Yesterday, I looked at research reports on over a dozen stocks. Out of curiosity, I also took a look at Berkshire Hathaway, owned by Warren Buffett. Berkshire Hathaway, what a boring company! What are they controlling stakes in? Energy, insurance, railroads, manufacturing, retail. Coca-Cola. All very stable businesses. I can't find anything particularly cool. Conservative strategy. When the market is slightly down, they hoard cash, waiting for a crash. Then, when interest rates are high, they collect interest on float. Despite using float, their debt ratio is just over 25%, much lower than most high-tech companies. Very healthy. Impregnable, extremely cautious, and determined not to make mistakes. PB 1.43, haha. Almost no premium. A company that extracts time surplus. Their moat is a combination of "insurance float + capital allocation." This kind of financial engineering is unique in the industry, almost a monopoly. Unreplicable. This is a company that has washed away the superficiality, is simple and profound, a textbook example of investment strategy. I take off my hat, deeply respectful. I bow deeply, head bowed in deep thought.