Rather than gambling on gold, we will invest in those who sell shovels to prospectors...
It was famously said of the California gold rush of the 1840’s, that most prospectors did not strike it rich, but the folks that sold them the picks and shovels they needed did just fine. Plus of course the saloons, the general stores, the barber shops, and everyone else who supplied an industry that was growing fast.
It is sometimes easier to spot a growth industry than to determine who the winners and losers will be, especially early on. But the picks and shovels strategy is a nice way to benefit with greater certainty.
An example is the fast-growing Cannabis industry where some of the service providers are performing very well and they have a lot less competition than the producers themselves.
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