不要在一个行业中只选最好的公司——有时候第二名的股价被低估得更厉害。

Don't just pick the best company in an industry — sometimes the number two is more undervalued.

公司的品牌价值是其护城河的重要组成部分。

Brand value is an important part of a companys moat.

管理层必须有长期视角，不能只关注短期利润。

Management must have a long-term perspective, not just focus on short-term profits.

财报是投资世界里的侦探小说，数字背后藏着一个关于公司真实状况的故事。

The balance sheet is like a novel. It tells you a story.