购买股价公道的伟大企业，远胜于购买股价超低的普通企业。

It is far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

投资中常识就是公司的真正买家只有公司自己。也可以说，买股票就是买公司，就是买公司的未来现金流折现。

The common sense in investing is that a company's only true buyer is the company itself. In other words, buying stocks is buying the company, which is buying the company's discounted future cash flow.

如果你不愿意持有一只股票十年，那你连十分钟都不要持有。

If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes.

价值投资的核心，是逆向倾向与计算器的结合。