如果你拥有一家公司的话，你就知道什么你应该重点关注了。如果你没有拥有一家公司的感觉，怎么说也都是没用的。

If you own a company, you know what to focus on. If you don't have the feeling of ownership, no explanation will help.

价值投资没有止损，只有止错。止盈止亏都是投机的概念。

Value investing has no stop-loss, only stop-mistake. Stop-profit and stop-loss are both concepts of speculation.

商学院奖励复杂的行为，却忽视了简单的更有效。

The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.

在投资中，价格是最重要的变量。

In investing, price is the most important variable.