Wherever there is someone, there is a chain of contempt. For example, if you watch a drama, you can't look at the American drama in the drama. Look at the Japanese drama. Look at the Japanese drama. Look at the Japanese drama. Look at the Korean drama. Look at the Korean drama. Look at the mainland idol drama. Every group subconsciously thinks that what they are looking at is the best drama in the world.
Is this really the world? It can only be said that the benevolent sees the wise and sees wisdom.
On the other hand, the financial market is not unscrupulous. The stock futures look down on stocks. If stocks do not look like derivatives, the derivatives do not look down. If you do foreign exchange, the above will not look down on the speculative coins. In this scorn chain, although the targets of investment are not the same, one thing in common is that they are all retail investors, and the whole financial world is viewed by retail investors.
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The core of retail thinking is that the target in its own hands is the most valuable. In particular, the retail investors who are losing money in the stock market are not allowed to hang their value investment. Everything must be called Buffett and never judged according to the facts. Buffett said The famous words are cherished and blindly worshipped.
Of course, the most famous is Buffett’s view of Bitcoin. If bitcoin is a joke, bitcoin is gambling, bitcoin is a rat poison, and the skyrocketing bitcoin is the square of a rat drug. It is undeniable that for Buffett, the investment channel is extremely rich, and the transaction volume of the cryptocurrency market is not seen at all. It is excusable. As a retail investor, especially Chinese retail investors, there are relatively few investment channels. In these years, Chinese retail investors The most successful investment is real estate and cryptocurrency. It has long been a group of rich people. As for the stock market, the stock index has basically remained in place for ten years, and it is impossible to find the value of investment.
There is also a bad news. With the rise of the Internet and the maturity of the primary market, the capitals led by Sequoia Capital and Zhenge Fund continue to speculate on the valuation of companies in the primary market. After going online, they have no investment value. Because the stocks listed in the last few years have already been sky-high, it is obviously overvalued. The most typical one is Xiaomi.
Before the listing, Rebs vowed that the stock price doubled after the listing of Xiaomi. As the first stock of young people, it is worth investing. The fact is cruel. After Xiaomi went public, it broke in the next few days, and the stock price fell close to the waist. Investors are close to 10 billion, and who pays the bill? Without exception, the stock market retail investors.
The most desperate is not the stock price, the most desperate is that the valuation after the waist is still overestimated.
According to Mu Yi, who has worked in private equity funds and is currently engaged in communications and media research, the Xiaomi Group is still overvalued. If he is allowed to value Xiaomi, he will give 15-18 times more PE.
The stock market is higher in price than the currency market, and the valuation is larger. Early investors have more cash.
At this point, some people will refute that the companies listed on the stock market have entity and profitability. They have received supervision from the Securities and Futures Commission, and the intention is that the companies that invest in are valuable. The short-term stock price does not affect long-term investment, but they are correct. Still ignoring the most important point, their so-called value is only imagined out of thin air, or a way for listed companies to speculate on stock prices.
The value of itself is a very vague thing, and the price revolves around an ideal state of value fluctuation. The normal state is that the price deviates from the value itself for a long time.
The financial market has never been a rational market. It is full of greed and fear. It is the two that cause the price to fluctuate. The more the mood is fluctuating, the more intense the price.
Going back and thinking about the chain, contempt is a big problem. At the beginning, I put myself in a superior position. I don’t want to know the other’s position and opinion. Reject the advantages of the other party, not to mention the shortcomings, so that the disadvantages are infinitely magnified.
The process of human development is always accompanied by our genes. The inertia of thinking makes our ancestors in the harsh living environment, without spending extra energy to study things other than cognition, otherwise it is too energy-intensive and unfavorable for development. need.
Over time, in the face of the ever-changing Internet era, our human challenge is not the food and clothing itself, the final challenge is the genetic habits brought from ancient times. From genetic editing, nano-robots, to artificial intelligence and blockchain industries, the most essential thing is to recognize human deficiencies.
In ancient times, the body is affected by the parents, how can genetic editing, then we humans are us? From 2016, the Korean Go player Li Shishi battled the Alpha dog and shouted for the ultimate dignity of mankind. The final result was that the Alpha dog defeated Li Shishi 4:1 to defeat the Li Shishi. Later, Ke Jie called the Alpha dog to lose more thoroughly. There is no possibility of winning at all.
After things were not finished, Ke Jie later said that he continued to learn the artificial intelligence of chess, and explored the way of walking compared to the previous never thought of, expanding the horizon and opening the inertia of thinking. The core of the artificial intelligence Go algorithm is that each game has the best winning rate. Because of the huge amount of data as the support and powerful computing ability, it is extremely difficult to improve the winning probability from each move. It is equivalent to opening and hanging.
Regardless of Go or investment, in essence, it is to pursue probability, not value, value is only a consensus, and the consensus has the risk of collapse at any time, but the probability will never be.
The biggest consensus on cryptocurrencies is that they have been rising. The core point is that the blockchain technology of the most cryptocurrency technology has a high probability of subverting the financial system. Once the formation is expected, it will be devastating.
No matter whether you despise or despise, it does not affect the process of the development of historical laws. Old things have always been subverted by new things. Those who refuse to change are as ridiculous as the British people in the first industrial revolution.
Author: Bitcoin Caesar