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.

真正伟大的公司不需要考虑卖出时机，因为它们的成长永无止境。

If the job has been correctly done when a common stock is purchased, the time to sell it is — almost never.

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.

所谓差异化，就是用户离开你会觉得不方便，或者觉得别家不够好。

Differentiation means users feel inconvenienced leaving you, or find rivals simply not as good.