Value investors often adopt a long-term holding approach, but the reverse is not necessarily true. Holding onto a stock for a long time does not automatically equate to value investing. Regardless of the time horizon, the fundamental premise that investors cannot ignore is "whether they have truly bought the right company," because the essence of value investing is a good business model. Only then does long-term stock holding have a solid foundation. Putting the cart before the horse and treating long-term holding as the sole label of value investing is a grave mistake.