"Making investment decisions by looking solely at the fundamentals of individual companies is no longer a viable investment philosophy."

I have the movie The Big Short in the background as I am working - I love that movie.

So I got curious to see what some of the main characters of the real life drama are up to these days, so I was looking at Steve Eisman's (Mark Baum in the movie) Wikipedia entry and noticed:

Emrys Partners

In 2012, Eisman founded Emrys Partners with $23 million in seed capital. In July 2014 he announced that he was shutting down the fund, explaining his decision by stating that "making investment decisions by looking solely at the fundamentals of individual companies is no longer a viable investment philosophy." The fund controlled an estimated $185 million in assets at the time of its dissolution. The fund performed poorly in 2012, returning 3.6% and underperforming the market. It did better in 2013, returning 10.8% but still underperforming the market.

As someone educated in fundamental analysis who - with time - has switched to a fundamental & psychological analysis and recently dabbling unsuccessfully in frequent daily trading I found that comment quite thought provoking, especially coming from someone that I respect.