Investors Care Most About the Efficiency of Capital Time Use.

职业 investors don't chase bottoms; they chase time-weighted returns. It's straightforward: when something drops, I may suspect a bottom, but that alone doesn't justify buying.

I only go long when I'm certain it's going to rise and will sustain that uptrend for at least two to three years, marking the start of the main impulsive wave. The entry price doesn't matter; investors focus on the wave structure, not the price level. There's no point in trying to catch the entire move. What matters is capturing a high-conviction segment—the main impulsive wave—because that's the only period short enough to maximize capital efficiency.

That's precisely what serious investors prioritize: the efficient deployment of capital over time.