The most essential investment opportunity comes from "cognitive jet lag" - not that others don't know, but that others don't believe it. In the short term, the market is a game of behavior - forced to buy, sell, follow the trend and kill in and out, sweeping through individual judgment like a flood. In the long run, the market is a race of cognition: It's never the visible growth figures that really make money, it's whether you can stay one step ahead, gain insight into a future where "others will believe" and dare to bet when it's still being questioned and undervalued. That's the essence of Davis' double tap: it's not that doubling profits makes you money, but that you're betting on the moment when "others don't realize it's going to double"; It's not that the P/E expansion itself makes you rich, but that you capture the trough of market sentiment that has not yet taken off. Many people think that investment earns "poor information", but in fact, the information is almost symmetrical now; The real excess return is hidden in the "cognitive gap", more specifically, the cognitive time difference between you and the market. So, don't ask if an asset is worth it now; The question is: will most people regret not buying it in a few years? Now try to ask yourself: if you are going to hold this coin for many years, do you feel that you occupy an absolute "cognitive gap"?