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A conflict soon arose between the Crown, the Trinity House, and private lighthouse builders concerning the right to establish lighthouses and collect tolls^[1]. The Trinity House asserted that this right was vested in them by various charters and Acts of Parliament^[1]. Wealthy shipowners and colliery owners became alarmed by the number of lighthouse projects, preferring the risk of losing a ship or two to paying regular charges for navigation safety^[1]. This view was shared by the Trinity House Board^[1].

Debates in Parliament and discussions in the Privy Council ensued, with the general impression that the Trinity House was charged with the erection and maintenance of coast lights but could not impose rates without a special patent or license from the Crown^[1]. The Crown could give this license to the Trinity House or any private individual^[1]. Private lighthouse schemes were opposed with ruthless vigor by the Trinity House, which was in pleasant contrast to the corporation's present watchful care, perfect system, and public spirit^[1]. Schemes for lighting locations such as the Lizard, St. Catherine's, the Forelands, the Goodwins, Dungeness, the Spurn, and the Farne Islands were condemned as needless, useless, dangerous, a burden, and a hindrance to navigation^[1].

Despite the opposition, lighthouses were built in considerable numbers, with rates being gathered, and, by the first half of the seventeenth century, signals to mariners broke forth from many dangerous headlands^[1]. These were not in positions requiring great engineering skill, and reefs and shoals far out at sea remained unmarked until recent times^[1]. The Eddystone lighthouse, fourteen miles from shore, was the first great engineering triumph, and Winstanley deserves credit for erecting a lighthouse there^[1].

Floating lights, or lightships, were projected as early as 1623, with another proposal, as a novelty, half a century later at the Nore^[1]. The Trinity House laughed at the suggestion, and the Nore remained without a light until around 1730, when the first lightship was anchored there^[1]. The utility of the corporation was manifested in many other ways, despite its 'lighthouse policy' being bad and illiberal^[1]. The corporation dissuaded the king from building a 'big ship' merely for show because no existing port could take such a ship and no anchor or cable would hold her^[1].

During the struggle between the King and Parliament, the board was loyal to the former and was superseded in its authority by a committee^[1]. With the restoration of Charles II came a restoration of the ancient privileges of the Trinity House, watched over by General Monk as master^[1]. Other famous men presided over the corporation somewhat later, including Samuel Pepys^[1]. Throughout this time, the corporation's charities were not forgotten, enlarging almshouses and organizing means for the relief of aged seamen^[1].

A little more than a century later, the lighthouse policy of the Trinity House had entirely changed^[1]. The board no longer thwarted lighthouse proposals but was proposing them itself, helping sailors by demanding good and steady lights from private owners for the dues they paid and furthering projects for improving lighthouse luminants^[1]. The corporation was viewed as a public-spirited institution laboring in the interests of navigation^[1].

The result was inevitable^[1]. In 1836, privately maintained lights were extinguished, and the entire control of the lighthouse system was handed over to the corporation^[1]. The corporation's only desire for the entire control of English lighthouses was that the very best should be done in regard to their management^[1].

Located in a remote corner of Tibet, Mount Kailash is surrounded by breathtaking landscapes that include pristine lakes and high mountain passes. It is near the sacred Lake Manasarovar and lies close to the sources of four major Asian rivers—the Indus, Sutlej, Brahmaputra, and Karnali—which underscores its importance as a life‐sustaining natural hub^[9][16]. The region is characterized by diverse ecosystems; alpine meadows, rugged terrain, and unique flora and fauna are found at these high altitudes, affirming nature’s resilience in one of the world’s harshest environments^[3][10].

For devotees across religious boundaries, Mount Kailash is not merely a mountain but a living symbol of spirituality. In Hinduism, it is venerated as the residence of Lord Shiva, where he is believed to reside in eternal meditation with his consort, Parvati^[13][18]. Tibetan Buddhists call it Kang Rinpoche (“Precious Snow Mountain”) and associate it with deities such as Demchok, while also linking it to revered yogis like Milarepa^[4][11]. Jain tradition designates the mountain as Ashtapada, where the first Tirthankara attained liberation, and in the ancient Bon religion it is considered the center of the universe^[4][18]. This collection of sacred associations makes Mount Kailash a universal symbol of divine presence and spiritual energy.

A hallmark of Mount Kailash’s allure is its pilgrimage route, known as the Kora or circumambulation. Pilgrims walk a 52-kilometer circuit around the mountain—usually completed in three days—to purify their souls and garner spiritual merit^[2][6]. Along this demanding route, devotees perform prostrations, chant prayers, and offer symbolic gifts at various sacred stops. The act of circumambulation is deeply embedded in tradition and is seen as a physical expression of inner devotion, linking the body’s journey to the deeper quest for enlightenment^[6][11].

Mount Kailash is steeped in folklore and cultural heritage. Local legends recount divine events such as Lord Shiva’s cosmic dance (Tandava) and his defeat of the demon king, narratives that have been passed down through millennia^[4][18]. Tibetan festivals, such as the Saga Dawa, mark the rhythm of life around the mountain and bring pilgrims together in spirited celebration^[5]. Numerous ancient monasteries and sacred sites dot the region, serving as centers of religious practice and custodians of Tibetan cultural traditions^[8]. These cultural elements not only enhance the spiritual journey but also provide visitors with a deep insight into the heritage of the local people.

