Price relative to value.
Do not confuse with Foundations under Ciclos de mercado 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.
Para qué sirve
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
| Término | In Cyclepedia |
|---|---|
| Financial statements / P&L / cash flow | |
| Revenue, EBITDA, EPS, FCF | |
| Valuation, DCF, multiples | |
| P/E, P/S, EV/EBITDA | |
| Fair value / moat | |
| Value vs growth investing | |
| Macro: rates, inflation, GDP | |
| Yield curve, central banks | |
| Earnings / guidance | |
| Tokenomics, TVL, unlocks (crypto) | |
| Indices and benchmarks | |
| Macro derivatives | |
| Spot market | |
| Implied volatility |
Related tools
| 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 statements · DCF · P/E ratio — financial statement metrics and valuation
- Gold path — professional risk and portfolio
Market basics: Recorrido Bronce · Gold path.
Enlaces
- Conceptos — instruments and markets
- Systematic trading — factors and quant models
- Hurst cyclic theory: Teoría cíclica (Ciclos de mercado menu)