投资于那些有稳定现金流的公司，比投资于那些只有增长潜力的公司更安全。

Investing in companies with stable cash flows is safer than investing in companies with only growth potential.

价值投资看上去简单，但实践起来很难。

Value investing is simple to understand but difficult to implement.

我们持有大量股票。当你持有这么多股票时，你在保护自己免受无知的伤害——因为你确实是无知的。

We hold a lot of stocks. When you hold that many stocks, you're protecting yourself against your own ignorance — because you are ignorant.

从长期的角度看，市场是绝顶聪明的！其实很多'购买并持有'的人们实际上就是投机分子。

From a long-term perspective, the market is incredibly smart! In fact, many people who claim to be 'buy and hold' investors are actually speculators.