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 a two-thirds 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 undervalued and then becoming even more 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" one 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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As the market holds its breath waiting for signals of an interest rate cut from the Federal Reserve, a key document—the minutes of the Federal Reserve meeting—is quietly rewriting expectations.
According to news from the Wind Trading Desk, Citigroup's research report on July 7 indicates that the upcoming minutes from the Federal Reserve's June 17-18 meeting will release more dovish signals than expected, and the "wait-and-see" period for rate cuts may end by late summer.
Although Powell maintained a neutral stance at the press conference following the June interest rate decision, several Federal Reserve officials subsequently released dovish signals, leading the market to have higher expectations for the upcoming minutes. Recently, the previously hawkish Federal Reserve Governor Michelle Bowman has shifted to support the possibility of a rate cut in July, and Governor Christopher Waller has also indicated he may support a rate cut in July.
BTC: On the 4-hour level, the price is above the middle band of the Bollinger Bands, showing a strong price trend.
On the daily level, the price continues to stay above the moving averages, and the price trend remains healthy.
In summary, support level at 108800, resistance level at 109200.
ETH: On the 4-hour level, the price is rebounding strongly, approaching the overbought zone, be cautious of a price pullback, support level at 2560, resistance level at 2590.
LTC: The price continues to stay below the middle band of the Bollinger Bands, showing a weak price trend, support at 86, resistance level at 88.
BCH: The price continues to stay above the middle band of the Bollinger Bands, showing a strong price trend, support level at 490, resistance level at 510.
That's all for now, good night!
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