股票的内在价值是由公司未来现金流量的现值决定的。

The intrinsic value of a stock is determined by the present value of the companys future cash flows.

寻找那些在研发上持续投入但不依赖一次研发突破的公司——真正伟大的公司每天都在改进一点点。

Look for companies that invest consistently in R&D but don't depend on a single breakthrough — truly great companies improve a little bit every day.

如果你能理解到实际上不需要被市场证明对错的时候，你就是价值投资者了。

When you realize that you actually don't need the market to validate whether you're right or wrong, you've become a value investor.

投资成功的关键是在一家好公司的市场价格相对于它的内在价值大打折扣时买入其股份。

The key to successful investing is buying shares in good companies at a big discount to intrinsic value.