对于价值投资者而言，股价的下跌不是风险——只要企业本身没有恶化，下跌只是给了你以更低价格加仓的机会。

Price fluctuations have only one significant meaning for the true investor: they provide him an opportunity to buy wisely when prices fall sharply.

在投资中，便宜和优质同样重要。

In investing, cheapness and quality are equally important.

我们喜欢那些能产生大量现金、却不需要把大部分现金再投回去维持增长的企业。

We like businesses that earn a lot of money, and don't have to reinvest a lot of it to keep growing.

一家持续“支付并增加股息”的公司，是在用“真金白银”证明它的利润是真实的。

The true investor will do better if he forgets about the stock market and pays attention to his dividend returns and to the operating results of his companies.