低成本是决定基金长期回报的关键因素。

Low cost is the key factor determining long-term fund returns.

把股票当成生意的一部分，这是格雷厄姆教给我的最重要的事。

Treat stocks as part of the business, the most important thing Graham taught me.

当你发现一个好的投资机会时，不要犹豫。

When you find a good investment opportunity, do not hesitate.

如果你的决策建立在市场昨天做了什么上，你不是在投资，是在投机。

If your decision is based on what the market did yesterday, you're not investing, you're speculating.