不要问'这只股票能不能涨'，要问'这家公司五年后会比现在强多少'。如果答案是'强很多'，股价自然会跟上来。

Don't ask 'will this stock go up?' Ask 'how much stronger will this company be in five years?' If the answer is 'much stronger,' the stock will follow.

投资者应该关注公司的盈利能力、资产价值和财务稳定性。

Investors should focus on company profitability, asset value and financial stability.

寻找那些拥有'无形竞争优势'的公司——这种优势无法被竞争对手通过砸钱快速复制。

Look for companies with intangible competitive advantages — advantages that can't be quickly replicated by competitors just by throwing money at them.

优秀企业的标志是它能在没有 CEO 的情况下仍然运作良好。

A mark of a great business is that it would still run well even without a CEO.