Which way is the hardest way to building wealth?
Most people think (in descending order, hardest to least hard).
a. Entrepreneurship
b. Trading
c. Investing
Recently, an entrepreneur told me that investing is harder than entrepreneurship. ??? Is he referring to online business? e-commerce? Can liberally do one with very low initial capital.
Trading is not a way to build wealth. If someone things it is then you should perhaps also add gambling to the list.
Same is true for investing probably. I have seen many really talented investors not doing well at all. Plus you need good capital which really comes from entrepreneurship or a successful career.
Entrepreneurship is probably the only sure shot formula to wealth if you have all the right qualities as other successful entrepreneurs.
However, the entrepreneur that I mentioned earlier, is not running the company full-time, so IMHO should be considered as an investor. I have a few friends (SG not USA 
) who are private equity investors and a few are running businesses. AFAIK, their NW is behind my lucky? prescient? bet on AAPL 25 years ago. Ofc, not talking in the scale of those angels in SV.
Excessive SBC is 
Moving 10 years. If you can recognize early, get good gain in TSLA, NVDA and NFLX.
Moving 2 years. If follow bullish momentum, underperforms AAPL.
Disciplined growth, cost structure, reasonable compensation
That or you can do nothing for 6 years and have huge gains over 4 years
The NASDAQ has been the index for companies with a speed-to-scale “winner takes all” approach to growth. They have been lighting cash on fire in order to scale out in hopes of future profitability.
You can’t do that anymore. The intrinsic value of a business should be solely centered around that company’s ability to generate cash flow. Intrinsic value does not equal stock price, as the former is a weighing machine while the latter is a voting machine.
The market has shifted from voting to weighing. Now - Cash (flow) is King.
Stocks with high FCF with reasonable SBC (8-10% of FCF) are:
AAPL MSFT BRK ULTA EL
路遥知马力
If you are holding large amount of NET U AMZN PLTR, please 
Market is dumping stocks with excessive SBC and/or declining (worse negative) FCF.
Way behind ! Your luck started from 1998, and my luck started from Dec 25th 2018, the day I found my algorithm working !
Good to hear that ! Enjoy TV watching !!
I’m not sure anyone would argue that short-term the narrative and emotions dictate the market. Those things change over time though and fundamentals win. The key is making sure the fundamentals don’t deteriorate before the emotions change. That’s how market leadership changes.
