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Fundamental Analysis Redux

机译：基础分析Redux

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摘要

In their classic text Security Analysis, Graham and Dodd (1934) warn investors against sole reliance on a few quantitative factors in investment decisions. Instead, they recommend that investment decisions be based on a comprehensive fundamental analysis of the underlying securities. While their views held sway for many decades, recent years have witnessed a sharp reversal. Scholars of finance often overlook fundamental analysis, and their influence has led to a surge of investment products relying solely on a few quantitative factors. These products often have names that appeal to fundamental analysis, such as "value'' and "quality.'' I argue that Graham and Dodd's (1934) recommendations continue to have merit. I show how popular quantitative approaches to investing overlook important information and select stocks with distorted accounting numbers rather than temporary mispricing. I conclude that informative financial reporting and comprehensive fundamental analysis are essential for the efficient functioning of capital markets.
机译：Graham和Dodd（1934）在其经典著作《证券分析》中警告投资者，不要仅依赖一些定量因素来进行投资决策。相反，他们建议投资决策应基于对基础证券的全面基础分析。尽管他们的观点已动摇了数十年，但近年来却出现了急剧的逆转。金融学者常常忽视基本面分析，其影响导致仅依赖于一些量化因素的投资产品激增。这些产品通常具有吸引基础分析的名称，例如“价值”和“质量”。我认为Graham和Dodd（1934）的建议仍然值得。我展示了流行的定量投资方法如何忽略重要信息并选择会计数字失真而不是暂时定价错误的股票。我的结论是，翔实的财务报告和全面的基础分析对于资本市场的有效运作至关重要。

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