In addition to obtaining large cash flows at low cost, another reason for Buffett's long-term compounding is that he never leaves the poker table and keeps compounding. Some people make money for insurance purposes or for other needs, but Buffett rolls almost all of his money (in addition to stocks, there are huge management fees and commissions) in it, so if you look at the data, you will find that his share of the shares of the acquired companies is increasing, which is a bit similar to the currency circle's rolling position, but his safety margin is very well controlled. In addition, Buffett has always acted within his own capabilities, so you will see that the companies he invests in are all very easy to understand business models. Buffett really feels that he can't understand technology stocks and rarely dabble in them. He has very good opportunities to invest in Intel, which was founded at the beginning, and Bill Gates' Microsoft, which has a particularly good relationship with Buffett. From our God's perspective, this feels like a shortcoming, but under his investment principles, excluding technology stocks is an important choice for him to ensure a safety margin.