邱国鹭

便宜是硬道理，估值是投资中最可靠的安全垫。

Cheapness is the hard truth of investing.

把股票当作债券，股息率就是你的回报底线。

便宜是硬道理，买得便宜才有安全边际。

好公司还要好价格，两者缺一不可。

好公司有两个标准：一是它做的事情别人做不了，二是它做的事情自己可以重复做。

A good company has two traits: it does what others cannot do, and it can repeat what it does.

逆向投资是最简单却最不容易学习的投资方式，因为它不是技能，而是品格。

Contrarian investing is the simplest but hardest to learn, because it is character, not skill.

最好的格局是月朗星稀；其次是一超多强；最差的是百花齐放、百舸争流。

The best industry structure is a bright moon with few stars; the worst is a hundred flowers blooming and a hundred boats racing.

选股票一定是先选行业，就像买房子，一定是先看社区。

When picking stocks, first pick the industry. It's like buying a house: first look at the neighborhood.

投资经验就像旧衣服，于己合身的，于人往往并不合适。

Investment experience is like old clothes: what fits you may not fit others.

宁要有门槛的低增长，也不要没门槛的高增长。

Better low growth with barriers than high growth without barriers.

数月亮，不要数星星。

Count the moons, not the stars.

相对于寻找能够改变世界的公司，我更愿意寻找不被世界改变的公司。

Rather than finding companies that can change the world, I prefer finding companies that the world cannot change.

投资这个游戏最重要的一条规则就是要留在游戏中，不要被人踢出局。

The most important rule of the investment game is to stay in the game, not get kicked out.

做投资要研究的是那些不以人的意志为转移的规律，而不是整天去猜测市场情绪。

Investing is about studying laws that do not change with human will, not guessing market sentiment.

我把好公司定义为三好学生：好行业中的好公司还要等个好价钱。

I define a good company as a 'three-good student': a good company in a good industry at a good price.

做股票能做好的人，一种是跑得快的人，另外一种是熬得住的人。

Those who do well in stocks are either fast runners or those who can endure.

我把选股的要素简化为估值、品质和时机，并淡化时机的必要性。

I simplify stock picking into valuation, quality, and timing, and downplay the importance of timing.

行业集中度的变化，比行业增速更值得研究——后者容易追错。

可复制性比领先性更重要——成功可以复制才值得押重注。

消费股投资，看的不是增速，而是商业模式的稳定性。

行业集中度提升的过程，往往是最容易赚钱的阶段。

逆向投资的关键是看基本面反转，而不是看股价反转。