Got to spend money on stuff you like every so often else what is point of investing and having cash? and without people splashing the companies earning would be depressed and it would be bad for us stock holder
it can be super profitable observing what people spend money on and buy business that rake in from that perspective
there is spending money and then there is spending money.
Guess it relative to
(a) the returns generated
(b) most important, the amount of capital concerned.
I don't judge others between trading/investing (although I judge myself very critically and hence avoid trading). There is no single strategy that is 'the best'.
But once one gets their 'strategy', the next step is accumulation of capital from that strategy.
Until that capital reaches a size upon which one can afford 'leakage of a sizable degree', I question the need to spend on 'significant do-dahs'.
At what point in the capital cycle does one spend on a car?, on a boat? on a yaht? on a castle?
There is no definitive right and wrong to the above questions. But, in my opinion, there is an intelligent answer. And in my opinion the intelligent answer is when the capital accumulated allows the 'leakage' whilst still providing a sufficient future buffer.
In regards to the second part of your comment, I totally agree. This was highlighted in many Peter Lynch'es works. But this applies more to mass market.