I was looking at the list of speakers today and I can tell you you're you're you're going to get a treat. And the reason why you'll get a treat is because the names that I saw, they go they run the whole gamut from bottom feeders to those who buy the best companies. And that is what you want in a conference. And you will see with Benjamin Graham principles, whether you buy good companies or you buy crappy companies, as long as you apply the principle properly, they all work. And and so so so the question is where can you apply Benjamin Graham principles other than in investments? So one area that you can apply is in is in insurance. So this is let me show you what I did when I with the insurance company. So this was in May of 2017. I was alerted to the fact that StoneTrust was available that I could buy it. So so I went and and and so I went and looked at the 2016 balance sheet. And what I was looking for was the ratio of investment assets investable assets to shareholders equity. And if if there's a two to one ratio, then it makes my life easier in terms of compounding money. So if you look at on this balance sheet for StoneTrust that I'm showing it to you, the one in in yellow. So investable assets was 128 million. And a shareholder's equity was 52 million. And the ratio was 2.47. So that would mean that you know, if I make 5% return on my on investments, I'll be making more than 10% on shareholders' equity. And if I make 7%, then I'm making close more than 15% return on equity. So, that was what you call the attraction, the big attraction. And so, so I was able to buy it you know, on on January 1st of 2018. And you know, in a couple of years COVID hit. And that gave me an opportunity to be able to to buy bonds and stocks at a really discounted price. As you know, you know, in investment you're looking for mispricing. And that is very similar to what I do also in insurance. I'm also looking for mispricing. So, in this one and Stone Trust, if you look at it, the first mispricing came when COVID hit was in the fixed income securities. Now, other insurance companies were playing something called, you know, just by the T-bills and they were giving you only 10 basis points. You can hardly make any money on that. I totally rejected that approach. When the time came and I found bonds that were really cheap, I bought them. And you can see Benjamin Graham principles work even on bonds, on fixed incomes. And whether I buy junk bonds or buy investable grade bonds, they will work as long as you buy them cheap. So, you can see like like just to give an example, this portfolio that I had in the first quarter of 2021, like interior resources. Now, I bought it at 43. The bond price at the end of the quarter was 67 bucks. And this portfolio that I'm showing you is not just the winners. This was the whole fixed income securities of Stone Trust. And the big hit was Athabasca. You know, I bought it at 22 cents. But had a coupon of 9.875. In other words, just on the coupon alone, you're making 45% return. And in a year and a half later, the company redeemed it at at 100 cents on a dollar. So, that was a big hit. So, you can see Benjamin Graham principles works even on fixing con securities. So, next one you can see even the equity portfolio. So, this is the equity portfolio and this is the whole portfolio. And I was again lucky, you know, COVID hit and a lot of stock stock, you know, went down and I was able to purchase some of them. And you can see in my portfolio here, they're not just the crappiest company and they're not the best companies, you know, and they're all over the place. And you can see they all worked out really well because when I bought them, I bought them at a price lower than what the intrinsic value is. So, Benjamin Graham principle applies whether you buy good companies or crappy companies. And you can see like for example like about Alphabet, you know, my cost was $2 million and at the end of that first quarter of 2021, it was like $11 million. Then I've got junk, you know, like Resolute Forest Products. You know, I bought it at $2.2 million and and and at the end of the quarter it was $10.5 million. So, so principles really work. Right? So, so this is a portfolio as of 2025 end of the quarter and you can see that the portfolio has done really well over that period of time over the last four five period. You know, Alphabet Alphabet has gone up, you know, close to 10 times and Berkshire Hathaway has gone up, you know, more than double and Apple has gone up, you know, more than six times. Right? And so on and so forth. And and some of them are good companies and some of them are, you know, crappy companies. So, yeah. So, yeah, but so the thing is not to laugh at crappy companies. They can make a lot of money for you as long as you buy them cheap. Right? So, yeah. And so, what's the result of this? So, let's look at Stone Trust's book value. You know, so next one is the page for Stone Trust's book value. So, at in 2018, the book value was $64 million. Um And so, you can see at the end of 2025, if you add back all the dividend that they paid, the book value book value would have grown to $214 million. You know. So, that that that has done well. Uh two accounts is because the the portfolio has done really well. You know, fixed income and and the stock portfolio, plus operationally we have done really well. So, that combination alone has pulled you know, book value up substantially from $64 million to $214 million. So, so you