在商业世界里，我最惊讶的发现，是一种我称之为'机构惯性'的超级力量——它驱使管理层去模仿同行的行为，不管多么愚蠢。在抗拒机构惯性时，我的失败率比在收购好公司时还高。

My most surprising discovery: the overwhelming importance in business of an unseen force that we might call 'the institutional imperative.' In business, the institutional imperative drives managers to mindlessly imitate the behavior of their peers, no matter how foolish it may be. I have been more wrong about resisting the institutional imperative than I have been about buying good businesses.

投资于不确定性是最大的错误。

Investing in uncertainty is the biggest mistake.

当潮水退去，我们才知道谁在裸泳——但在那之前，我们都在假装游泳。

When the tide goes out, we can see who's been swimming naked—but until then, we've all been pretending.

不做空，不借钱炒股，不加杠杆。如果你懂投资，你不需要杠杆；如果你不懂投资，杠杆会让你破产。