价值投资者总是鄙视投机交易者？

Core Viewpoints - Speculation does not require tangible support; concepts and presentations are sufficient [1] - Value investing is seen as a branch of speculation, with successful speculators having a deeper understanding of opportunities and risks [1] - The market's ecological diversity includes more than just value investing, and successful trading relies on recognizing market patterns [1] Group 1: Investment and Speculation - Investors and speculators must patiently wait for favorable trading opportunities that align with their investment philosophies [2] - The distinction between investment and speculation lies in whether trading behavior depends on "value" [7] - Speculators can provide excess returns for value investors, as their actions create the conditions for identifying undervalued and overvalued assets [12] Group 2: Perceptions and Attitudes - Value investors often disdain speculators, viewing them as undermining the perceived value rules, while speculators are seen as opportunistic [3][4] - Many self-proclaimed value investors may not fully understand the principles of value investing and may engage in speculative behavior themselves [14][16] - The disdain for speculation may stem from a lack of success in value investing, leading to a psychological bias against speculators [16]