Source: Daoshuo Blockchain

In the previous article, I once wrote that Mr. Buffett believed that the stock price of a good company is only temporary if it is lower than its intrinsic value. In time, its undervalued price will eventually reflect its true intrinsic value.

This is the fundamental reason why Buffett has always been in the US stock market for decades and has always invested most of his positions in the US stock market.

When Buffett was continued to ask why the undervalued prices would eventually rise to reflect intrinsic value, Buffett said:

He believes that as long as the United States adheres to the market economy and the legal system, this is true--this is the ultimate belief in Buffett's investment in US stocks.

Buffett said that if he was born in some other person (such as Bangladesh), this would not be true.

In fact, it is not just the US stock market. If you want to immerse yourself in it for a long time, you must be able to make profits from it for a long time and not be deceived by short-term twists and fluctuations, and finally point to an ultimate belief.

If an investor does not have such an ultimate belief in his heart, it is impossible to make money in the investment market, because a little bit of trouble can shake him out.

This is easy to say, but difficult to do.

In the era when Buffett lived, the United States witnessed the Soviet Union launching its first artificial satellite, experiencing social turmoil in the 1960s, falling into the Vietnam War that could not be extricated in the 1970s, triggering the collapse of the Bretton Woods system, facing the aggressive expansion of the Soviet Union, and forced to extend an olive branch to Beijing...

These events have set off huge waves in American society, shaken people's beliefs again and again. Even some so-called social elites have begun to question this system:

The market economy is no longer good, and the Soviet-style planned economy is the hope of mankind...

Faced with so many doubts and challenges, Buffett said in his shareholder letter time and time again: He believes in entrepreneurs under the American system, and believe that these entrepreneurs can create miracles.

Buffett firmly believed nothing:

Silicon Valley has Fairchild Semiconductor, HP, Apple, Microsoft, Cisco, Oracle, Google, Facebook, Nvidia...

The Soviet Union, which once looked aggressive, was stripped open the surface of the skin and found that it was just a skin.

The experience of Wall Street is also turbulent: the S&P 500 plummeted by 15% in 1962, the S&P 500 plummeted by 36% in 1968-72, the S&P 500 plummeted by 59% in 1973, the S&P 500 plummeted by 22% in a single day in 1987, the Internet bubble collapsed in 2000, the financial crisis broke out in 2007, and the new crown epidemic triggered a stock market crash...

These crises have strongly impacted the US financial system,People's confidence is shaken every time, and every voice in the media is saying:

The US stock market is over, the US is over.

Faced with so many doubts and challenges, Buffett has shown one beautiful and dazzling result after another in his shareholder letters:

Coca-Cola continues to expand its business territory globally, American Express continues to reap huge profits, and Berkshire Hathaway continues to create miracles in the investment market...

Compared with these countless turbulent and stormy waves, what is the twists and turns that the crypto ecosystem has encountered now?

What is important when encountering twists and turns is to reflect on mistakes in past cognition. The purpose of reflection is to better walk on the right path and to make fewer mistakes in the future.

If this kind of reflection on cognitive errors is considered suspicion, it can only mean that the so-called "beliefs" in the past are all false.

When you don’t have a solid belief in your heart, you will think that the world will be permanently dark. With this mentality, it is not surprising to read the opposite meaning of straightforward words.

The Sixth Patriarch Huineng said: "It is not the wind that moves, nor the banner that moves, but the heart of the benevolent is moved."

I change this sentence: "It is not the article, it is not the author, it is the heart that shakes the waver."