Yes fundamental analysis is good for figuring out the way the market is headed, but the timing is what counts and for that you need this.
You dont want to invest early, because that exposes you to unecessary risk, and certainly not invest too late.
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I was thinking more in terms of choosing stock in specific companies.
I have been out of the market for a long time now, but I did use both strategies in turn.
One of my better long term picks was Ruger (great fundamentals, carried a dividend, and I could play with options)