我们寻找的投资机会是：一家我们可以理解的、具有长期竞争优势的、由诚实能干的人管理的企业，而且价格合理。这是一切投资决策的起点。

We look for businesses we can understand, with favorable long-term economics, run by able and honest management, and available at a sensible price.

股票的内在价值是由公司未来现金流量的现值决定的。

The intrinsic value of a stock is determined by the present value of the companys future cash flows.

无论我们谈论的是袜子还是股票，我喜欢在降价时购买高质量的商品。

Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down.

对于价值投资者而言，股价的下跌不是风险——只要企业本身没有恶化，下跌只是给了你以更低价格加仓的机会。

Price fluctuations have only one significant meaning for the true investor: they provide him an opportunity to buy wisely when prices fall sharply.