所谓差异化，就是用户离开你会觉得不方便，或者觉得别家不够好。

Differentiation means users feel inconvenienced leaving you, or find rivals simply not as good.

真正伟大的企业，必须拥有一条持久的“护城河”，保护其卓越的资本回报率不受竞争侵蚀。

A truly great business must have an enduring 'moat' that protects excellent returns on invested capital.

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.

董事会的真正职责不是批准CEO的薪酬方案——而是确保公司始终做正确的事当CEO在做错事时解雇他。

The real job of a board is not to approve the CEO's pay package — it's to make sure the company does the right thing and fire the CEO when he's doing the wrong thing.