Last bull market: The value investment we pursue, good projects. Shanzhai mad cow, many truly good projects and superficial "good projects" are increasingly being invested by VC institutions, This round of bull market has led to a proliferation of counterfeit products, with an increasing number of projects featuring fancy white papers constructed by VC and institutional investors. With high market value, there are only a few that are truly sold to retail investors when listed on the exchange. This has also led to a surge in anti VC sentiment among retail investors, with no one taking over the shanzhai market. They are all playing with memes to find a fair narrative. Now all kinds of meme narrative foam have been gradually removed from the false and retained the true. In the future, I believe value investing will return, but at that time it will be easier to screen. These VCs and institutions will lose money in this round, and there will be no truly practical and valuable projects in the next round, so no one will foot the bill. So there are fewer and fewer junk projects, and instead, good projects can be directly screened out!