Dumb and impatient money buys at the peak of speculative mania, refuses to sell as the trend turns, then capitulates at the bottom for an 80% loss.

Smart and patient money sells into the speculative mania, then takes the other side of the capitulation trade so they can sell again into the next mania.

Then there's Jack Dorsey and the Winkelvosses who are smart and patient, but they don't trade. They accumulate through both highs and lows because they see a transformative opportunity beyond the boom-bust cycle.