The foundation of business is two things:


1. Manufacturing: the process of processing raw materials and assembling them into products, earning value-added from processing, design, and branding.
2. Trading: the process of buying goods at a low price and selling them at a high price, earning value-added from information gaps, channels, and convenience.
In modern high-tech businesses, the representative of manufacturing is hard technologies such as chips (advanced manufacturing itself is a moat), while the representative of trading is finance (it sells narratives and concepts).
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