分散投资是对无知的保护——但如果你知道自己在做什么，过度分散反而会稀释你的回报。

Diversification is protection against ignorance. But if you know what you're doing, over-diversification dilutes your returns.

了解你持有的股票，就像了解你的孩子一样。你知道它为什么涨为什么跌，什么时候它病了需要治疗，什么时候只是打了个喷嚏。

Know what you own and know why you own it.

在投资中，做到不差并不难，真正的挑战是做到卓越——而卓越需要的是第二层次思维。

In investing, achieving average results is not difficult. The challenge is achieving superior results — and that requires second-level thinking.

我们要找的是傻子都能管理的企业——因为早晚会碰上一个傻子当 CEO。

We look for businesses that even an idiot can run — because sooner or later, an idiot will end up as CEO.