Investing on fundamentals is now a suckers game.....stocks are manipulated, books are juiced, fraud is rampant, crimes go unpunished, etc. etc. etc.
I believe you can make money, but it has to be trading on technicals and not fundamentsals. How can you trade on fundamentals when you don't know if you are being told the truth (i.e. Enron, Nortel, Worldcom and FASB accounting rule changes that allows debts to be kept off the books). It's all B.S.
MB