避免愚蠢比追求聪明更重要。

It is more important to avoid stupidity than to seek brilliance.

不要在自己感兴趣的事情上投机，要在自己了解的事情上投机。

Don't speculate in things you are interested in; speculate in things you know about.

安全边际是价值投资的中心概念。

Margin of safety is the central concept of investment.

商业中，激励机制是最强大的力量之一。

In business, incentives are one of the most powerful forces.