在投资中，安全边际是防止错误的最好保护。

In investing, margin of safety is the best protection against mistakes.

你投资的是企业的未来收益，而不是市场的情绪波动。

Stock returns are driven by investment return — dividend yield and earnings growth — and speculative return.

价值投资本质上是在寻找价格与价值之间的背离。

Value investing is at bottom the search for discrepancies between price and value.

永远不要投资于你无法理解的行业或公司。

Never invest in an industry or a company that you do not understand.