if people can use the same logic to invest in stocks,

then the only difference is that you have control over individual business, while no control over stock company business. Most of people invest in stocks only look at the price.

If we have the patience of LZ to buy stocks, he spent a couple of years to buy a gas station, you can find very good deal on stocks too.

A lot of stocks on the market have a lot of cash on the book (not just assets, but cash), high barrier of entry (competitive power), smart manager (original founder) ...

whatever you worried about stocks, you should have the same worry over individual small business.