find that, in their current formulations, stock prices, as such stock return performances primarily are determined by equilibriums of demand and supply, as opposed to, strictly the fundamentals of assets that are available for investments. In this course, however, we focus on fundamentals of assets and assert that an understanding and application of fundamentals that are robustly inferred can enable an investor achieve superior investment performance.

What are the conditions that enable an investor who bases investment decisions on fundamentals to outperform other investors who attempt to forecast the demand for and supply of securities within any specific market? Hint (not the answer, but helpful for arrival at the answer): Why exactly would it be the case that sometimes demand outstrips supply, then subsequently supply outstrips demand?