Of course, I'm focus on fundamental investing but one thing we should remember. If we invested all money in the market during bearish year, and if you aimed for long term investment you probably made a huge mistake. So, this tell us the market was not merely depend on the fundamental.
One who invested all money when the market is bearish, just if he doesn't freaked out when the market bottomed, it could use 6 months to 15 months for the market to rebound. This is consider a losses because:1) Our capital freeze, only some tiny dividend gain (5%-7%) 2) You lost opportunities when the market bottomed (blue chips on sales)
So, to be a smart investor, we of course need to be hardworking to study on the fundamental; also, we need to at least know where we are, and to adjust our strategy during certain timing.
Our market price was build based on how people trades, so the fundamental alone is not enough (unless you are a super long-term investor which also can gain over 10-30 years) timing also very important to roll up your money.
We can't accurately locate where we are now, but we roughly know which section now we are located and adjust our money in the market . Eg: Reallocate your cash to 40 to 70% for the bear market to come when bank rise the interest. Buy 80 to 100% of shares when bank interest fall.