Observational studies that are peer reviewed and exhaustive can yield results that are entirely opposite reality. Dozens of peer reviewed, exhaustive observational studies told doctors that hormone replacement therapy reduced the incidence of heart attacks. Only after 16,000 women were enrolled in a double-blind controlled trial of hormone-replacement therapy in the 90s (after 6 million women had received the therapy) did we learn that heart disease, breast cancer, stroke, and dementia actually were more common in people receiving hormone replacement therapy vs placebo. In other words, the exact opposite.
Epidemiology is only of value in formulating hypotheses, not in proving anything.