know, a lot of people think you can just go and invest, you buy an insurance company, and then you can just go and invest. It's not as easy and easy and easy as that, you know. When you buy an insurance company, you have to make sure it's really conservative. Now, now if it is not conservative and there few people that tried doing it the Buffett way, and you know, they're they're concentrating on top line growth. And and they don't care about, you know, proper reserving, conservative reserving. If you do that, you know, the stuff that I did here, like buying the you know, uh buying the equity and buying the fixed income, you you will not be allowed to do that. When you buy like junk bonds like I do, and when you buy securities, equity securities, there's a charge to it. Like 50 50% charge to to capital. And and so, what happens is if you're running a junky, you know, insurance companies, you are get limited to just buying uh just buying T-bills. That's the only way you can get around it. And therefore, it is imperative that whoever is trying this trick, like something doing what Buffett is doing or Fairfax is doing, to have really conservative reserving policy. Like in Stone Trust, people are uh amazed. No, normally when you put a reserve, a reserve is an estimation of future liabilities. And you put it at the 50% confidence level, like somewhere halfway. Let's say if the reserves are between 80 million and 120 million, you would put it at 100 million. That's what most companies do. I put it at a 95% confidence level. So, if the reserves are between 80 and 120, I put it at 115 million dollars. So, in the short term, it you know, your shareholders' equity is not as high as it as it should be, but it gives me that cushion in case, you know, something goes wrong with it, I have the reserve that I could release it sometime in the future. So, it's really important to be really conservative when when you have an insurance company. So, next one is, you know, it was June in 2022 and I was looking at Florida and I was wondering what could I do there. You know, companies are going bankrupt. So, you can see on this one, and you know, and they were legis legislative reasons and and and they were and because of that, so many companies couldn't make money. So, six companies went bankrupt. And I believe a 30 more were put, you know, on on on a watch list. And so, biggest problem there was the litigation nightmare. Um so, as you know, in 2022, uh there was something called one-way, you know, legal fees. So, it was always the insurance company that would pay for it, one way or the other. They would pay for it. The other person that sued, uh didn't have to pay for it. And and um And so most of the losses came from that. The second one was Hurricane Ian hit, and it caused 25 to 65 billion dollars of losses. And so the insurance companies were going uh bankrupt uh left and right. And then the only alternative for Florida was to create a state insurer that they would take up these uh you know, insurance policies because private insurance companies could not do that. So when I saw that, you know, with all these calamities happening around it, I knew something positive would happen. You know, you need uh you know, something like this to happen for the Florida market insurance market market to get mispriced. And so I was looking around uh I was looking around and um and to see if I could form an insurance company. But I needed something else before I could form it. I needed a sense that the you know, the legislative stuff would change. And it And so we formed the Loggerhead on December 1st of 2022. And just 2 weeks later, um you know, the legislative changes came. So they they limited uh you know, uh they limited the one-way legal fees. And they also limited uh the other one that was really important called assignment of benefits. So how assignment of benefits work and how it was corrupted was, you know, after a light rain, a guy would come knocking on your door and say, "Let me check your roof. You know, I can get you a brand new roof." And you know, just bear in there. And as long as the guy signed it, you know, the assignment of benefits, that is no matter what rewards they get uh not through the judicial system, it would go to this guy. But the But the owner of that house would get a brand new roof. So normally uh when you're fixing the roof, if it's an old roof, even if if you fix it, it costs between 10 and 15,000 dollars, let's say for a normal house. But it went but but it when it went to to the lawyers, it would jump to between 30 to 45,000 dollars. And that is how they would make money. So this guy would go out to this house and make that pitch. Then he would go to every house in that now in that neighborhood and make that pitch. And so that's the reason why you know you know, this clause had to be removed. And luckily in December middle of December 2022, that thing was that thing was removed. And so so our timing was really good. We went in on December 1st, by December 15th you know, the legislation made all these changes. So that mean I have the tailwind behind it. So next question was Okay, I I want to go to Florida. But what kind of corporate format do you want? So in this format, we decided to go on something called a reciprocal. So the reciprocal is sometimes you know, they use all these big insurance terms just to impress people that are not insurance related and non people that are non insurance. And so a reciprocal just think