公司的护城河来自于技术、品牌或规模经济。

A companys moat comes from technology, brand, or economies of scale.

当一位声誉卓著的CEO去管理一家以糟糕经济特性闻名的企业时，最终不变的是企业的声誉。

When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.

如果你的小孩能一眼认出这家公司的产品并且想要它——这家公司值得你仔细研究。

If your kid can recognize this company's product at a glance and wants it — this company is worth your serious research.

真正伟大的公司不需要考虑卖出时机，因为它们的成长永无止境。

If the job has been correctly done when a common stock is purchased, the time to sell it is — almost never.