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.

以合理的价格买入一家伟大公司，远胜于以便宜的价格买入一家平庸公司。

A great business at a fair price is superior to a fair business at a great price.

如果你用10分钟研究一只股票，你会比90%的投资者做得更好——因为大多数人连10分钟都不愿意花。

If you spend 10 minutes researching a stock, you'll do better than 90% of investors — because most people won't even spend 10 minutes.

我们不追求做非凡的事，我们的目标是把平凡的事做得非常不平凡。

We don't pursue extraordinary things; we aim to do ordinary things extraordinarily well.