In response, he stated, "However, we believe that our portfolio of common stocks is worthwhile from the perspective of the intrinsic value of the companies. Although there were significant unrealized losses at the end of the year, this portfolio will bring us satisfactory returns in the long run."

One of Buffett's most famous investment cases in history, the Washington Post, took place during that period.

In 1973, Buffett spent $10 million to buy shares of The Washington Post at $5.63 per share. In Buffett's view, this was an incredible price, less than a quarter of its intrinsic value at the time.

Although the market continued to decline over the next two years, dragging down the Washington Post's stock price, Buffett was unconcerned. In his shareholder letter, he wrote: "The Washington Post continued to perform well between 1973 and 1974, which increased its intrinsic value. Nevertheless, the value of our holdings in the company decreased by 25% from the original cost of over ten million dollars to eight million dollars. What we thought was a bargain turned out to be worth 20% lower by the market a year later."

When Buffett bought the Washington Post, he thought it was worth less than a quarter of its intrinsic value at the time, but it turned out that the investment had increased by far more than four times.

Tech stock bubble: Drops of over 50%

Eight acquisitions were completed in one go.

In the late 1990s, the United States experienced a dot-com bubble. As the market rallied for stocks related to the new economy, those of companies that were not part of the new economy were abandoned. Warren Buffett refused to buy dot-com stocks, and Berkshire Hathaway's stock price plummeted from more than $10 per share to around $10 per share, a drop of more than 50%.

In the summer of 1999, Time magazine openly humiliated Buffett on its cover: "Warren, what's wrong with you?"

That same year, Buffett delivered his famous Sun Valley speech.

"Regarding investing, there are only two real questions:"

First, how much return do you want to get?

Secondly, when do you want to receive a return?

Buffett told a story about an oil prospector: the gist of which is that it was a baseless rumor, just going with the flow.

"That's how people perceive stocks. People are very likely to believe rumors."

When no one believed in tech stocks, Buffett made a huge bet and held firm.

However, the economy was sluggish for several years. In March 2000, the dot-com bubble burst, and it didn't fully dissipate until 2001. Only then could they salvage their reputation.

In 2000, Buffett completed eight acquisitions in one go; two of them had been in talks since 1999. The total amount of these deals was as high as $8 billion, and all the funds were paid entirely with his own money without borrowing a single penny.

One is an investor, the other a sniper; one is arrogant and domineering, the other as steady as a mountain. Both are superstars in the investment world.