Good evening, brothers!
In his letter to shareholders in 1985, Buffett wrote: "From 1973 to 1974, The Washington Post performed well, which caused its intrinsic value to continue to increase. Nevertheless, the market value of our holdings decreased from the original cost of $10.6 million to $8 million, a reduction of 25%."
When Buffett bought The Washington Post in 1973, the company's intrinsic value was between $400 million and $500 million, but the market price at that time was only $80 million, essentially a two-thirds discount. In such a situation, can we expect an immediate rise after buying?
Not at all. The stock, which was already undervalued, surprisingly continued to plummet by another quarter a year later, as the "wise" Mr. Market did not push its price towards a return to value. If the internet had existed back then, I believe irrational netizens would not have spared Buffett either.
For individual stocks, further undervaluation after being undervalued is a norm. Otherwise, how could we say Mr. Market is "mad"? Therefore, we should not use short-term funds to participate in stock investments, nor should we "single out" one stock. These principles may seem like simple common sense, but they are indeed ironclad rules of investing.
If an investment reaches the conditions for buying and successfully establishes a position, and the price continues to pull back, I think this is Mr. Market offering them cheap chips.
……
In the past few weeks, Ethereum has significantly outperformed Bitcoin, with the price ratio of the two strongly rebounding from the lowest point since 2019.
The annualized premium of Ethereum CME futures compared to spot has exceeded 10%, surpassing Bitcoin's level, prompting some positions to shift from Bitcoin to Ethereum.
Since May, U.S. spot Ethereum ETFs have continued to see net inflows. In the past six trading days, Ethereum ETFs have seen nearly $2.4 billion in net inflows, far exceeding the $827 million for Bitcoin ETFs during the same period. Moreover, Ethereum ETFs have had daily net inflows exceeding Bitcoin's over these six trading days.
Goldman Sachs' crypto team pointed out that similar to the increasing number of companies incorporating Bitcoin into their financial reserves, some U.S. listed companies have recently begun to establish Ethereum reserves. It is estimated that these companies have purchased over $1.5 billion in ETH in the past month.
BTC: On the 4-hour level, the price continues to stay above the middle band of the Bollinger Bands, and the price trend remains healthy.
On the daily level, the price continues to oscillate near the moving averages.
In summary, support level at 117800, resistance level at 118100.
ETH: On the 4-hour level, the price continues to stay above the middle band of the Bollinger Bands, and the price trend remains healthy, with a support level at 3760 and a resistance level at 3780.
LTC: The price continues to oscillate near the middle band of the Bollinger Bands, and the price trend remains volatile, with a support level at 108 and a resistance level at 116.
BCH: The price continues to stay near the upper band of the Bollinger Bands, and the price trend is strong, but the short-term market is overbought, so caution is needed for a price pullback, with a support level at 570 and a resistance level at 600.
That's all for now, good night!
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