不做研究就投资，和不看牌就玩扑克一样荒唐。

Investing without research is like playing stud poker and never looking at the cards.

如果你拥有一家公司的话，你就知道什么你应该重点关注了。如果你没有拥有一家公司的感觉，怎么说也都是没用的。

If you own a company, you know what to focus on. If you don't have the feeling of ownership, no explanation will help.

管理层的素质不是你可以从年报中读出来的——你必须和他们的竞争对手、前雇员、客户和供应商交谈。

The quality of management is not something you can read from an annual report — you have to talk to their competitors, former employees, customers, and suppliers.

股票投资应该基于公司的基本面，而不是市场的短期波动。

Stock investing should be based on company fundamentals, not short-term market fluctuations.