以合理的价格买入一家优秀的公司，远胜过以便宜的价格买入一家平庸的公司。

It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

把公司分成六种类型——缓慢增长型、稳健增长型、快速增长型、周期型、困境反转型和隐蔽资产型——是投资的第一步。不同类型的公司，需要完全不同的投资策略。

There are six types of companies: slow growers, stalwarts, fast growers, cyclicals, turnarounds, and asset plays. The first step in investing is to put a company into one of these categories, because each requires a different strategy.

价值投资的核心是寻找价格低于内在价值的证券。

The core of value investing is finding securities priced below their intrinsic value.

指数基金让普通投资者能够以低成本获得市场回报。

Index funds allow ordinary investors to get market returns at low cost.