金融业本质上是销售业务：股票经纪人的实际价值等于零。

The finance industry is essentially a sales business; brokers' real value is zero.

机会成本思维应该贯穿你的所有决策——哪怕你什么都不做，你也在做一个选择。

All intelligent investing is value investing—acquiring more than you are paying for. You must value the business in order to value the investment.

在投资中，价格是最重要的变量。

In investing, price is the most important variable.

我们买股票的标准和我们全资收购一家公司的标准完全一样。

Our standard for buying a stock is exactly the same as our standard for acquiring the entire company.