What does a white marker with an orange circle and black lettering on the water mean?

A white marker with an orange circle and black lettering typically indicates a regulatory or informational buoy on the water. The orange circle often signifies a warning or an important notice to boaters, such as the presence of hazards, no-wake zones, or areas where certain activities are restricted. It's essential for boaters to pay attention to these markers for safety and compliance with local regulations.