价值投资本质上是逆向的。

Value investing is at its core contrarian.

股价长期永远跟着盈利走，从来没有例外——这是股市里为数不多的铁律之一。

In the long term, stock prices follow earnings. There are no exceptions.

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.

如果你把葡萄干和粪肥混在一起，得到的还是粪肥。