My post was in response to when you wrote "investing in the Internet even at the peak (deploying capital proportional to 1999 market caps) has one of the best I

My post was in response to when you wrote "investing in the Internet even at the peak (deploying capital proportional to 1999 market caps) has one of the best IRR's in the history of time (Amazon, eBay/PayPal, eTrade, etc.)." That at least is sort of a strategy in that it's not a collection of folksy wisdom, assuming you had a methodology in determining what is and is not an Internet stock, which you maybe wouldn't have had, as this may only have been obvious in hindsight. But the problem with this strategy is investing at market cap is a non trivial exercise as I pointed out. (Edit to add: Barnes and Nobles launched a ecommerce site in 1997. So I hope it's on your "deploying capital proportional to 1999 market caps" Internet firm dataset. /) But now we seem to have moved the goalposts to "invest in innovative companies that are driving use-cases forward that are not shovel stocks or penny stocks" which is folksy advice kind of like "pick good companies and avoid bad companies." In that spirit I offer my own advise: "Be better at predicting the future than the person you are buying or selling from." It works every time.