In 1965, Buffett gained control of Berkshire Hathaway and began managing the company. Would buying BRK-A shares at any time after 1965 guarantee a continuous rise in value and huge profits? If you happened to buy at the 1998 high and it reached the 2009 low, nearly 11 years later, the stock price not only didn't rise but actually retreated significantly. Those who bought at the peak were in a long-term unrealized loss. This period was extremely agonizing. In 1999, the market was frantically speculating on tech stocks, the media collectively declared Buffett outdated, and many shareholders questioned him. Although the book value per share was still slowly increasing, the secondary market stock price didn't rise and even fell. The fundamentals were improving, but the market valuation continued to compress, meaning shareholders weren't making any money on paper. Besides this period, there was also the period from 1972 to 1975. The 1972-1975 bear market saw Berkshire Hathaway's stock price retreat significantly, resulting in an overall negative return over four years, with a maximum drawdown of nearly 60%. If it were you, could you hold on? Berkshire Hathaway never pays dividends; your returns depend entirely on stock price appreciation. Without dividends to cushion your gains, it's difficult to get returns during periods of sideways movement. However, you can redeem and sell your shares at any time. If it were me, I feel I would also find it difficult to withstand these two waves.