Just looking at earnings and balance sheet is probably a very small portion of FA.
The key to real FA is discerning of long-term earning power. This is not easy ...
Market dislocation is probably a better way to earn a profit but such opportunities are not common ... albeit appear from time to time.
Personally, I think it is better to seek areas where no one has real insight. In other words, total lack of important information is a much better situation. Then, if there is a price dislocation, it is probably worth speculating.
A good example is DNDN as being detailed by another thread on this board ...
