Because Buffett invests in the stock market, not stocks. China A-share investors are mostly stock investors, not investors, so they have suffered a lot. Stock trading refers to chasing up and down all day, operating frequently in the short term, and only playing small and medium-sized creations. Investment refers to buying banks and holding insurance stocks for a long time. Maybe you will say that the growth rate of banks is small, which I don't deny. The average annual growth rate of ICBC is only over 20%, plus the annual dividend of 5-6%, which is about 25-30% a year, but it is amazing to invest in compound interest for a long time. Buffett only gets 20% a year. In other words, most bank insurance stocks in China A shares outperformed Buffett. Then why don't retail investors buy it? It's simple. Retail investors don't like this 30% from the day they enter the market, so they can only lose money by going against profitable stocks. It's not the fault of the stock market, they are just on the wrong team, and they will understand when they wake up.