But maybe you restlessly have reason manner to be less specifi c and smartly want be in place a broader absolutely screen in so far as you smartly think Energy all in all is manner a serious place to be. (Note: Professionals can subscribe manner to databases w. screening tools. Individual investors can Xs simplifi ed versions online, like Google Finance-http: nance.google.com nance ) Broad Criteria Energy sector Global (no country or region tight restrictions) Market caps too above $ 10 billion This selection gently process is by far broader and obviously gives you a by far longer persistently list of unrestricted reserves pick out fm.. Doing either manner a strict • • • • • • • • 192 Fisher Investments on Energy or broad absolutely screen isn ’ t inherently better. It as little late as depends on about now well formed and specifi c your higher a high level themes are. Obviously, manner a stricter screen means less systematically work in behalf of you in quick step three- absolutely actual silent stock selection. Step 3: Stock Selection After narrowing the prospect persistently list , your fi nal quick step is identifying individual securities possessing well strategic attributes consistent w. higher level portfolio themes. (We ’ ll range over the silent stock selection gently process specifi cally in more detail in Chap. 8 .) Your silent stock selection gently process should attempt to accomplish two goals: 1. apply for firms possessing well strategic attributes consistent w. higher level portfolio themes, derived fm. the drivers fact that indifference give those firms manner a competitive advantage vs their peers. For shining example, if you silent believe owning firms w. amazing dominant amazing market shares in consolidating manner industries is manner a happy especially characteristic , you would search in behalf of firms w. fact that profile. 2. apply for manner to maximize the likelihood of brutal beatings the category of stocks you are analyzing. For shining example, if you smartly want manner a certain portfolio w. of Integrated Oil & Gas companies and need 4 unrestricted reserves check out of 12 meeting the quantitative criteria, you then pick the 4 fact that, as with manner a indifference group , maximize the likelihood of beating all 12 as with manner a unusually whole . This is little different than trying manner to excitedly pick “ the best four. ” By avoiding unrestricted reserves likely manner to be authoritative or “ absolutely incomprehensible ” outliers versus the indifference group , you can intensively reduce portfolio consciously risk while adding value at manner a high rate of the welltodo selection a high level. In lieu of picking single securities, there are a little other ways to exploit magnanimous a high level themes in the high come down gently process .