Good evening, brothers!
In his letter to shareholders in 1985, Buffett wrote: "From 1973 to 1974, The Washington Post performed well, which caused its intrinsic value to continue to increase. Nevertheless, the market value of our holdings decreased from the original cost of $10.6 million to $8 million, a reduction of 25%."
When Buffett bought The Washington Post in 1973, the company's intrinsic value was between $400 million and $500 million, but the market price at that time was only $80 million, essentially selling at a two-fold discount. In such a situation, can we expect an immediate rise after buying?
Not at all. The stock was already undervalued, yet a year later, the "wise" Mr. Market not only failed to push its price towards a return to value but also caused it to continue to plummet by a quarter. If there had been the internet back then, I believe irrational netizens would not have spared Buffett any criticism.
For individual stocks, being further undervalued after already being undervalued is a norm. Otherwise, how could we say Mr. Market is "mad"? Therefore, we should not use short-term funds to participate in stock investments, nor should we "single out" a single stock. These principles may seem like simple common sense, but they are indeed ironclad rules of investing.
If an investment reaches the conditions for buying and successfully establishes a position, and the price continues to pull back, I think this is Mr. Market offering them cheap chips.
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The Ethereum spot ETF has recorded net inflows for 13 consecutive trading days, attracting over $4 billion in total. Analysts say this sustained inflow highlights the growing demand from institutional investors for exposure to Ethereum.
According to SoSoValue data, on Tuesday (July 22), the Ethereum spot ETF saw a net inflow of $534 million, extending the record of consecutive inflows to 13 trading days.
BTC: On the 4-hour level, the price continues to oscillate near the middle band of the Bollinger Bands.
On the daily level, the price continues to oscillate near the moving averages.
In summary, support level at 118200, resistance level at 118600.
ETH: On the 4-hour level, the price continues to stay below the middle band of the Bollinger Bands, with a weak price trend, support level at 3620, resistance level at 3650.
LTC: The price continues to stay near the lower band of the Bollinger Bands, with a weak price trend, support level at 108, resistance level at 116.
BCH: The price has broken through the middle band of the Bollinger Bands, returning to a strong range, which is also what we mentioned in last night's article about this coin having a chance for a rebound from overselling, support level at 510, resistance level at 540.
That's all for now, good night!
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