如果你能识别出最优秀的几个机会，押上重注就能发财。

If you can identify the few great opportunities, you can bet big and get rich.

价值投资本质上就是一件事：“买便宜货”。不是买好公司、好行业、好管理层——那些都对，但“价格不对就全白搭”。

Value investing is at its core the purchase of bargains.

如果你买的东西不值你付的价，再怎么分散风险也没用。

Diversification is a protection against ignorance. It makes very little sense for those who know what they're doing.

当市场陷入恐慌时，最被嫌弃的角落往往蕴藏着最丰富的宝藏。众人都避之不及的地方，才是价值投资者应该去的地方。

When markets panic, the most despised corners often hold the richest treasures. The places everyone is running away from are precisely where value investors should go.