如果你无法用一支蜡笔说清楚一家公司的业务，就不要买它的股票。复杂是分析的敌人，简洁是决策的朋友。

If you can't explain a company's business in one sentence with a crayon, you don't understand it well enough to invest.

找出你最擅长的事情，然后持之以恒、乐此不疲地去把它做好。

Find what you're best at and stick to it with passion.

守住能力圈，圈外再热闹也与我无关。

Guard your circle of competence; what's outside it, no matter how lively, is none of my business.

业余投资者比专业投资者有优势，因为他们可以投资于任何他们了解的公司。

Individual investors have an advantage over professional investors because they can invest in any company they understand.