在过去的几十年里我在完全不懂的行业里赚的钱比在我自认为懂的行业里赚得还要多——因为不懂的时候我会更谨慎。

Over the decades I've made more money in industries I knew nothing about than in ones I thought I understood — because not knowing made me more cautious.

公司的债务水平是评估风险的重要因素。

A companys debt level is an important factor in assessing risk.

在投资中犯错不可怕。可怕的是在犯错之后加重了那个错误的赌注。

Making a mistake in investing is not scary. What's scary is doubling down on that mistake after you've made it.

安全边际不是一种策略，而是一种思维习惯。它不是你在买入前做的计算，而是你每天都在想的那件事。

Margin of safety is not a strategy, it's a mental habit. It's not a calculation you do before buying — it's the thing you think about every single day.