价值投资归根结底，就是寻找价格与价值之间的偏差。

Value investing is at bottom the search for discrepancies between price and value.

利润率和研发投入是判断一家公司是否拥有护城河的最佳双指标。

The ability to maintain above-average profit margins over a period of years is an indication of a competitive advantage.

当你买下一只指数基金，你就等于雇佣了整个美国企业界为你工作——你不需要挑选谁是最好的员工，你拥有整个公司。

When you buy an index fund, you're hiring the entire corporate sector to work for you. You don't need to pick the best employees — you own the whole company.

很多人说价值投资很难。投机更难啊！投机百分之八九十的散户都是亏钱的，牛市、熊市都亏。然后他说我很难，我怎么就难了？我就买了一个茅台，一直拿着，拿了十几年了，我难在哪儿了？

Many people say value investing is hard. Speculation is even harder! Eighty to ninety percent of retail speculators lose money, in both bull and bear markets. They say it's hard — how is it hard for me? I just bought Moutai and held it for over ten years. Where's the hard part?