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.

公司的市场份额增长是其竞争力的体现。

Growth in market share is an embodiment of competitiveness.

我总是在寻找自我强化的过程——当价格上升吸引了更多买家，而更多买家又推动了价格上升。这就是趋势的本质。

I'm always looking for self-reinforcing processes — where rising prices attract more buyers, and more buyers push prices higher. That is the essence of trends.

当一个以辉煌名声著称的管理团队，接手一个以糟糕经济特征著称的企业时，最终完好无损的往往是后者的名声。

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.