投资者应该把注意力放在公司的盈利能力上，而不是股价的波动上。

Investors should focus on the companys profitability, not stock price fluctuations.

研发投入占总收入的比例本身没有意义。关键是研发的效率——同样的钱花出去，带来了多少新产品、多少新增增长。为研发而研发，不如不研发。

R&D spending as a percentage of revenue means nothing by itself. What matters is R&D efficiency — how many new products and incremental growth come from that spending. R&D for R&D's sake is worse than no R&D at all.

管理层质量是一家公司最重要的护城河。伟大的管理者可以把一家平庸的企业变成优秀的企业，而糟糕的管理者可以把一家优秀的企业拖入深渊。

Management quality is a company's most important moat. Great managers can turn an average business into an excellent one, while poor managers can drag an excellent business into the abyss.

商业中，激励机制是最强大的力量之一。

In business, incentives are one of the most powerful forces.