Good chart by Jae of http://www.oldschoolvalue.com/ of just how awful fundamental investing did during 2011. As many have pointed out, due to Euro concerns many investors completely ignored button up investing. The good news is that many value investors have taken much more of a macro approach (article on topic to follow), and there are therefore lots of bargains out there. The even better news is people have capitulated, or become 100% macro investors.
When this happens, such as in late 2008 and early 2009, many cheap securities can be found.
H/T http://www.frankvoisin.com/