about it as an insurance company there. And then we have something called an attorney-in-fact. An attorney-in-fact is the management company. So we set it up like that. We have a management company that would manage the insurance company and would and would we would take fees and the fees are 20% of gross written premium. And then who's going to fund the reciprocal? So the reciprocal would be funded through surplus note and subscribers contribution. So surplus contribution means let's say you have a insurance policy and you're paying 2,000 dollars, right? For your car insurance and and let's say you're covered up to 2 million dollars. Out of that 2,000 dollars for your premium, you know, 10% of that is uh 200 bucks. That is members contribution, and that is that goes to shareholders equity. And now, this is really powerful because it's not subject to premium tax, it's not subject to income tax. It flows right away to shareholders equity. So, that is the format we had. So, we put in 10 million dollars, 10 million dollars for 100% of the company. We put in 9 million to get 90% of the company. So, so just 9 million dollars. But, to make it easier, you know, just use 10 million dollars. So, so this was the format, right? So, you can see, you know, in 2024, our gross written premium was um 163 million dollars. That is from scratch. Our surplus was 53 million dollars. But, if you look at 2025, this year, you know, gross written premium went up to 204 million, and surplus went up to 73 million dollars. And one of the thing that really help us is because a lot of companies were leaving Florida. And when you leave Florida, Florida, you just cannot leave. You have to have, you know, something for the policy holders. So, Progressive was leaving. So, we went to Progressive and said, "If you leave, why don't you give the policy to us, you know? And we will replace your policy with your, you know, with your policy, policy holders." So, that's what we did, and that's why our our premium were able to grow so rapidly. So, And so, so question is, now LRM is Loggerhead Risk Management, and that is the management company. And remember, we put in 10 million dollars to have 90% of the company. But, look at what happened in 2025. They made 18 million dollars, 18.3. Now, on our, you know, 10 million dollar investment. And we expect to make somewhere around 20 million for the next 5 years, 20 million or more. And you know why this 18 million is so important and it's so critical and why and and why they're so different from other companies. A lot of companies can say, "Okay, I'm making this 18 million dollars." But you have to put it in the inventories, you have to put you have to buy more fixed fixed assets, more into a receivables and so on so forth. This 18 million dollars that that LRM is making is pure cash. They can just throw it out. It is pre-tax and they just can throw it out to to shareholders. And that is what they're doing right now. So, if you go to let me go to the next slide. So, you can see up on this next slide, there are two things I would want to talk to you. First was the members' contribution, right? So, you can see members' contribution in 2025 was 29 million dollars. Now, Log ahead has gross premium of 200 million. So, 10% of of 200 million is 20 million dollars. And you can see out of the total surplus in insurance when we say surplus, that's equivalent to shareholders' equity. And you can see if you go through the years, like members' contribution as part of the surplus is growing because of the 20 million being added every year. So, 2026 we expect members' contribution to be 50.2 million out of 81 million dollars in surplus. And to by the time it comes to 2028 would be 93 million out of surplus of 105 million dollars. So, that is really critical. This members' contribution is contributing to you know, to the growth in surplus. And that allows you to write more premium if you if if you want to. And next one is the distribution of dividends. And this is why I'm saying the quality of earnings for LRM. So, they made $18 million and you can see in 2025 they threw out almost $13 million in dividends. They don't need it. So, for the 2026, I just put in $15 million because I was under pressure from Professor Joyce. I have to complete my slides. So, I just put in 15. Otherwise, Professor Joyce said I cannot be a presenter here today. So, but but what happened was just last week they gave me eight $8.2 million in dividends. And then I was told that you know and then I was told a few weeks from now, maybe in late April or early May, I would get another $8 million in distribution. So, don't don't you think that's so powerful? >> >> I just cash coming in. So, if you look at it over the next if you look at it over the next 5 years at this holding company you know, we have this holding company. We would we had cash of zero, you know, a year ago. In 5 years from now we'll have close to 90 to 100 million dollars in cash. Now, question is how much like how much would you put a valuation on on a company like LRM which is a management company. So, if you think about the S&P 500, right? It's selling at 30 times after tax earnings. So, if you take LRM's earnings, let's say 20 million and you put a 30% let's say tax on it. So, it's making like 14 million, right? After tax. So, what is 30 million 30 times 14? That's more than $400 million. Like I would take it just for 250 or 300 million dollars. So, just to show the power of you know, what Log