Both are important to succeed in any competitive market and as long as you are supplying great content that people want to read and link to, and your sharing your content/site/pages in the right places you should earn links naturally without having to build them all.
For example, if you were to share news of your new post on other relevant sites and people like what they read, they are likely to talk about it and share it. Another great way to get people talking about and sharing your content/link is via social networks such as twitter and facebook.
But yes, the bottom line is, without sharing your content in some form, it will not gain links, which means it will fall behind other that also have good content but are outranking you because they are getting it to more people and are building and/or earning more links.
Content is king, but links are the kings prawns, and what's a king without his followers?! Nothing, because without them the king is no one!
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