Value investing and capital speculation are both classic methods in the investment school.

Value investing looks at fundamentals:

- The core of valuation methods such as PB/PE/PS, PEG, DAU valuation, and free cash flow is the prediction of future growth, which is based on various assumptions

- So most of them will inevitably bring in subjective judgments, and value investors cultivate "self-discipline"

Capital speculation is more like hot money behavior:

- Pay attention to the short-term attractiveness of emotions and different narratives to buying funds, etc.

- Because most people know that they are "speculating", most people hold positions for a short time and are willing to accept defeat

Under different macro and capital conditions:

- Combining value investing and capital speculation, in short, it is to do a good job of sector rotation to maximize profits (of course, this is very difficult, sometimes it is better to hold a value stock to death)

- The two are in harmony, not contradictory in the eyes of some value/fundamental investors. This is a bit like most BTC holders don't understand meme, but sometimes they will play with meme in CEX for a short-term allocation. Meme players will also transfer part of their profits to CEX to buy some mainstream coins for long-term holding. From another perspective, the two biggest band profits of BTC actually come from - the capital speculation brought by ETFs this year - the capital speculation brought by the emergency interest rate cut by the Federal Reserve after the multiple circuit breakers of the US stock market in 2020 #鲍威尔谈话后市场调整降息预期 #币安上线EIGEN #非农就业数据即将公布 #伊朗导弹袭击以色列 #加密市场急跌