我们寻找的投资机会是：一家我们可以理解的、具有长期竞争优势的、由诚实能干的人管理的企业，而且价格合理。这是一切投资决策的起点。

We look for businesses we can understand, with favorable long-term economics, run by able and honest management, and available at a sensible price.

关注公司的现金流，而不是会计利润。

Focus on cash flow, not accounting profits.

当一位声誉卓著的CEO去管理一家以糟糕经济特性闻名的企业时，最终不变的是企业的声誉。

When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.

把系统当作机器来理解，找出其中的因果关系，然后你就可以预测它未来的行为。

Think of the economy as a machine, understand the cause-effect relationships, and you can predict what it will do.