, 2023

The benefits of HSAs aren’t limited to just covering medical expenses, according to updated Vanguard research.

September 06, 2023

Negative convexity has rejoined duration and credit as central considerations in active muni investing.

Vanguard is the trusted name in investing. Since our founding in 1975, we’ve put investors first.

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3 things America can do to solve its retirement crisis, according to BlackRock chief Larry Fink

• America has a retirement crisis on its hands.
• But there are things the US can do to help people better prepare for post-work life, Larry Fink said.
• The BlackRock chief outlined three things to help alleviate financial burden on retirees.

America has a real retirement crisis on its hands — and there are three things it can do to help solve it, according to BlackRock chief Larry Fink.

In his annual letter to investors, the CEO of the world's biggest asset manager pointed to an unfolding crisis for current and future retirees. Over half of Americans over the age of 65 are living off less than $30,000 a year , according to 2022 Census data . Meanwhile, 45% of middle-income households risk not keeping up with their pre-retirement living standards once they turn 65, according to data from the Center for Retirement Research . 

That's complicated by the fact that Social Security may not be able to provide the same support for younger workers when they reach retirement age, Fink said. According to the Congressional Budget Office, the Old-Age and Survivors Insurance Trust Fund , one fund within the Social Security program, is expected to be depleted within the next 10 years.

"As a society, we focus a tremendous amount of energy on helping people live longer lives. But not even a fraction of that effort is spent helping people afford those years," Fink said. "Today in America, the retirement message that the government and companies tell their workers is effectively: 'You're on your own.'"

That needs to be changed, he said,  detailing three ways the US could better prepare people for retirement age.

1. Make investing automatic for workers

Americans have fallen behind on their retirement savings, largely because many can't afford to set aside cash for the future, while a large portion of workers — around 57 million, according to the AARP — don't have access to a retirement plan at work .

46% of Americans aged 55-65 don't have any cash invested in a personal retirement account , according to 2022 Census data. 

Related stories

More intuitive investment options, like target date funds and mandates for employers to contribute to a retirement plan for their employees, may be able to help, Fink suggested.

He pointed to the Superannuation Guarantee, an automatic employer contribution program based in Australia. That prevented the nation from heading into a retirement crisis in the 90s, with Australia now home to one of the largest retirement systems in the world.

"As a nation, we should do everything we can to make retirement investment more automatic for workers," he said.

2. Help retirees spend their savings

Most retirees are uncomfortable dipping into their pile of savings. The average retiree still had 80% of their pre-retirement cash even nearly 20 years after exiting the workforce, according to a 2018 BlackRock survey . 

That trend has led BlackRock to develop its LifePath Paycheck, a program that will automatically dole out paychecks to retirees from their retirement accounts. 

"The retirement paradox has a simple explanation: Even people who know how to save for retirement still don't know how to spend for it," Fink said. 

3. Give young people a reason to want to invest

Fear is one of the main obstacles preventing young people from investing in their retirement, Fink said. Just 40% of 12th graders say it's " hard to have hope for the world ," according to a University of Michigan public sentiment survey.

That compares to public sentiment in the mid-90s and early 2000s, when 60% of 12th graders said they were optimistic about earning a degree, obtaining a good job, and obtaining more wealth than their parents, a separate analysis  found. 

"I've been worker in finance for almost 50 years. I've seen a lot of numbers. But no single data point has ever concerned me more than this one," Fink said. "If future generations don't feel hopeful about this country and their future in it, then the US doesn't only lose the force that makes people want to invest. America will lose what makes it America."

Better solutions to prepare young people for retirement is one such way to boost hope, he added.

"Perhaps the best way to start building hope is by telling young people, 'You may not feel very hopeful about your future. But we do. And we're going to help you invest in it,'" Fink said.

Retirement is increasingly seen as a luxury, especially among millennials and Gen Z. 23% of Gen Zers say they don't expect to ever retire , according to a 2022 McKinsey & Company survey, the most pessimistic outlook of any age group. 

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