管理层的素质不是你可以从年报中读出来的——你必须和他们的竞争对手、前雇员、客户和供应商交谈。

The quality of management is not something you can read from an annual report — you have to talk to their competitors, former employees, customers, and suppliers.

公司的竞争优势必须难以复制。

A companys competitive advantage must be difficult to replicate.

可信度加权的决策系统——让最懂行的人有最大的话语权。

A believability-weighted decision-making system — giving the most knowledgeable people the loudest voice.

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.