记住，你买的是一家企业的一部分，而不是一张会跳动的纸。

Remember that a share of stock represents a part of a business and is not just a piece of paper.

管理层质量是一家公司最重要的护城河。伟大的管理者可以把一家平庸的企业变成优秀的企业，而糟糕的管理者可以把一家优秀的企业拖入深渊。

Management quality is a company's most important moat. Great managers can turn an average business into an excellent one, while poor managers can drag an excellent business into the abyss.

在投资中，简单的方法往往比复杂的方法更有效。

In investing, simple methods are often more effective than complex ones.

股票不仅仅是一个交易代码或电子信号，它是一家企业的部分所有权。

A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business.