Head has been able to do in terms of enhancing the intrinsic value you know, of of Ventech Holdings. Vintair Holdings is a parent company of uh you know, of Stone Trust and um and Log Head. >> >> And if you go back here, right? Uh if you go back uh if I go back here, so uh see if you see see if you uh on this uh slide, in 2018, it was $64 million. Now, if you add up what uh you know, what uh Log Head uh Log Head is, let's say $300 million, plus $200 million, you know, uh for Stone Trust. That's $500 million uh US dollars and that that we have grown from $64 million. And that to done in in a way that's not highly risky. We were not gunning for premiums and we're not gunning, you know, our our policies on everything is highly conservative. And we did it, you know, uh in a you know, really safe manner. Okay, so so so this was in uh so this is a reinsurance opportunity. Now, as you know, I'm all the time uh hunting for uh you know, hunting for bargains, uh hunting for mispriced opportunity, whether it's in the stock market, bond market, or insurance. So, I was looking at uh you know, we already have Log Head uh and we have uh you know, uh uh Stone Trust. Where else are the opportunity? So, so I I I normally get all these contracts, I look at them, and then I was surprised at some of the pricing in the reinsurance uh in the reinsurance market. So, let me uh I know some of these terminology are terminology are a little bit uh complicated because I'm I'm I'm going to use some insurance language. So, so I got this something called reinsurance contracts, I look I look at them. And so, I look at this uh you know, we have layers, you know, like excess of loss reinsurance. And uh reinsurance means insurance companies are buying insurance. And that's why we call it reinsurance. So, I was looking at the you know at at event you know and occurrence event like one in 10 years. And so and so the and and so the first layer here that I'm showing it to you is 14 million and excess of 10 million dollars. In other words, if I go into this layer, I would take losses from between 10 and 24 million dollars. Right? So, I would take a loss of 14 million dollars between 10 and 24. And then then I was looking at it you know looking at it you know what should the pricing be? So, I was saying okay if I take a 14 million 14 million dollar hit and that's going to happen one in 10 years. Then if I divide 14 by 10 you know to get out of break even price should be 1.4 million. But you know where the pricing was for this layer? It was at 110% instead of 1.4 million, the pricing was 15.4 million dollars. Now, you cannot go wrong with it. You know, you just have to hold on long enough. You know, so I said you know you know this is a you know this is definitely a big mispricing in this reinsurance sector and we should get into it. So, last year I formed a reinsurance reinsurance company called Win Re. And just to exploit this opportunity. And and not only on this layer, you know, one in 10 years, you can go in one in 15 one in 50 years was the same kind of mispricing. So, I had a had a choice I could go into any layers. You know, I could go into layers like one in 250 years. One in 100 years or one in 500 150 years. And I could get a really good return and and my risk if I stay long enough for that 10-year period, no, I would be really be safe. All right. So, you So, So, I was really shocked. And so, what I did was um uh So, I formed a company called Windri just to go into reinsurance. And that was last year sometime in March or April that I started to get money in. And and and then when you start a company a brand new, you know, but you would expect a $5 million loss, you know, it's really hard to do it right off the bat cuz we had nothing structured structured. And then we are under pressure because you know, you have to get your you know, you have to accept the contracts by May 1st some of these excess of loss and some of them are June 1st. Um but we were able to do it in a really short order like we were able to get the approval from Cayman Islands in 45 days. We We We registered it in Cayman Islands because you don't have to pay taxes. And so So, the results just came in you know, so we made you know, We raised $34 million out of 41 shareholders. And we made over $10 million over 30% return on equity. And you can see you know, and so this is the beauty of Ben Graham, you know, you can apply it in so many different fields. You can apply it in insurance, you can apply it in fixed income, you can apply it in stocks and even in stocks you can apply it you know, all you know, you can indulge in a taste you know, whether you want good companies or bad companies or companies going bankrupt. And as long as you buy them cheap, you would do really well. So, So, this is what I wanted to bring it to your attention, you know, that you know, that what I have done here is just basically falling you know, pricing Now, similar to what Benjamin Graham would do, you know, looking for mispricing, looking for if it is undervalued, and then to go in, and then, you know, good things will happen. As long as you don't do it just for one contract, if you do it you're over, you know, several contracts, and then you have enough diversification. And and and and so so Professor George asked me and I said, "Could I share this result with your audience?" And he said, "Yes." So so I was really happy to come here and and let and show you what we were able to do in that short period of time. >>