投资于那些有稳定现金流的公司，比投资于那些只有增长潜力的公司更安全。

Investing in companies with stable cash flows is safer than investing in companies with only growth potential.

用合理的价格买入一家优秀的公司，远胜于用便宜的价格买入一家平庸的公司。

It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

安全边际的目的是让准确的预测变得不必要。

The purpose of the margin of safety is to render accurate prediction unnecessary.

在买入之前，你应该已经想好在什么情况下会卖出。如果你不能在买之前写好'卖出条件'，那你就不应该买。

Before buying, you should already know when you'll sell. If you can't write down your 'sell conditions' before buying, you shouldn't be buying.