Good evening, brothers!
In the letter to shareholders in 1988, Buffett once again criticized the "Efficient Market Theory." Buffett believes that the reason these experts in academia 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.
If the market continues to decline next week, would you still dare to buy?
……
The valuation logic of Bitcoin mining companies will undergo a fundamental reconstruction. With ready access to the power grid, these companies are rapidly transforming into technology infrastructure providers. The ability to immediately power AI data centers is becoming a core advantage, helping Bitcoin mining companies gradually break free from the constraints of the cryptocurrency cycle.
On October 19, according to media reports, funds tracking listed mining companies have surged over 150% this year, far exceeding Bitcoin's 14% increase. The stock prices of Cipher Mining and IREN Ltd. have skyrocketed by approximately 300% and 500%, respectively. Behind this performance is the revaluation of these companies by investors—not relying on mining profits but focusing on their AI infrastructure value.
BTC: On the 4-hour level, the price continues to stay below the middle band of the Bollinger Bands, showing a weak price trend.
On the daily level, the price continues to be suppressed by the moving averages, showing a weak price trend.
In summary, the support level is 106900, and the resistance level is 107200.
ETH: On the 4-hour level, the price continues to oscillate near the middle band of the Bollinger Bands, with a support level of 3890 and a resistance level of 3910.
LTC: The price continues to oscillate near the middle band of the Bollinger Bands, showing an average price trend, with a support level of 91 and a resistance level of 93.
BCH: The price continues to stay below the middle band of the Bollinger Bands, showing a weak price trend, with a support level of 450 and a resistance level of 480.
That's all for now, good night!
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