The core of Buffett's legend is long-term compounding. The question is why can he achieve long-term compounding? Some people say that he can pick stocks, but this is only one of the factors. What is more important is his operating model. In the early days, he relied on finding high-quality assets with low valuations but difficult operations. The advantage is that if he can save them, he will save them. If he can't save them, he can make money even if he applies for liquidation of assets. For example, Berkshire started as a textile company with high-quality assets; in the medium term, he focused on mergers and acquisitions of companies that can generate a steady stream of cash flow, such as insurance, Blue Ribbon Printing, See's Candies, etc. This kind of business will continue to make money as long as it is on track; with enough funds, he later heavily invested in blue chips, such as Coca-Cola and Apple, and completed the perfect capital relay in three steps. His investment style has changed from Graham's pessimistic and conservative style of picking up cigarette butts to the high-quality enterprises advocated by Fisher and Munger. The homework Buffett left for us is: Is it possible to make long-term compounding in the currency circle?