买股票就是买公司，这是格雷厄姆教给我的核心。

Buying a stock means buying a company — that is the core of what Graham taught me.

通货膨胀是一种远比立法机构颁布的任何税种更具破坏力的隐形税赋。

买股票就是买公司，买公司就是买它未来现金流的折现。

Buying a stock is buying a business, and buying a business is buying the discounted value of its future cash flows.

在投资中，你得到了你没有付出的东西——这就是复利的魔力。但你也付出了你没有得到的东西——这就是成本的地狱。

In investing, you get what you don't pay for — that's the magic of compounding. But you also pay for what you don't get — that's the hell of costs.