低成本是投资者唯一可以控制的变量。

Low cost is the only variable that investors can control.

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.

和巴菲特吃那顿午餐，最大的收获是确认了价值投资这条路。

The biggest gain from that lunch with Buffett was confirming the path of value investing.

投资操作是基于透彻的分析，承诺本金安全，并获得满意回报。任何不符合这三条的就是投机。

An investment operation is one which upon thorough analysis promises safety of principal and a satisfactory return.