在你买入一只股票之前，你应该能用两分钟向一个十岁的孩子解释清楚：为什么你买这家公司、它为什么好、它为什么便宜。如果你说不出来，你就不应该买。

Before you buy a stock, you ought to be able to explain why you're buying it in a two-minute monologue that a ten-year-old could understand. If you can't, you shouldn't buy it.

知道自己能力圈的边界，远比能力圈有多大重要得多。

Knowing what you don't know is more useful than being brilliant.

我经常看到有人跑到自己的能力圈以外去做事情，回头安慰自己的话就是'扩大能力圈'是要付学费的。

I often see people venturing outside their circle of competence, and then comfort themselves by saying 'expanding your circle of competence requires paying tuition.'

了解你拥有的，并知道你拥有它的原因。

Know what you own, and know why you own it.