The world you faced is entirely different from that of young Buffett.

Throughout Buffett's century-long life, especially in the first half, his wealth was primarily concentrated in the material civilization sector. His entire investment career revolved around the essential aspects of people's material lives.

If humanity's main wealth is concentrated in the material domain, and your investment holdings can maintain their market share, then as material wealth increases, wouldn't your investment returns naturally track that growth? Indeed. It's akin to an agricultural society where, if productivity rises and crop yields increase, those who own more farmland naturally see their wealth soar. Because in the agricultural era, grain was almost the sole vehicle for wealth—there was no way to expand through industrial goods.

Buffett's primary era was the industrial age, when wealth clustered in the material sphere. But as he entered his later years, his returns dropped significantly—precisely because the consensus economy arrived.

The consensus economy has diluted the material wealth accumulated throughout the industrial era, essentially stripping Buffett of his returns. Buffett's declining returns after entering the consensus economy era are no different from how a large landowner in an agricultural society would see returns fall upon entering an industrial age.

The consensus economy means simply that: the more people believe something has value, the more value it has. This isn't agricultural produce, nor is it an industrial good. It doesn't even hinge on traditional notions of quality. Its value depends entirely on whether people buy into it.

The essence of consensus is the same as godmaking: the more people believe in a particular god, the more popular it becomes; when faith fades, it's forgotten.

The same dynamic will unfold in China. As material production overflows to the point where goods can't be sold, wealth will be redefined through expectation management alone.