安全边际的作用在于，它本质上使得对未来的准确估计变得不必要。

The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.

我对市场的判断也可能是错的。正因为如此，我永远保留足够的弹药来应对判断错误的情况。

My judgment about the market could also be wrong. That is why I always keep enough ammunition to deal with situations where my judgment is incorrect.

不要投资于你不了解其财务状况的公司。

Never invest in a company you don't understand its financials.

分散投资是唯一免费的午餐。

Diversification is the only free lunch in investing.