 Good day, fellow investors. I continue with my summaries of Warren Buffett's letter to shareholders in 1983. He summarizes his investment business rules, the key business rules, and I have summarized seven of them for you, which are great for having the best investment mindset. So here we go with Buffett's seven business investing rules. Number one, make sure the management is focused on improving shareholder value, not their own value. So stock market compensation, option compensation schemes, buybacks, etc. usually improve management value. As Buffett would say, we do not view the company itself as the ultimate owner of the business assets, but instead view the company as a conduit through which our shareholders own the assets. Number two, investment managers have to eat their own cooking. So as he says, most managers have more of 50% of family networked in Berkshire, so they eat their own cooking. If you invest with somebody, always be sure, make sure that they invest alongside with you and that they eat their own cooking. If not, please you will be screwed. So if your banker doesn't have his wealth in the same assets he's trying to sell you, run away. Number three, diversify but do it over time. Our preference would be to reach this goal, his higher than average American return on business investment goal, directly owning a diversified group of businesses that generate cash and consistently earn above average returns on capital. So in the 1970s Buffett was building the insurance part of the business. Now in 1982-1983 he added heavily to cigarettes and food because he found those to be the best investments. And if we look at his portfolio, of course, Geico is still the highest position but at very low cost, almost a 10-bagger. The second position is general foods and the first most money invested position is RJ Reynolds, the cigarette company. So he diversified over time and he buys what is cheap when that is cheap for long-term investments. On debt the rule is long-term fixed rates. We rarely use much debt and when we do we attempt to structure it on a long-term fixed rate basis. Why is the fixed rate basis so important? Because it gives you one less thing to think about. If you have to think about where will interest rates go, a year of inflation, a year of higher interest rates might make you do the wrong decision. If you have debt fixed, that's one thing to think less, limits your risk and you can manage other fixed things of your portfolio, of your investment portfolio or wealth differently. Number five, measure performance long-term, five to ten years. As he says, we will continue to apply it on a five-year rolling basis, even better if you measure it in a cycle basis. From top tick cycle to the next top tick cycle, who did the best, which changes things, which requires patience but is very important from a business perspective. Don't ever issue equity. He says that they issued some stock and they will issue. However, he was young and foolish in the 1970s, 80s, 90s with dexter shoes and I think it is something he regrets. So also from my business perspective, never ever issue equity if you really must not do so or it's a really big advantage to you. Number seven, a very, very interesting decision. Never sell a good business. You should be fully aware of one attitude Charlie and I share that hurts our financial performance. Regardless of price, we have no interest at all in selling any good businesses that Berkshire owns. And this is because when you own a good business, the long-term returns that that good business will offer are unlimited, no matter the current price and the market and nobody can price that in. So a business that will grow with 10% over the next 20 years, 40 years, the value of that business is infinity. And that's something Buffett understood back then. He kept his businesses as long as he could. We have seen the Washington Post, he held it for 40 years and only then sold it to Bezos. So simple, good businesses will deliver forever, high earnings, higher dividends, high returns on invested capital. No current price can justify selling that. Thank you for watching. If you enjoyed these seven short, simpler rules, which are also the mindset of this investing channel, where we do stock analysis, and we focus on having a good, rational investment, value investing mindset, please subscribe.