As known, many are skeptical about various price indicators in trading terminals. The main argument is `` lag" индикаторов. You will only open a trade using the indicator, and the price has already changed its direction and the indicator will soon change too, only with a delay. It turns out, Sort of, fortune telling on coffee grounds with a random result.
But at the same time, they are quite respectful and kind to the fundamental indicators and various ratios of companies., believing that on the basis of them you can accurately calculate something like `` fair" prices and predict the direction of price movement. Probably, this belief in the fundamental has two reasons:
— неосведомленность. If a person does not understand anything in the fundamental, then he just believes in him. It's like religion — the darker" human, the more faith.
— осведомленность. If a person has already studied everything thoroughly, spent a lot of time and effort on it, then it will be simply difficult for him psychologically to admit to himself that all this is in vain :)
In fact, everything is simple and exactly the same as with indicators in technical analysis.. Fundamentals and ratios are similarly lagging" just like technical price indicators. And the next moment they start to change in any direction. And those calculations, which the fundamentalist led along the left side of the graph will remain true only for history, but not for the right side (i.e, будущего).
This phenomenon is also proved by the fact, that the historical returns of all fundamental systems from different Buffets, Graham, O'N'eil, Drehausov, etc.. submitted by, for example, on aaii.com, approximately equal to the returns of the simplest systems, plotted at the intersection of the simplest moving averages, that is, according to technical analysis. Profitability, as in the first case, and in the second small, and are achieved in my opinion, elementary global inefficiency of the American stock market — its constant growth, not clever fundamental calculations.
