Actually, you can use Mr. Charlie Munger's reverse thinking method to imagine what would happen to the stock market if most retail investors became value investors. I estimate that the stocks of excellent companies would become almost like bonds, and the long-term holding returns would be significantly lower compared to the original situation. The stock prices of mediocre companies would stagnate for a long time. The stocks of bad companies would gradually decline or even delist. Therefore, it can be deduced that it is the large number of speculators that create the high volatility in the stock market, which in turn gives value investing its high-return value. At the same time, this volatility also enhances stock liquidity, allowing your investments to be cashed out anytime. So if someone mocks value investing, there's no need to take it to heart—because without them, those who practice value investing wouldn’t have the opportunity to make money.$Berkshire Hathaway B(BRK.B.US)