低成本是决定基金长期回报的关键因素。

Low cost is the key factor determining long-term fund returns.

业余投资者只要花一点时间研究自己熟悉的行业，完全有能力战胜华尔街的专业基金经理。

The amateur investor has a huge advantage over the professional — all they need to do is spend a little time researching what they already know.

你投资的是企业的未来收益，而不是市场的情绪波动。

Stock returns are driven by investment return — dividend yield and earnings growth — and speculative return.

最好的投资往往是“无聊”的：没有性感的故事，没有朋友圈的欢呼，只是以划算的价格买下能持续产生现金流的资产，然后等待。

The best investments are often 'boring': no sexy story, no applause — just buying cash-generative assets at a sensible price and waiting.