研究一家公司最好的方法不是坐在办公室里看数据，而是走出去和它的客户、供应商、竞争对手面对面交流。

The best way to research a company is not sitting in your office looking at data, but going out and talking to its customers, suppliers, and competitors face to face.

一家公司是否伟大，很大程度上取决于管理层是否愿意为未来十年的利益，牺牲眼前三个季度的利润。

Whether a company is great depends largely on whether management is willing to sacrifice three quarters of profit today for the benefit of the next ten years.

利润率和研发投入是判断一家公司是否拥有护城河的最佳双指标。

The ability to maintain above-average profit margins over a period of years is an indication of a competitive advantage.

把股票当成生意的一部分，这是格雷厄姆教给我的最重要的事。

Treat stocks as part of the business, the most important thing Graham taught me.