Good evening, brothers!
In his 1988 letter to shareholders, Buffett once again criticized the "Efficient Market Theory." Buffett believes that the reason these academic experts consider the market to be efficient is that they can correctly observe that the market is "usually" efficient, but they incorrectly conclude that the market is "always" efficient. The difference between these two is enormous, as clear as day and night.
"Usually" efficient means that the market is sometimes "efficient" and sometimes "inefficient." Value investors take advantage of this by buying when the "market is inefficient" (undervalued), holding when the "market is efficient" (valuation reverts), and then selling when the "market is inefficient" (overvalued). According to the "Efficient Market Theory," if the market is not "usually" efficient but "always" efficient, it means there are no trading opportunities for undervaluation and overvaluation.
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In addition to the timing of interest rate cuts, Federal Reserve officials also revealed their differences regarding the impact of tariffs on inflation.
On Thursday, July 10, Eastern Time, Mary Daly, President of the San Francisco Fed and a voting member of the Federal Open Market Committee (FOMC) in 2027, stated that she expects tariffs will not have a very lasting impact on inflation. Daly mentioned that it is time to consider adjusting interest rates, and the Fed should always be open to adjusting rates, implying that she acknowledges that waiting too long could lead to a lag in rate cuts.
BTC: On the 4-hour level, the price continues to stay near the upper Bollinger band, showing a strong price trend. The short-term market is overbought, and it may be appropriate to reduce positions and take some profits.
On the daily level, the price continues to stay above the moving average support, showing a strong price trend.
In summary, the support level is 117600, and the resistance level is 118400.
ETH: On the 4-hour level, the price continues to stay near the upper Bollinger band, showing a strong price trend, with a support level of 2980 and a resistance level of 3000.
LTC: The price continues to stay near the upper Bollinger band, showing a strong price trend. The short-term market is strong, and it may be appropriate to reduce positions. The support level is 94, and the resistance level is 97.
BCH: The price continues to stay near the upper Bollinger band, showing a strong price trend. The short-term market is overbought, and it may be appropriate to reduce positions. The support level is 510, and the resistance level is 540.
That's all for now, good night!
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