我不太懂估值，我只是努力去想如果我的钱投在某家公司的话，10年后会如何。

I don't really understand valuation. I just try to think about what my money would look like in 10 years if invested in a certain company.

我非常喜欢“你想吃什么就能吃什么“这个商业模式——前提是你得先有一家糖果店。

I really like the 'you can eat whatever you want' business model — provided you own the candy store first.

第二层次思维是优秀投资者的标志：第一层次看'这是好公司'，第二层次看'市场对这个好公司的定价是否已经过高'。

Second-level thinking is the hallmark of superior investors. First-level says 'this is a good company'; second-level says 'has the market already priced in that goodness?'

用闲聊法来了解一家公司——和竞争对手、供应商、客户、前员工聊天。