Value Investment in Asset Chains:

1. Good Fundamentals (What supports the price increase, what provides a reference for the price, what attracts attention, and what reflects the will of the whales)

2. High Margin of Safety (If the judgment is wrong, where is the lowest reasonable decline; targets that can completely fall to zero, those that represent the main theme of the era, and those supported by strong fundamental data usually have a good margin of safety: in the stock market, these are referred to as cigarette butt stocks, blue-chip stocks, and value stocks, which usually have reasonable or even low PE/PB ratios)

3. Long-term Holding (Taking profits according to cycles, holding in units of days-weeks)

PvP is 99% likely to lose; chasing new listings requires talent and effort.

The cigarette butts that others overlook, or the significant targets that clearly represent the main theme of the era, should be boldly picked up and held, waiting for time to prove them right.

This is my current understanding of value investment theory.