This post is for anyone still buying stocks. Many investors are passive and just purchase index funds, but have you stopped to consider how the individual companies in that index are valued?

Most investors tend to look at metrics such as earnings per share or multiples of EBITDA (earnings before interest, taxes, depreciation, and amortization) or discounted future cash flow. All of the standard metrics are derived from revenue in fiat that's getting debased and therefore you need to consider both the expected future growth of the company's revenue as well as future inflation. That's a lot of uncertainty and therefore risky.

As a thought experiment, Company A is in Argentina and their revenue is growing at 50% YoY while Company B is in the US growing 10% YoY. Which company should you invest in? Company B because inflation in Argentina was 300% in the last year so Company A is heading for bankruptcy despite "growing" much faster.

In a world with bitcoin, if you're still buying stocks then you should consider whether you're buying something like Company A or something like Company B. If the company is stacking bitcoin either organically through revenue or converting their fiat, then they're Company B.

Even if you found a Company B you need to determine if they can grow their stack faster than you can grow your own and without diluting your shares.