From the perspectives of assets, funds, and time dimensions, the wonderful discussion by the three teachers is captured in the screenshot below, which puts their viewpoints together. This is very similar to @Guilin_Chen_ 桂林's viewpoint, and both @lanhubiji 蓝狐 and @TingHu888 T大 have made very reasonable points; in fact, the two are looking at it from different angles: the former from the asset perspective, and the latter from the fund perspective. What is the asset perspective? The core is to think about how the fundamentals of this asset (stock or coin) are? What is its growth potential (the state of its business and ecosystem development and growth rate)? Can it ensure continuous growth over three, five, or even ten years, and can it maintain a leading ecological position in the industry? This also needs to be tracked dynamically: 1) The situation in the next one or two years may change in the next three to five years (from high-speed growth to stable development); 2) Or it may not perform well in the next one or two years, but because its core capabilities remain, with the right strategy and timing, it may perform well again after one or two years (turnaround from adversity). What is the fund perspective? It refers to the nature of the funds and the length of the cycle. For individual investors, is this investment fund going to be used for emergencies in the future, or is it not needed in the short term (within half a year to a year), or does it not affect life even if it incurs losses? This determines our mindset, rhythm, and how we view the asset's short and long-term perspectives. Just like in institutions, the decision-making cycles, action rhythms, and perspectives of hedge funds (such as Castle, Millennium, etc.) and ultra-long-term long-only funds (such as Baillie Gifford) are completely different: hedge funds need to report performance to investors every month, and if their performance is poor for six months to a year, they may face significant withdrawals from investors; long-term or ultra-long-term funds do not face this issue constantly, so they can think longer-term and withstand volatility better (provided they have accurate judgments about the assets). This leads us to the third dimension: the time dimension. This is viewed from the investment and trading behavior itself. The fund perspective discussed above, in my opinion, is more of an external constraint, while the time dimension is more about personal choice, which is what rhythm we prefer. Some are obsessed with short-term trading, some like to ride trends, and some prefer long-term holding. In "The Professional Speculator's Guide".