我们喜欢那些能产生大量现金、却不需要把大部分现金再投回去维持增长的企业。

We like businesses that earn a lot of money, and don't have to reinvest a lot of it to keep growing.

优质资产可以变成糟糕的投资——如果价格太高。垃圾资产也可以是绝佳的投资——如果价格足够低。

A great asset can be a terrible investment — if the price is too high. And a junk asset can be a brilliant investment — if the price is low enough.

价值投资的核心是寻找被市场忽视的公司。

The core of value investing is finding companies ignored by the market.

在投资中，做到不差并不难，真正的挑战是做到卓越——而卓越需要的是第二层次思维。

In investing, achieving average results is not difficult. The challenge is achieving superior results — and that requires second-level thinking.