The pillars of fundamental analysis, adapted from Excess Returns. Whether you’re analyzing a single stock or building a long-term portfolio, true due diligence goes beyond just the numbers. ✅ Quantitative analysis tells you what the numbers say earnings, cash flow, balance sheet strength. ✅ Qualitative analysis explains the “why” industry dynamics, business model, competitive moat, and growth prospects. ✅ Management & governance reveal the people behind the numbers their values, track record, integrity, and alignment with shareholders. Fundamental analysis isn’t just about spotting value it’s about understanding businesses deeply enough to hold them through cycles. #Investing #Finance #Fundamentals #StockMarket #ValueInvesting #ExcessReturns