我不太懂估值，我只是努力去想如果我的钱投在某家公司的话，10年后会如何。

I don't really understand valuation. I just try to think about what my money would look like in 10 years if invested in a certain company.

利润率和研发投入是判断一家公司是否拥有护城河的最佳双指标。

The ability to maintain above-average profit margins over a period of years is an indication of a competitive advantage.

投资到最有智慧的程度，就是最像做生意的时候。

六种值得关注的股票类型：缓慢增长型、稳健增长型、快速增长型、周期型、困境反转型和隐蔽资产型——不同类型需要不同的投资策略。

There are six categories of stocks: slow growers, stalwarts, fast growers, cyclicals, turnarounds, and asset plays. Each requires a different strategy.