投资的全部秘密只有两个词：低成本和长期持有。其他的都是噪音——而且是昂贵的噪音。

The entire secret of investing is just two words: low cost and long-term. Everything else is noise — expensive noise.

所有者盈余才是企业真正的赚钱能力：净利润加折旧摊销，减去维持竞争力必需的资本支出。

Owner earnings represent the true cash-generating ability of a business, not reported net income.

普通股可以作为一种长期投资，只要购买时价格合理，并且公司有良好的发展前景。

Common stock can be a long-term investment if purchased at reasonable prices and the company has good prospects.

伯克希尔没有正式的收购策略手册。我们的策略就是坐在电话旁等它响。

Berkshire has no formal acquisition strategy manual. Our strategy is to sit by the phone and wait for it to ring.