闲聊调研——和供应商、客户、前员工聊天——是获取投资真相最有效的方式。

The scuttlebutt method — talking to suppliers, customers, and former employees — is the most effective way to get the truth about an investment.

我们要找的是傻子都能管理的企业——因为早晚会碰上一个傻子当 CEO。

We look for businesses that even an idiot can run — because sooner or later, an idiot will end up as CEO.

在投资中，做到不差并不难，真正的挑战是做到卓越——而卓越需要的是第二层次思维。

In investing, achieving average results is not difficult. The challenge is achieving superior results — and that requires second-level thinking.

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.