投资者因为担心股市回调而损失的钱，远远多于在回调本身中损失的钱。

Far more money has been lost by investors preparing for corrections than has been lost in corrections themselves.

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.

你不需要做对很多事情，重要的是避免犯重大的错误。我们从不试图在7英尺高的栏上跳过去，我们寻找的是1英尺高的、我们能跨过去的栏。

You don't have to be right on everything. You just have to avoid the big mistakes. We don't jump over seven-foot bars. We look for one-foot bars that we can step over.

不容易指的是看懂生意不容易，简单说的是只有看懂生意是重要的。别人怎么看跟你有什么关系？当股票下跌的时候，你心里充满了恐惧，那就说明你买了你不懂的公司。

Not easy means it's not easy to understand a business. Simple means that only understanding the business matters. What others think has nothing to do with you. When a stock falls and you're filled with fear, it means you bought a company you don't understand.