locale: en title: "Fundamental analysis" slug: discipline-fundamental-analysis summary: "Value, financials, macroeconomics and valuation — price relative to fundamentals." status: published pillar: hub discipline_id: fundamental tagline: "Price relative to value." translation_of: it/hub/discipline-analisi-fondamentale updated: 2026-06-23

Fundamental analysis

Price relative to value.

Do not confuse with Foundations under Market Cycles in the menu — that is Hurst cyclic theory. Here we cover the discipline that estimates the economic value of companies, bonds, currencies and digital assets.

What it's for

Fundamental analysis estimates the sustainable value of an asset by studying economics, sector, financials, earnings, growth, rates, macro liquidity and business (or protocol) quality.

What it observes	What it measures	When it's useful
Economic health	Earnings, cash flow, debt	Investment / macro position
Macro context	GDP, inflation, monetary policy	Asset allocation
Valuation	Multiples, DCF, fair value	Price/value misalignment
Catalysts	Earnings, policy, events	Thesis timing

The CFA distinguishes technical analysis (price/volume) from fundamental (economy, sector, company). In equities: business, earnings forecasts, valuation, thesis on why the market misprices.

Core concepts

Term	In Cyclepedia
Financial statements / P&L / cash flow	entries coming
Revenue, EBITDA, EPS, FCF	entries coming
Valuation, DCF, multiples	entries coming
P/E, P/S, EV/EBITDA	entries coming
Fair value / moat	entries coming
Value vs growth investing	entries coming
Macro: rates, inflation, GDP	entries coming
Yield curve, central banks	entries coming
Earnings / guidance	entries coming
Tokenomics, TVL, unlocks (crypto)	entries coming
Indices and benchmarks	market-index
Macro derivatives	derivative · futures
Spot market	spot-market
Implied volatility	volatility

Tool	Role
DCF (discounted cash flow)	Intrinsic valuation
Comparable multiples	P/E, EV/EBITDA vs sector
Fundamental screeners	Metric filters
Macro calendar	CPI, NFP, FOMC, ECB
Quarterly reports	Earnings, guidance
On-chain metrics (crypto)	TVL, fees, supply

Representative investors and authors

Figure	Contribution
Benjamin Graham	Value investing, margin of safety
Warren Buffett	Quality + long-term value
David Dodd	Security Analysis with Graham
Philip Fisher	Growth investing
Peter Lynch	Retail stock picking
Seth Klarman	Value and risk
Howard Marks	Credit cycles, second-level thinking
George Soros	Macro, reflexivity
Stanley Druckenmiller	Operational macro
Ray Dalio	All weather, macro debt
Michael Burry	Value/contrarian
Aswath Damodaran	Academic valuation

Recommended path

price · supply-and-demand — price vs value (basics)
market-index — benchmarks and context
derivative · futures — macro instruments
volatility — implied risk and sentiment
Financial statement metrics — entries coming
gold-path — professional risk and portfolio

Market basics: bronze-path · gold-path.