真正的护城河，是竞争对手看得到却学不会的东西。

A true moat is something rivals can see but cannot learn.

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.

要特别关注那些研发支出占比持续高于行业平均水平的公司。研发不是成本，而是对未来护城河的预先投资。

Pay special attention to companies that consistently spend a higher percentage of revenue on R&D than the industry average. R&D is not a cost — it's an upfront investment in the future moat.

就算美联储主席偷偷告诉我他未来二年的货币政策，我也不会改变我的任何一个作为。

Even if Alan Greenspan whispered to me his monetary policy for the next two years, I wouldn't change any of my actions.