我们不够聪明，所以我们尽量买得便宜。

We're not smart, so we try to buy stocks cheap.

最好的持股周期是'直到投资逻辑不再成立'——这可能是一年，也可能是三十年。

The best holding period is 'until the investment thesis no longer holds' — which could be one year or thirty years.

如果你买的东西不值你付的价，再怎么分散风险也没用。

Diversification is a protection against ignorance. It makes very little sense for those who know what they're doing.

便宜货的必要条件是该资产不被看好——不被看好通常意味着它最近表现糟糕。

The necessary condition for a bargain is that the asset is out of favor — which usually means it has performed poorly recently.