Traveling to Mount Kailash demands careful preparation. The optimal period to visit typically spans from May to September when weather conditions are milder and accessibility is better^[19][15]. Due to the high altitude, proper acclimatization is essential to avoid altitude sickness, and many travelers spend a few days in lower-altitude areas before beginning the Kora. Furthermore, obtaining necessary permits—such as the Tibet Travel Permit, Alien’s Travel Permit, and other local permissions—is mandatory and usually arranged through certified tour agencies^[7][12]. Accommodations along the route are modest, ranging from basic teahouses to guesthouses, so packing suitable clothing and personal medications is advised. Respecting local customs, including asking permission before photographing pilgrims or sacred sites, is also an important aspect of the journey^[5][17].

Mount Kailash stands as a timeless emblem of spiritual aspiration, natural purity, and cultural unity. Its towering presence, intertwined with legends and revered by multiple faiths, continues to inspire journeys of both the body and the soul^[11][14]. Whether you are setting out to complete the arduous Kora or to simply absorb the profound serenity of the Tibetan Plateau, a pilgrimage to Mount Kailash promises a transformative experience. This sacred mountain not only reflects the grandeur of nature but also the depth of human devotion, inviting all who visit to connect with the divine in a truly enduring way.

Berkshire’s insurance operations, particularly in the property and casualty (P/C) segment, remained a cornerstone of its business. The letter details how the P/C business recorded improvements in pricing in the face of increased losses from convective storms while acknowledging the unpredictable nature of insurance claims and the risk of a catastrophic event occurring at any time. Berkshire's strategy centers on carefully pricing risks and being prepared to absorb large losses when they occur, a challenge inherent in the "collect first, pay later" model of insurance. Over the past 20 years, the insurance business has contributed approximately $32 billion in after-tax underwriting profits, while the float has grown from $46 billion to $171 billion. This not only provides a cash resource for investments but also signifies an operational strength that differentiates Berkshire from many other insurers^[1].

The letter outlines Berkshire Hathaway’s dual investment approach. On one side, the company holds controlling interests in numerous businesses, and on the other, it maintains minority stakes in well-known companies such as Apple, American Express, and Coca-Cola. While the marketable stock portfolio has decreased in value from $354 billion to $272 billion in 2024, the underlying value of non-listed, controlling interests has continued to grow. An important takeaway is the emphasis on maintaining investments predominantly in U.S. stocks, while still seeking opportunities abroad, reflecting the company’s philosophy of keeping most shareholder money invested in productive assets rather than cash equivalents. The strategic decision of not preferring cash and instead focusing on quality businesses has been fundamental in weathering both economic and market uncertainties^[1].

A remarkable highlight of the letter is Buffett's reflection on the evolution of Berkshire’s tax contributions over time. He notes that in 1965 the company paid no income taxes, but things have dramatically changed over six decades. In 2024, Berkshire made four tax payments totaling $26.8 billion to the IRS, which amounts to about 5% of all taxes paid by U.S. corporations. This considerable tax contribution is largely a consequence of a long-standing policy to reinvest earnings rather than paying out dividends. In fact, from 1965 through 2024, shareholders received only a single dividend of 10 cents per Class A share. Buffett emphasizes that reinvestment, aided by the power of compounding, has allowed the company to accumulate substantial taxable income over the years. This reinvestment strategy is presented as a key driver behind the growth and success of both Berkshire Hathaway and, more broadly, American capitalism^[1].

Berkshire Hathaway’s capital deployment extends beyond U.S. borders, with a significant focus on Japan. For nearly six years, the company has bought shares in five major Japanese trading companies – Itochu, Marubeni, Mitsubishi, Mitsui, and Sumitomo – which operate similarly to Berkshire’s own businesses. Initially acquired at bargain prices in 2019, these investments have grown in appreciation as Buffett and his team have maintained regular engagement with the management of these firms. These Japanese companies are characterized by practices that include balanced dividend increases and share repurchases, with less aggressive executive compensation compared to many U.S. counterparts. Currently, the total investment cost in these companies stands at $13.8 billion, with market holdings valued at $23.5 billion. Additionally, Berkshire has increased its yen-denominated borrowings as part of a yield-driven, currency-neutral strategy that has generated significant after-tax gains, further contributing to the international diversification of its portfolio^[1].

Beyond the numbers and strategies, the letter paints a picture of community and shareholder engagement. The annual meeting in Omaha remains a key event where shareholders are directly involved with Buffett, Charlie, Greg, Ajit, and other company leaders. The schedule for the meeting includes opportunities for Q&A sessions, interactive discussions, and even social events such as the popular Brooks Run. Notably, the event has incorporated charitable activities, as seen in the initiative where signed copies of a new book are tied to donations benefiting the Stephen Center in South Omaha. This focus on community involvement is depicted as integral to Berkshire Hathaway’s values, reflecting a blend of business success and social responsibility. The letter also reminds shareholders that Berkshire’s investment approach is built on long-term relationships, be it with the companies they invest in or with individual shareholders who continuously support the company by forgoing dividends in favor of reinvestment benefits^[1].