在商业中，找到一个好的护城河比找到一个大市场更重要。

In business, finding a good moat is more important than finding a big market.

财报是投资世界里的侦探小说，数字背后藏着一个关于公司真实状况的故事。

The balance sheet is like a novel. It tells you a story.

有时候最好的投资行动就是去拜访一次工厂——看看工人脸上有没有笑容。

Sometimes the best investment action is to visit a factory — and see if the workers have smiles on their faces.

投资不是关于'买好的东西'，而是关于'把东西买好'——再好的公司，在错误的价格买入都会变成一笔糟糕的投资。

Investing is not about buying good things, but about buying things well. Even the best company is a bad investment at the wrong price.