价值投资的核心纪律是：只在有安全边际时买入。

The central discipline of value investing is: buy only when there is a margin of safety.

在投资中，做到不差并不难，真正的挑战是做到卓越——而卓越需要的是第二层次思维。

In investing, achieving average results is not difficult. The challenge is achieving superior results — and that requires second-level thinking.

时间是优秀企业的朋友，是平庸企业的敌人。

Time is the friend of the wonderful company, the enemy of the mediocre.

关注公司的市场份额增长，这是公司竞争力的体现。

Focus on market share growth; this reflects company competitiveness.