Is the fundamental analysis also a self-fulfilling prophecy? John J. Murphy in the first chapter of his book &quot;TECHNICAL ANALYSIS OF FINANCIAL MARKETS&quot; says that concerns regarding fundamental analysis being a self-fulfilling prophecy are seldomly raised, as opposed to technical analysis which receives criticism in the form of getting labelled as a self-fulfilling prophecy. So is the fundamental analysis, at-least in a few ways,  a self-fulfilling prophecy?
If a sufficient fraction of market participants follow technical analysis it can work as self-fulfilling prophecy. If some pattern occurs that technical analysis interprets as signalling an imminent drop in prices these people will sell, which will cause the prices to actually drop.
As is obvious from the above argument, whether an interpretation of the data can become a self-fulfilling prophecy, depends not on the nature of the the interpretation, but on whether a sufficient amount of market participants are prepared to act upon it. For example if fundamental analysis shows that a firm is likely to go bankrupt other firms become hesitant to trade with it because if it fails without settling its bills with them they will have to take the losses. This in turn makes it harder for the threatened firm to survive.