
Traded Value
Rate Of ReturnThe starting point of everything
First, all narratives can be falsified.
Second, in terms of the external environment, the macro picture is the most important.
Third, there are only three types of data that can be fully trusted: the flow of money, the accumulation of positions, and the bid-ask price.
Wherever the money goes, there will be a market; whoever has the concentrated positions has the pricing power; what the bid-ask tells you is what it is.
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