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In 2025, the founder of Munger Academy, Shi Hongjun, stated at the Buffett Shareholders' Meeting American Investor Reception that whether value investment can be done in economies like China, and how to do value investment, is a question that many value investors often ask. We can also be inspired by Buffett on this issue. Although looking back in the rearview mirror, the past 60 years of Berkshire's history is a continuous upward trend in the American economy. But from a short-term, local macroeconomic perspective, any period is full of uncertainty. Therefore, in his 50-year article about Berkshire, Buffett mentioned the future by saying, "The US economy will fluctuate, and when the economy weakens, our current income will also decrease. But we will continue to achieve organic growth." For investors, rather than doubting the macroeconomy and the future, it is better to learn how Buffett looks at problems with an optimistic attitude. Buffett said, "In most years, our country's economy will provide strong tailwinds to business. We are fortunate to have the US as our home base." Buffett has also talked about this view today. I think there is no problem with changing the word "America" in the above sentence to "China."