公司的客户忠诚度是竞争优势的体现。

Customer loyalty is an embodiment of competitive advantage.

在成长股投资中，买入的时机远没有你买的是什么以及你持有多久重要。好公司会帮你纠正买入价的小错误。

In growth stock investing, the timing of your purchase matters far less than what you buy and how long you hold it. A great company will correct small mistakes in your entry price.

真正伟大的企业，必须拥有一条持久的“护城河”，保护其卓越的资本回报率不受竞争侵蚀。

A truly great business must have an enduring 'moat' that protects excellent returns on invested capital.

如果一家公司你需要每天盯着股价才能安心，那说明你根本不了解这家公司——你对它的信任只是建立在K线图上。

If you need to check a company's stock price every day to feel comfortable, you don't truly understand the company — your trust is built only on a chart.