The Nikkei 225 Index has reached a new all-time high for the first time in 35 years, hiding a story about patience and investment faith behind it.

Looking back at the historical records reveals how brutal it was: after peaking in 1988, the Japanese stock market took 14 years to bottom out in mid-2002, with a decline of up to 80.15%. Even more heartbreaking, the bottom area was tested for another 11 and a half years, during which there were multiple rebounds, sometimes reaching 30-50%, but each time being pushed back to the lows. Such turbulence can crush the mentality of most investors.

The turning point came in 2013. The Japanese stock market started a new wave of gains, rising continuously for over five years. During the subsequent two-year consolidation phase, something happened that changed the entire situation—Warren Buffett, at over 90 years old, publicly announced his intention to bet on Japanese stocks for 50 years, and personally flew to Japan to persuade the leaders of Japan’s five major trading companies to follow the American-listed companies in conducting large-scale stock buybacks.

This move proved immediately effective. The Nikkei index began doubling, and Buffett earned more than four times his investment in just over three years, continuing to add to his positions.

This is a real example of value investing. But the real question is—who can have the patience like Buffett, waiting 35 years or even longer for that moment to arrive?