Let me maybe put it a bit differently: companies disrupting or creating markets usually cannot be understood or discovered easily with a look at the balance she

Let me maybe put it a bit differently: companies disrupting or creating markets usually cannot be understood or discovered easily with a look at the balance sheet or income statement alone... The ability to create, grow and protect rents is more complex and often only understood retrospectively. I honestly don’t have a good answer how to do better. I know that “book value of equity” is useless for me. Think about the oil and gas industry. And even if the fundamentals don’t look great per se: in a time where money is printed like crazy, many industries fold - where are you gonna put your money. Tech’s growth might also be “lack of other opportunities”. Buffet would have done mich better/Value investors would have done much better had they understood how the world changed and adjusted their views. I mainly do S&P500 ETF. I dont outsmart markets.