This blog is part of a new series on Institutional Investor entitled Global Market Thought Leaders , a platform that provides analysis, commentary, and insight into the global markets and economy from the researchers and risk takers at premier financial institutions. Our first contributor in this new section of Institutionalinvestor.com is AllianceBernstein, who will be providing analysis and insight into equities.

Fundamental analysis goes to the heart of stock selection, but when the market is driven by macroeconomic or political considerations—the situation today—it works less well.

Most stocks continued to rise and fall in tandem in October, whether they were newly discovered traditional bargains or casualties of the European sovereign-debt crisis and US fiscal woes. Stock-pair correlations among global stocks were in the 0.5 range at the end of October, versus a norm of less than 0.2 (Display). ....

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