The investment community often says, "The timing of buying determines the returns," and this is vividly reflected in Buffett's investment in BYD's Hong Kong stocks. Let us explore the importance of the purchase price on long-term investment returns by analyzing the results of Buffett's purchases of BYD stocks at different times.

During the 2008 financial crisis, Buffett bought BYD stock at a very low price. This decision brought him returns in the tens of times, making it a classic move in the investment world.

Just one year later, during the market recovery in 2009, Buffett increased his holdings in BYD stock again. Although he still made a considerable profit, the return rate had dropped to less than 10 times compared to the investment in 2008.

By 2010, the market valuation was already at a high level, and Buffett still chose to buy BYD stocks. The return on this investment further decreased, to about 3 to 5 times.

These three investment actions took place over a span of less than a year, but the holding period was around 10 to 12 years. However, due to the differences in purchase prices, the final returns varied greatly. This case strongly demonstrates that buying at an undervalued price at the right time is crucial for the success of long-term investments.

As investors, we should not get overly caught up in small price fluctuations, such as whether to buy at 2 yuan or 3 yuan. However, we must remember to buy when undervalued and avoid entering the market during overvaluation or bubble periods. Even purchasing within a reasonable valuation range will have significantly reduced investment value compared to buying during undervalued periods.

Warren Buffett's investment case in BYD once again confirms his famous saying: "Be greedy when others are fearful, and be fearful when others are greedy." Only by seizing the undervalued opportunities in the market can we achieve truly high returns on long-term investments. This not only requires us to have a value investing perspective but also the ability to remain calm and rational during market panic to seize rare investment opportunities.