管理层的素质不是你可以从年报中读出来的——你必须和他们的竞争对手、前雇员、客户和供应商交谈。

The quality of management is not something you can read from an annual report — you have to talk to their competitors, former employees, customers, and suppliers.

闲聊调研——和供应商、客户、前员工聊天——是获取投资真相最有效的方式。

The scuttlebutt method — talking to suppliers, customers, and former employees — is the most effective way to get the truth about an investment.

股价长期永远跟着盈利走，从来没有例外——这是股市里为数不多的铁律之一。

In the long term, stock prices follow earnings. There are no exceptions.

董事会的真正职责不是批准CEO的薪酬方案——而是确保公司始终做正确的事当CEO在做错事时解雇他。

The real job of a board is not to approve the CEO's pay package — it's to make sure the company does the right thing and fire the CEO when he's doing the wrong thing.