And while real estate and jobs data remain a fundamental drag on investor sentiment, other indicators show the US economy is at least on track to grow at the anemic forecasted 2.5% this year.
He, in fact, violated a key rule that Benjamin Graham would espouse a decade later in The Intelligent Investor: any investment must be made on fundamental research that you conduct yourself.
He writes that his old bullish stance was based on the view that the stock price did not reflect fundamental value, and that new products would restore momentum and investor confidence.
Said another way: fundamental analysis of publicly available information cannot uncover opportunities that enable an active investor to consistently outperform an index fund.