没有信仰的人是需要找一个宗教来安慰自己的，但价值投资不是一个宗教也不是一个信仰。价值投资需要非常理性，理性的人会独立思考。

People without faith need a religion to comfort themselves, but value investing is not a religion or a faith. Value investing requires being very rational, and rational people think independently.

要特别关注那些研发支出占比持续高于行业平均水平的公司。研发不是成本，而是对未来护城河的预先投资。

Pay special attention to companies that consistently spend a higher percentage of revenue on R&D than the industry average. R&D is not a cost — it's an upfront investment in the future moat.

投资者应该关注那些有持久竞争优势的公司。

Investors should focus on companies with durable competitive advantages.

止损是投机者的词，价值投资者只在看错生意时离场。

Stop-loss is a speculator's word; value investors exit only when they misjudge the business.