Investing and the value of compounding. I have always been an admirer of Warren Buffett and Charlie Munger, and the Berkshire Hathaway dynasty. I have been going to the annual meeting in Omaha since 2018. Over the years, I've come to understand that Berkshire Hathaway is more strategically positioned for downside protection than upside speculation. Buffett consistently emphasizes intrinsic value per share and a strong margin of safety. He seeks businesses with enduring competitive moats—those unlikely to change drastically over time. The insurance industry, in particular, is one of the best defenses against market downturns and inflation. It benefits from pricing power, generates continuous fee-based revenue (since people rarely cancel essential policies like auto and home insurance, even in tough times), and often operates under mandatory coverage requirements. Additionally, insurers can adjust pricing to reflect future risk. Buffett has masterfully reinvested Berkshire's insurance float—essentially capital borrowed at near-zero cost—into high-return businesses with strong earnings power that compound over time. This unique advantage allows Berkshire to outperform competitors who must rely on traditional interest-bearing capital.