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.

如果你把葡萄干和粪肥混在一起，得到的还是粪肥。

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.

不做研究就投资，和不看牌就玩扑克一样荒唐。

Investing without research is like playing stud poker and never looking at the cards.