Fundamental Analysis Redux
重新审视格雷厄姆和多德（1934）倡导的全面基本面分析，指出当前流行的量化投资策略因依赖少数因子而忽略重要信息，并可能选择会计数字扭曲的股票，强调全面基本面分析对资本市场效率的重要性。
ABSTRACT 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. Data Availability: Data are publicly available from sources indicated in the text.