Are fundamental analyst wasting their time operating in a semi-strong efficient market?

Question

When I say fundamental analyst I am refering to, Fama, Keane, Jensen, Fisher etc (and many more) and their theories about the Efficient Market Hypothesis.

Answer 1

I am not really an efficient market proponet. So no I do not believe fundamental analysis is a waste of time. In fact I believe the market is very inefficient. Hot stocks are overbought and stocks that are not hot are left to languish. A decent fundamentalist can pick out the languishers that are tomarrow's hotties.

Answer 2

If the market were semistrong, then fundamental analysis is not a waste of time. I believe that all of those financial economists that you mentioned would agree that the acquisition of information that others do not have gives you an advantage -- and some of that information can be gleaned from fundamental analysis. They would also agree that once the information is attained, it shows up in the price very quickly. Therefore, there is a first mover advantage in acquiring this information.

It is the technical analysts who would be wasting their time.

Answer 3

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Answer 4

technical analysts smell