Dumbbell bull market, stock game, do we still need value investment?

The recent decline shows that the bull market has not come, only the stock fluctuations are fighting.

After the large-cap VC coins and institutional coins were launched, retail investors shouted and could not take it.

This round of bull market is like a dumbbell. The head is BTC, and the tail is a bunch of small-cap memes and large-cap memes that have emerged. The star value coins in the last cycle have died down.

As a value investor, a typical time-for-space investor, I have to reflect on a question at this time: Where will the investment in value coins go in this bull market?

In the last round of bull market, one of my investment cognitions was a three-layer pyramid structure.

The bottom layer is the new sector and new narrative.

The second layer is the sustainable business model.

The third layer is sufficient liquidity (listed on the big exchange).

Because in the previous bull market, a token was listed on a major exchange and had sufficient liquidity, which determined that its market value ceiling in the bull market could be high enough, at least starting from 1 billion US dollars.

The new sector determines the market-to-dream ratio.

The business model determines the sustainability of the project.

Sufficient liquidity determines the ceiling of the market-to-dream ratio.

There is also an additional condition here, buy Dragon 1, at worst buy Dragon 2, and buy Dragon 3 with a high probability of being buried.