管理层的素质不是你可以从年报中读出来的——你必须和他们的竞争对手、前雇员、客户和供应商交谈。

The quality of management is not something you can read from an annual report — you have to talk to their competitors, former employees, customers, and suppliers.

以合理的价格买入一家优秀的企业，远胜于以便宜的价格买入一家平庸的企业。

It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

投资于那些有稳定商业模式的公司。

Invest in companies with stable business models.

企业文化是一家公司最深的护城河，没有文化的公司走不远。

Corporate culture is a company's deepest moat; one without it won't go far.