#比特币走势观察

1. Lengthening the cycle reveals that price changes follow a certain pattern and have a high degree of certainty. This is what the value investing master Graham said: the value of a company ultimately determines its price. In the short term, the price may deviate significantly from the company's value, but it will eventually revert to the company's value. 2. The real risk in investing does not come from concentration or diversification, but from the investment target itself. Junk coins will not reduce overall investment risk just because you invest more in them; excellent companies will not increase risk just because you invest less. Investment risk has no absolute relationship with the amount you invest. 3. Investing is a continuous process of waiting. After discovering good companies, wait for the appearance of a margin of safety; after buying, wait for the returns brought by growth; after selling, wait for the next opportunity to arise. Only by learning to patiently wait can one succeed in the investment market.