Análise Fundamentalista está morta?

Para os pesquisadores da AQR Capital a análise fundamentalista não está morta como muitos estão dizendo.  A AQR Capital é uma empresa que usa análise fundamentalista e teoria econômica pra formular estratégias de investimento. Nos últimos anos, a empresa vem sofrendo perdas severas e muitos apontam que a análise fundamentalista não funciona mais.

Resumo:

Value investing is the age-old investment strategy that involves buying securities that appear cheap relative to some fundamental anchor. For equity investors that anchor is typically a measure of intrinsic value linked to financial statement variables. Recently, there has been much written about the death of value investing. While undoubtedly many systematic approaches to value investing have suffered recently, we find the suggestion that value investing is dead to be premature. Both from a theoretical and empirical perspective, expectations of fundamental information have been and continue to be an important driver of security returns. We also address a series of critiques levelled at value investing and find them generally lacking in substance.

Fonte:

Israel, Ronen and Laursen, Kristoffer and Richardson, Scott Anthony, Is (Systematic) Value Investing Dead? (March 14, 2020). Available at SSRN: https://ssrn.com/abstract=3554267 or http://dx.doi.org/10.2139/ssrn.3554267