公司盈利和股价之间的关联，在短期像一根橡皮筋——可以拉得很远，但最终会弹回来。

The relationship between earnings and stock prices is like a rubber band — it can stretch far, but eventually it snaps back.

在投资中，时间是你的朋友，冲动是你的敌人。大多数投资损失不是因为判断错误，而是因为在不该行动的时候行动了。

In investing, time is your friend, impulse is your enemy. Most investment losses come not from bad judgment, but from acting when you shouldn't have acted.

我们寻找的投资机会是：一家我们可以理解的、具有长期竞争优势的、由诚实能干的人管理的企业，而且价格合理。这是一切投资决策的起点。

We look for businesses we can understand, with favorable long-term economics, run by able and honest management, and available at a sensible price.

卓越的投资不是来自买好的东西，而是来自把东西买好。

Investment brilliance isn't delivered by buying good things, but by buying things well.