The paper addresses the origin of the bimodality observed in galaxy properties, particularly the transition from star-forming blue discs to red spheroids at a characteristic stellar mass of \(3 \times 10^{10} \, \text{M}_\odot\). The authors propose that this bimodality is driven by the thermal properties of infalling gas and its interaction with clustering and feedback processes, all of which are functions of the dark matter halo mass. In haloes below a critical mass \(M_{\text{check}} \leq 10^{12} \, \text{M}_\odot\), cold streams build discs without significant shock heating, leading to early and efficient star formation. In more massive haloes, cold streams penetrate through hot media, leading to massive starbursts in galaxies with luminosities above \(L_*\). Feedback processes, such as supernovae and active galactic nuclei (AGN), become effective in haloes more massive than \(M_{\text{check}}\), shutting off gas supply and preventing further star formation, resulting in 'red-and-dead' massive spheroids. The minimum in feedback efficiency near \(M_{\text{check}}\) explains the observed minimum in \(M/L\) and the star formation history. The cold flows provide a solution to the angular momentum problem in galaxy formation. When these processes are incorporated into simulations, they recover the main bimodality features and address other open questions in galaxy formation.The paper addresses the origin of the bimodality observed in galaxy properties, particularly the transition from star-forming blue discs to red spheroids at a characteristic stellar mass of \(3 \times 10^{10} \, \text{M}_\odot\). The authors propose that this bimodality is driven by the thermal properties of infalling gas and its interaction with clustering and feedback processes, all of which are functions of the dark matter halo mass. In haloes below a critical mass \(M_{\text{check}} \leq 10^{12} \, \text{M}_\odot\), cold streams build discs without significant shock heating, leading to early and efficient star formation. In more massive haloes, cold streams penetrate through hot media, leading to massive starbursts in galaxies with luminosities above \(L_*\). Feedback processes, such as supernovae and active galactic nuclei (AGN), become effective in haloes more massive than \(M_{\text{check}}\), shutting off gas supply and preventing further star formation, resulting in 'red-and-dead' massive spheroids. The minimum in feedback efficiency near \(M_{\text{check}}\) explains the observed minimum in \(M/L\) and the star formation history. The cold flows provide a solution to the angular momentum problem in galaxy formation. When these processes are incorporated into simulations, they recover the main bimodality features and address other open questions in galaxy formation.