When the assets you hold drop in price, how do you react? Investors feel happy because they can buy more (if they still have money). Speculators feel panicked, worrying that the asset/company has issues and rush to sell. So, Speculators mostly chase the highs. Investors mostly chase the lows. Duan Yongping said, value investing is hard, but speculation is even harder. 80-90% of retail investors lose money, especially during bull markets, because they chase the highs: https://(x.com)/Sea_Bitcoin/status/1959104835111801085