永远不要投资你无法用蜡笔画出来的公司。

Never invest in any idea you can't illustrate with a crayon.

与其把鸡蛋放在不同的篮子里然后一个个盯着看，不如把所有鸡蛋放在一个篮子里然后看好那个篮子。

Diversification is protection against ignorance. It makes little sense if you know what you are doing.

第二层次思维是优秀投资者的标志：第一层次看'这是好公司'，第二层次看'市场对这个好公司的定价是否已经过高'。

Second-level thinking is the hallmark of superior investors. First-level says 'this is a good company'; second-level says 'has the market already priced in that goodness?'

有时候最好的投资行动就是去拜访一次工厂——看看工人脸上有没有笑容。

Sometimes the best investment action is to visit a factory — and see if the workers have smiles on their faces.