我买股票时总是假设，如果我有足够多的钱的话，我是否会把整个公司买下来。

安全边际是价值投资的基石。

Margin of safety is the cornerstone of value investing.

安全边际的功能在本质上不需要对未来做出准确的预测。只要安全边际足够大，就足以保证投资者免受未来的不确定性影响。

The function of the margin of safety is, in essence, that of obviating the need for an accurate estimate of the future. If the margin is a large one, then it is enough to assume that future earnings will not fall far below those of the past.

优质资产可以变成糟糕的投资——如果价格太高。垃圾资产也可以是绝佳的投资——如果价格足够低。

A great asset can be a terrible investment — if the price is too high. And a junk asset can be a brilliant investment — if the price is low enough.