我总是在寻找自我强化的过程——当价格上升吸引了更多买家，而更多买家又推动了价格上升。这就是趋势的本质。

I'm always looking for self-reinforcing processes — where rising prices attract more buyers, and more buyers push prices higher. That is the essence of trends.

如果你和一个人共事三年从来没有激烈争吵过——你们中至少有一个人是在假装同意。

If you've worked with someone for three years and never had a heated argument — at least one of you is pretending to agree.

一家真正伟大的企业，是那种不需要持续投入大量资本就能维持竞争优势的企业。资本是增长的燃料，但越省燃料的车跑得越远。

The truly great businesses are those that require very little capital to grow. The best business is one that produces a lot of cash and doesn't need much to keep growing.

如果你的小孩能一眼认出这家公司的产品并且想要它——这家公司值得你仔细研究。

If your kid can recognize this company's product at a glance and wants it — this company is worth your serious research.