投资操作是基于透彻的分析，确保本金的安全和适当的回报。不符合这些要求的操作就是投机。

An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.

业余投资者只要花一点时间研究自己熟悉的行业，完全有能力战胜华尔街的专业基金经理。

The amateur investor has a huge advantage over the professional — all they need to do is spend a little time researching what they already know.

投资的全部秘密只有两个词：低成本和长期持有。其他的都是噪音——而且是昂贵的噪音。

The entire secret of investing is just two words: low cost and long-term. Everything else is noise — expensive noise.

寻找那些拥有'无形竞争优势'的公司——这种优势无法被竞争对手通过砸钱快速复制。

Look for companies with intangible competitive advantages — advantages that can't be quickly replicated by competitors just by throwing money at them.