买入被低估的资产是获得出色投资收益最确定而且风险最小的方法。

Buying undervalued assets is the most certain and least risky way to achieve superior investment returns.

我们持有大量股票。当你持有这么多股票时，你在保护自己免受无知的伤害——因为你确实是无知的。

We hold a lot of stocks. When you hold that many stocks, you're protecting yourself against your own ignorance — because you are ignorant.

便宜货的必要条件是该资产不被看好——不被看好通常意味着它最近表现糟糕。

The necessary condition for a bargain is that the asset is out of favor — which usually means it has performed poorly recently.

一家公司如果每年都把每股收益的至少25%用来分红且持续提高了五年以上——这家公司不是在讲故事。

If a company has paid out at least 25% of its EPS as dividends and raised them for five consecutive years — this company isn't telling stories.