指数化投资是长期投资成功的秘诀。

Index investing is the secret to long-term investment success.

长期来看，股票市场是一台称重机，而非一台投票机。

In the long run, the stock market is a weighing machine, not a voting machine.

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.

我们喜欢那些能产生大量现金、却不需要把大部分现金再投回去维持增长的企业。

We like businesses that earn a lot of money, and don't have to reinvest a lot of it to keep growing.