In a previous article, I wrote that Mr. Buffett believes: a good company's stock price being lower than its intrinsic value is only temporary, and given time, its undervalued price will eventually reflect its true intrinsic value.

This is the fundamental reason why Buffett has remained steadfast in the U.S. stock market for decades, consistently investing the vast majority of his positions in U.S. stocks.

When investors continue to ask Buffett why the undervalued price will eventually rise to reflect intrinsic value, Buffett says:

He believes that as long as the U.S. adheres to a market economy and the rule of law, this holds true—this is Buffett's ultimate faith in investing in U.S. stocks.

Buffett states that if he were born in another country (like Bangladesh), this would not hold true.

In fact, it is not just the U.S. stock market; for any investment market, to be able to immerse oneself in it long-term and profit from it without being blinded by temporary twists and turns ultimately points to an ultimate belief.

If an investor's heart does not have such an ultimate belief, it is impossible to make money in the investment market, as even a slight disturbance can shake them out.

Saying this is easy, but doing it is very, very difficult.

In Buffett's time, the U.S. witnessed the Soviet Union launching its first artificial satellite, experienced the social turmoil of the 1960s, became mired in the Vietnam War of the 1970s, triggered the collapse of the Bretton Woods system, faced the aggressive expansion of communist Soviet Union, and reluctantly extended an olive branch to Beijing…

Each of these events created huge waves in American society, repeatedly shaking people's beliefs, and even some so-called social elites began to question the system:

The market economy is failing; the Soviet-style planned economy is the hope of humanity…

In the face of so many doubts and challenges, Buffett repeatedly expressed in his shareholder letters: he believes in the entrepreneurs under the American system and believes these entrepreneurs can create miracles.

Buffett's unwavering belief is not wrong:

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

And the once seemingly aggressive Soviet Union, when its surface layer was peeled back, was found to be just an empty shell.

Wall Street has also experienced tumultuous times: in 1962, the S&P 500 index plummeted 15%; from 1968 to 1972, the S&P 500 index fell 36%; in 1973, the S&P 500 index dropped 59%; in 1987, the S&P 500 index fell 22% in a single day; in 2000, the internet bubble burst; in 2007, the financial crisis erupted; in 2020, the COVID-19 pandemic triggered a stock market crash…

Each of these crises strongly impacted the U.S. financial system, repeatedly shaking people's confidence, with every corner of society and every voice in the media proclaiming:

The U.S. stock market is finished; America is finished.

Similarly, in the face of so many doubts and challenges, Buffett repeatedly showcased one dazzling achievement after another in his shareholder letters:

Coca-Cola continues to expand its business footprint globally, American Express continues to reap substantial profits, and Berkshire Hathaway continues to create miracles in the investment market…

Compared to these countless storms and upheavals, what are the minor setbacks faced by the crypto ecosystem?

When encountering setbacks, it is important to reflect on past cognitive errors; the purpose of reflecting on mistakes is to better walk the correct path and to make fewer mistakes in the future.

If this reflection on cognitive errors is seen as doubt, it only indicates that the so-called "faith" of the past was false.

When there is no solid belief in one's heart, seeing the sun briefly obscured by clouds can lead one to think the world will be permanently dark. In this mindset, it is not surprising to read straightforward text as having the opposite meaning.

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

I would modify this saying: "It is not the article that moves, nor the author that moves; it is the heart of the one who wavers that moves."

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