闲聊调研——和供应商、客户、前员工聊天——是获取投资真相最有效的方式。

The scuttlebutt method — talking to suppliers, customers, and former employees — is the most effective way to get the truth about an investment.

把系统当作机器来理解，找出其中的因果关系，然后你就可以预测它未来的行为。

Think of the economy as a machine, understand the cause-effect relationships, and you can predict what it will do.

公司的竞争优势必须难以复制。

A companys competitive advantage must be difficult to replicate.

投资者应该关注公司的盈利能力、资产价值和财务稳定性。

Investors should focus on company profitability, asset value and financial stability.