By the end of 1999, the headlines of American financial media posed a sharp question: What exactly is going on with this legendary investor?

A striking contrast was laid out there. Berkshire Hathaway fell 23% that year, while the broader market rose 18%, and tech stocks soared wildly. This old gentleman kept his distance from anything internet-related, appearing out of place during the height of the internet bubble.

The market's voice was unanimous — the times had changed, but he hadn't kept up. The prevailing consensus in the investment community was simple and blunt. At that moment, sticking to one's investment principles seemed more like stubbornness than resolve.