价值投资的回报来自于价格向价值的回归。

Value investing returns come from price converging to value.

我喜欢买入股价创新低的股票，前提是它资产扎实、负债干净，然后耐心等待。

I like to buy stocks making new lows, provided the company has clean balance sheets and solid assets, and then wait patiently.

投资中最关键的一点，是认清价格与价值的区别。

The single most important element of investing is knowing the difference between price and value.

成功的投资不是靠预测未来，而是靠识别当下的错误定价——当市场因为恐惧或贪婪而偏离理性时，就是你的机会。

Successful investing is not about predicting the future, but identifying mispricing in the present — when fear or greed pushes the market away from rationality.