研发投入占总收入的比例本身没有意义。关键是研发的效率——同样的钱花出去，带来了多少新产品、多少新增增长。为研发而研发，不如不研发。

R&D spending as a percentage of revenue means nothing by itself. What matters is R&D efficiency — how many new products and incremental growth come from that spending. R&D for R&D's sake is worse than no R&D at all.

好的管理层，把股东当合伙人而不是提款机。

Good management treats shareholders as partners, not as an ATM.

我最欣赏的企业是那种几乎不需要追加资本就能持续扩张的企业，这类企业可以用利润自我驱动增长。

The best business is a royalty on the growth of others, requiring little capital itself.

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.