成功投资的秘诀在于发现好公司并长期持有。

The secret to successful investing is finding good companies and holding them for the long term.

没有信仰的人是需要找一个宗教来安慰自己的，但价值投资不是一个宗教也不是一个信仰。价值投资需要非常理性，理性的人会独立思考。

People without faith need a religion to comfort themselves, but value investing is not a religion or a faith. Value investing requires being very rational, and rational people think independently.

价值投资者不断将潜在新投资与现有持仓比较，以确保只持有最被低估的机会。

Value investors continually compare potential new investments with current holdings to ensure they own only the most undervalued opportunities.

我们持有大量股票。当你持有这么多股票时，你在保护自己免受无知的伤害——因为你确实是无知的。

We hold a lot of stocks. When you hold that many stocks, you're protecting yourself against your own ignorance — because you are ignorant.