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Themes & Tactics:
Clean Technology Strategies For A Turbulent Market
Themes & Tactics: US and International Top Picks 2008, published in December 2007, sought to compile the most compelling ideas
globally. Much has changed since then, with the markets experiencing unprecedented volatility globally, and the specter of a US
recession at the forefront of investors’ minds. With the rapid deterioration in economic fundamentals and continuing tough market
conditions, the expectation is for continued downward revisions in earnings forecasts for most industries in the upcoming quarters.
Themes and Tactics: Strategies for A Turbulent Market (April 2008) provides an overview of the changed macroeconomic landscape;
compares the current cycle to previous cycles and thus the likely impact on revenues, margins and profitability; identifies the specific
drivers, upcoming political or economic events for each industry, and based on these a short term trading strategy for companies
under Jefferies research coverage. For the purposes of this one-time publication, the Sectoral analysts collaborated and allocated
companies under coverage as follows: “Own now” and “Avoid now”– companies that are likely to outperform and underperform
respectively over the next quarter, “Leaders Out Of The Trough”– companies that should perform the best as the cycle turns and
market conditions stabilize, and “No Brainer Survivors” – defensive companies likely to best weather the current market turbulence
due to some combination of balance sheet, market positioning and management. This trading strategy may result in short term
views that differ from the analysts’ longer term, fundamental based recommendations, but which we believe may be more useful to
investors as they grapple with the extraordinary events of the last month. Jefferies has a 3-tier fundamental ratings structure: Buy,
Hold, Underperform within a 12 month period. (Please see Disclosure information at the end of this Report for a description of
Jefferies ratings).
Sectors/regions covered in our Themes and Tactics Strategy series include: Consumer, Clean Technology, Energy, Financial Services,
Healthcare, Industrials/Aerospace & Defense, Internet & Media, Technology & Telecommunications and France.
The information and any opinions contained herein are as of the date of this material and the Firm does not undertake any
obligation to update them.
Table of Contents
Global Sector Overview ......................................................................................................................... 3
Comparison to Previous Cycles ........................................................................................................... 5
Metrics to Watch.................................................................................................................................... 6
Other....................................................................................................................................................... 7
Portfolio Recommendations .............................................................................................................. 10
Universe Pages.................................................................................................................................... 12
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